What happens if I miss a payment on a debt settlement?

If you miss a payment on a debt settlement in Florida, you may be in violation of your debt settlement agreement. Depending on the specifics of the agreement, the creditors may have the right to take legal action against you, such as filing a lawsuit. In addition, creditors may also report the missed payment to the credit bureaus, resulting in a negative mark on your credit report. It is important to note that debt settlement companies may also be able to assist you if you miss a payment. They may be able to contact the creditor and negotiate an extension or a new settlement agreement. That being said, a missed payment may also void the existing settlement agreement, meaning that you will be required to renegotiate a new agreement with the creditor. In some cases, creditors may also choose to pursue collections action, such as repossession or wage garnishment. It is important to contact the creditor immediately if you think you may miss a payment. This may help you avoid additional financial penalties and fees, as well as help you keep your credit score intact.

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What happens if I miss a payment on a debt settlement?

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