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A debt settlement agreement is used to formalize the renegotiation or settlement between a debtor and a creditor. It typically involves reducing or eliminating the original debt amount and allows the creditor to forgive part of the debt, releasing the debtor from any remaining obligations. This forgiveness generally occurs after the debtor makes a final payment according to the settlement terms. Additionally, the creditor is required to relieve the debtor of any obligations under the original contract and waives the right to pursue any collections related to that initial agreement.
