A Consolidation Agreement is a legal contract between two or more parties that combines multiple debts into one single payment. This agreement is typically used to reduce the overall debt burden of the parties involved and can include various types of debt, such as mortgages, auto loans, credit card debt, student loans, and other secured and unsecured debt. It is important to note that Consolidation Agreements do not necessarily reduce the total amount of debt owed, but instead can spread the payments out over a longer period of time, resulting in lower monthly payments. Types of Consolidation Agreements include debt consolidation loans, debt management plans, debt settlement programs, and debt consolidation companies. Debt consolidation loans involve taking out a new loan to pay off multiple existing debts. Debt management plans involve working with a credit counseling agency to negotiate with creditors to lower interest rates and/or waive fees. Debt settlement programs involve working with a debt settlement company to negotiate with creditors to reduce the amount of debt owed. Debt consolidation companies provide services to help individuals consolidate multiple debts into one single payment.
Consolidation Agreement
Description
How to fill out Consolidation Agreement?
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