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

If you miss a payment on a debt settlement in Nebraska, you could face serious financial consequences. Depending on the terms of your agreement, your creditor may be entitled to start charging interest, late fees, or other additional fees. They could also take legal action, such as filing a lawsuit or having the debt referred to a collection agency. If the debt is referred to a collection agency, they will likely contact you to try and collect the outstanding amount. They may also report the delinquency to the major credit reporting bureaus, which can negatively affect your credit score. If your creditor files a lawsuit against you, they may be able to garnish your wages or put a lien on your property. The judge presiding over the case will also decide if you are responsible for paying any legal fees or court costs. It is important to remember that creditors may not be willing to negotiate a new debt settlement if you have missed payments in the past. Therefore, it is important to always make timely payments, otherwise, you could face serious financial consequences.

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

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