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A debt settlement agreement serves to formalize the renegotiation or settlement between a debtor and creditor, often reducing or eliminating the original debt. This agreement allows the creditor to forgive part of the debt, releasing the debtor from any remaining obligations. In exchange, the debtor typically makes a final payment after the agreement is executed. Following this payment, the creditor is expected to void any obligations from the original contract and forgo any actions against the debtor related to that agreement.