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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Ing to the American Fair Credit Council, the average settlement amount is 48% of the balance owed. So yes, if you owed a dollar, you'd get out of debt for fifty cents. But the average amount of debt enrolled is $4,210 and the median amount is $25,250.
The money you pay into a settlement account is yours! Money that a debt settlement company asks you to set aside in an ?escrow? or ?settlement? account belongs to you. You may cancel the account at any time, and the escrow company must refund all of your money minus any fees the settlement company legally earned.
Most unsecured debt is eligible for debt settlement ? if the creditor agrees! The creditor is under no obligation to accept a settlement proposal. Unsecured debt includes things like credit card debt, store cards, personal loans, medical bills ? any debt that isn't tied to property that the creditor can take back.
Debt settlement involves offering a lump-sum payment to a creditor in exchange for a portion of your debt being forgiven. You can attempt to settle debts on your own or hire a debt settlement company to assist you. Typical debt settlement offers range from 10% to 50% of the amount you owe.
Debt Relief Programs in Illinois. Illinois residents who are looking for help with debt can find it through banks, credit unions, online lenders and debt-relief companies (both nonprofit credit counseling agencies and for-profit companies).
On debts based on written contracts, the statute of limitation is 10 years. On unwritten contracts, it's 5 years.
Do You Qualify? Do you have a legitimate financial hardship condition? ... Are you committed to getting out from under your debt? ... Are your debts primarily from credit cards? ... Is your monthly budget up to the job? ... Do you have additional resources to work with?
Debt settlement is a risky way to reduce your debts. It will help you avoid bankruptcy, but depending on the settlement amount, you may be stuck paying extra taxes.
