A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
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Alabama Debt Consolidation Loan / Consolidation LOC in Alabama. Debt consolidation is a process where a loan is taken out with a lower interest rate than what the debtor is currently paying. This is done through a bank or other lender. To qualify for a personal loan, a good credit rating is usually required.
Debt relief programs cost between about 14% and 25% of the total debt amount, not including account maintenance fees. Debt settlement companies can negotiate with creditors to settle your debt for less than you owe.
Is there really a government debt relief program? There is no federal government program that provides debt relief to consumers. There are federal, state, and local programs to help people experiencing financial difficulties, however.
Bottom line. Debt relief companies work to settle your debts, reducing the total amount you owe. But in addition to a large fee, their services can come with risks, including credit damage, a large tax bill, and even potential lawsuits.
Debt relief qualifications To qualify for National Debt Relief's settlement program, there are a few factors at play. You must owe at least $7,500 in debt and be at least several months behind on payments. You must also be able to make monthly payments to National Debt Relief at an agreed-upon rate.
If you owe state tax debt, the statute of limitation is 10 years. If you owe credit card or auto loan debt, the statute is 3-4 years. Medical debt and mortgage debt don't run out until 6 years later.
Alabama Resident Debt Relief. InCharge provides free, nonprofit credit counseling and debt management programs to Alabama residents. If you live in Alabama and need help paying off your credit card debt, InCharge can help you.
In simple terms, creditors and collectors only have six years to sue for debts with a written, unsealed contract and any debts related to rent. On the other hand, they have 10 years to sue for debts in writing under seal.
