When can I start making payments on my debt settlement?

When you enter into a debt settlement agreement in Pennsylvania, the payments are usually made in monthly installments, starting from the date the agreement is signed. The payment period typically lasts between 3 and 5 years. Most creditors are willing to work with you to establish a payment plan that is reasonable and manageable. Your credit counselor or debt settlement company will provide you with instructions on when and how to make payments on your debt settlement. It is important to make timely payments, as late payments could result in additional fees or other penalties. Before you can make your first payment, you must make a deposit into a savings account or escrow account. The money you save will be used to negotiate with creditors and when negotiations are successful, the money will be used to pay on your debt settlement. Your debt settlement company will be able to provide you with detailed information regarding deposits and payment schedules. It is important to remember that debt relief through debt settlement requires a commitment and discipline to make consistent timely payments. If you are unable to make payments when due, contact your credit counseling/debt settlement company immediately. Most companies have resources available to help you get back on track.

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When can I start making payments on my debt settlement?

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