How much time will I have to make payments when using debt relief law?

Under the debt relief law in New York, you have the right to negotiate payment plans with credit companies and debt collectors that are tailored to your situation. Depending on the nature of the debt, you may have up to three years to make payments. You have the right to talk with the creditor or debt collector and discuss a payment plan that is reasonable and feasible for you. During this time, you must be able to make consistent payments, and if you fall behind on your payments, any protections provided by the debt relief law may be removed. In regard to the timeline, the debt relief law usually allows you four months from the start of the payment plan before you must start making payments. If you make a payment within this timeframe, the creditor or debt collector may not pursue further legal action against you. If you cannot pay off the entire debt within three years, you may be able to negotiate additional time or lump-sum payments to pay off the debt. It is important to keep in mind, however, that debt relief laws can vary by state and it is important to speak with a legal professional before entering into any payment agreement.

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