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If you decide to offer a lump sum to pay off the debt for less than you owe, understand that no general rule applies to all collection agencies. Some want 75%80% of what you owe. Others will take 50%, while others might settle for one-third or less.
It depends on what you can afford, but you should offer equal amounts to each creditor as a full and final settlement. For example, if the lump sum you have is 75% of your total debt, you should offer each creditor 75% of the amount you owe them.
You can start by offering 30% of your outstanding amount on the account balance. The creditor will probably try increasing it to a higher percentage, but if it is below 50% then you can consider settling.
Satisfaction is the fulfillment of an obligation. The term is often used in the context of contract law when one performs their duties under the contract. The term is also often found in the context of judgments in determining whether a party discharged their liability from a judgment.
Examples of and Satisfaction in a sentence By submitting and being compensated for said final invoice, Vendor agrees that the payments rendered are in full compensation for the Work and constitute and Satisfaction of any duties, obligations, or requirements of the Parties.
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There must be an underlying enforceable bilateral contract. An and satisfaction can be used to settle both liquidated and non-liquidated debts.
and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
Primary tabs. and satisfaction refers to the agreement () between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the .
An and satisfaction exists when parties agree to discharge an existing obligation in a manner other than in ance with the terms of their original contract. Cleveland Regl Med. Ctr., L.P. v. Celtic Properties, L.C., 323 S.W. 3d 322, 335 (Tex.
Examples of and Satisfaction in a sentence By submitting and being compensated for said final invoice, Vendor agrees that the payments rendered are in full compensation for the Work and constitute and Satisfaction of any duties, obligations, or requirements of the Parties.

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