Debt

Debt is money owed by one person to any other person or to a bank. There are many amount in arrears in their account which need to be paid back to the bank. Such a person who has his dues to be paid is called the debtor. It the responsibility of the debtor to repay the outstanding. The banks for the debt collections keep sending remainders through the telephone or by the way of formal letters. If in spite of the remainders the money owing by the debtor is not repaid, legal action is taken against him by the bank lawyer. For the convenience of the debtor to make the payment at the earliest, the banks arrange for debt consolidation, wherein all the debts, whether it is a car loan or a business loan are consolidated & put into one single basket & on this a certain amount of discount is offered. The debt cancellation happens only when the whole amount of the liability is repaid.