Debt Settlement A process of negotiating with creditors to accept payment that is less than the full amount of the debt owed. (debthelp.com)
Debt settlement is a process of negotiation with one's creditors to «settle» for a payment that is less than the full amount of the debts. (debthelp.com)
The full amount of the debt could be called up for repayment in total or it could be turned over to a debt collection agency. (creditrobbersblog.com)