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A debt settlement agreement confirms the renegotiation or settlement of an original agreement between a debtor and a creditor. It typically reduces or eliminates the original debt amount and allows the creditor to forgive a portion, releasing the debtor from remaining obligations. This release usually occurs after the debtor makes the final payment following the execution of the agreement. Additionally, the creditor must remove all obligations of the debtor under the original contract and forgo any pursuit of action against the debtor related to that agreement.
