Debt settlement: Also referred to as debt negotiation, this is an agreement between a creditor and a debtor for a lump sum settlement of the debt for less than the balance owed. (secureloanconsolidation.com)
This allows you to avoid filing personal bankruptcy and make a deal with your creditors, in full and final settlement of your debt. (sands-trustee.com)
A Consumer Proposal is a legally binding settlement of debts. (hoyes.com)