When can I start making payments on my debt settlement?

The process of debt settlement in Virginia begins when you reach out to a qualified debt settlement company. Depending on the company you select, they will likely require you to stop making payments on your debt and deposit funds into a trust account. These funds will be used to negotiate a settlement with your creditors on your behalf. Once the company is able to negotiate a settlement with your creditor, they will draft an agreement outlining the payment terms and conditions. At this point, you’ll need to sign the agreement and make the payment to the debt settlement company. Once the payment is received, the debt settlement company will forward the payment to the creditor on your behalf. Depending on the terms of the agreement, the creditor will then forgive the balance due, write off the debt, or reduce the payment amount. It is important to note that the entire process of debt settlement can take several months. During this period, you will not be making any payments towards your debt and will likely face late payment fees or other penalties. This is why it is important to make sure you have the financial ability to fund the debt settlement process before beginning. Once the negotiation is complete, you will be able to begin making payments on your debt settlement as outlined in the agreement.

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When can I start making payments on my debt settlement?

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