On occasion a company or individual will encounter a customer who clearly cannot pay, despite the desire to do so. In this case, it may be better to accept a partial payment than to try in futility to collect the entire amount. In this case the best plan may be to a lesser amount which the debtor will agree to pay off.
This document is an agreement between debtor and creditor to a lesser debt amount and both parties agree to comply with the lesser amount and the payment terms set forth.
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