According to the Attorney General's lawsuits, the businesses promised consumers they could pay off their debts for
a fraction of the amount owed, but instead collected large up - front fees and left customers with little or no money to pay creditors.
Known as debt settlement, it's a process by which consumers stop paying unsecured creditors, wait months or even years until creditors have given up hope of collecting, then offer to settle outstanding balances for mere
fractions of the amounts owing.
Not exact matches
As an author, you are one
of the last ones to get paid any outstanding royalties, and normally a
fraction of the
amount you are truly
owed.
The usage
of cap and participation rates means that they don't have to directly match the return
of these indices, they simply need to generate enough money to pay the relevant
amount of interest representing whatever
fraction of the indices» return the policy
owes at the end
of the year.
The lump - sum is typically a
fraction of the actual
amount owed, but because the federal government has so many ways to collect money, debt settlements are few and far between.
Debt settlement is where a negotiator contacts your creditors and works to reduce each
of your debts down to a
fraction of what you
owe — an
amount that can be affordable for you to pay.
A debt settlement will allow you to pay a
fraction of the
amount that you
owe without harming your credit score.
With debt settlement, you are telling your creditors «Sorry, I can't pay the entire
amount I
owe, but I can pay a
fraction of it to you right now if you'll cancel the debt.»