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With hardship negotiation, a company negotiates with your creditors for you, to lower what you owe. Your credit can be affected, creditors may not agree, fees should come only after an agreement is reached, and canceled debt may count as taxable income (IRS Form 1099-C). A debt consolidation loan is a separate path: a new loan that pays off existing balances. Outcomes vary based on balances, creditors, hardship, program terms, and eligibility.