What is the average time frame for debt settlement negotiations?

The average time frame for debt settlement negotiations in California generally takes between two and six months, but this will greatly depend on how complicated the negotiations are. The process typically begins with the debtor sending a letter of financial hardship to the creditor. This will explain why the debtor is unable to pay the full amount owed. After that, the creditor will either accept or reject the proposal. If the proposal is accepted, the creditor will issue a settlement agreement with the terms of payment. At this point, the two parties will begin to negotiate and try to reach an agreement on how much the creditor will accept and how the payments will be made. During this time period, the debtor must be able to make monthly payments and keep up to date on their payments. Additionally, the creditor must be willing to accept lower payments and be patient. The average time frame for debt settlement negotiations in California can be quite lengthy due to the complexity of the negotiations. In addition to the time it takes to negotiate the terms of the agreement, the length of time can be affected by the number of creditors involved, the type of debt, and the amount of debt that is owed. Once the agreement has been reached, the debtor must follow all of the terms in order for the settlement agreement to be successful.

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What is the average time frame for debt settlement negotiations?

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