My personal understanding is that your debt, in it's entirity, remains due to whoever the counterparty is - be it a Bank, or other entity which has acquired the debt.
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It does Bronte, but if you had a repayment arrangement in place, they will usually reset the arrangement. It's a process of passing paperwork.
Looks like it's better if you can to negotiate a one of payment of a percentage of your credit card debt as full settlement.
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