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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Under the terms of a debt management plan, while you may receive more favorable interest rates or relief from fees, you still repay the entire principal amount owed.
Yes, you can back out of a debt settlement contract. However, doing so may have consequences, such as forfeiting any fees you've already paid or facing continued collections from your creditors.
People who have unmanageable unsecured debt and are going through a financial crisis can usually qualify for debt relief. You should be late on payments and owe a minimum amount of debt, e.g. between $7,500 and $10,000. Finally, you'll have to be able to afford making a monthly payment into a debt settlement fund.
A Collector Can't Threaten or Harass You A debt collector can't harass, intimidate, threaten, or embarrass you. This prohibition includes contacting you too often or at unusual times. Washington law assumes a debt collector is harassing you if it calls three times a week or more than once a week at your workplace.
Options for debt relief include forgiving a portion of the debt, lowering the interest rate, stretching payments over a longer period, or consolidating multiple debts into a single, lower-interest one. Individuals, businesses, and governments may all seek debt relief when their debts have become unsustainable.
National Debt Relief, founded in 2009, is a reputable debt relief company with solid experience and dedication to securing results for customers, helping them settle debt for less than they owe. Its approach to customer service shows its commitment to customer experience and satisfaction.
Washington Resident Debt Relief. InCharge provides free, nonprofit credit counseling and debt management programs to Washington residents. If you live in Washington and need help paying off your credit card debt, InCharge can help you.
In Washington, the statute of limitations on debt collection lawsuits is six years after the date of default or last payment on the debt account. When six years have passed, debt collectors can still attempt to collect these debts, but they cannot file a collection lawsuit.
