Transaction in Balance and Excerpt. What does it mean? We have already explained the meaning of balance and excerpt in another article. To put it briefly and in relation to the topic here discussed, we can define it this way: This is the agreement with which the parties, making concessions to each other, avoid or put an end to a dispute relating to a debt.
The creditor declares himself satisfied to receive a lower amount, without prejudice to the successful completion of the payments and the debtor, once the debt has been paid, will be free from all obligations towards him.
The first phase of the transaction develops with a proposal (written or verbal). If the proposal is accepted by the creditor, it produces an agreement (written or verbal) in which time, amounts and payment methods are defined. The payment in a single installment or in installments, depending on the agreement, will complete the transaction, which can be defined as completed, for the final or last payment.
The release letter, at the end of the operation, written by the creditor will serve to certify the successful conclusion of the agreement.
Here you see how one of our customers, a sales agent for the matter, has solved with a transaction of a really significant amount. Our intervention allowed him to save as much as 80% of the amount due. He paid € 15,000.00 in 12 installments, instead of € 74,500.00. An exceptional transaction!
In general, such a high discount is obtained by paying in a lump sum, as we also explain balance and excerpt, how to pay less. With the help of third parties, he was able to address the problem that was consuming him and was able to proceed with his business of trading in food products.
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