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Can a firm after agreeing to a settlement come back to me for the balance of the debt owed

Can a firm after agreeing to a settlement come back to me for the balance of the debt owed? and can I be sued for the balance? do I have the protection like that of a proposal?

Posted from: Ontario

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One Response to “Can a firm after agreeing to a settlement come back to me for the balance of the debt owed”

A licensed trustee said...

Unfortunately, they can. A debt settlement does not provide the same levels of protection from your creditors as a proposal (or bankruptcy).

That being said, if a creditor agrees to a settlement program and you maintain the payments they generally don’t change their minds later and demand payment. Something has to change in order to provoke them to a more aggressive posture.