When can I start making payments on my debt settlement?

In Tennessee, debt settlement law requires that creditors wait until you have paid your agreed-upon settlement amount before they can start collecting payments on your debt. Depending on the type of debt you have and the terms of your agreement, the timeframe for when creditors can start collecting your payments can vary. Generally, debt settlement lenders in Tennessee require that debtors wait at least 90 days to make their first payment after the debt settlement has been agreed upon. The waiting period allows time for creditors to process the paperwork and update billing statements. In some cases, creditors may require payments to start sooner than 90 days. This is especially true for unsecured debts such as credit cards or medical bills. In such cases, the creditor may request that debtors start making payments within 30 to 45 days of the debt settlement. If you are making monthly payments, you should send your payment on the appointed date each month. If you fail to make payments on time, creditors can take legal action against you. Remember that it is very important to keep all of your payment records in case you need them. In any case, it is best to contact your debt settlement company and discuss what payment plan they require before you can start making payments on your debt settlement. With the right information, you should be able to start making payments within the required timeframe.

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When can I start making payments on my debt settlement?

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