What happens if a debt settlement is not completed on time?

If a debt settlement is not completed on time, there are a variety of consequences that may occur. Depending on the nature of the agreement, the debtor may be subject to late fees, additional interest on the existing debt, and other penalties. The creditor, on the other hand, may take legal action against the debtor to collect the debt, such as filing a lawsuit for breach of contract. In many cases, the court may order the debtor to pay the debt plus interest, court fees, and other costs associated with the case. In Nebraska, a debtor who fails to complete a debt settlement on time may also face other consequences, such as having their wages garnished by the creditor, or even having their property seized. Ultimately, it is important to understand the terms of the agreement to ensure payments are made on time, otherwise the creditor may take legal action to collect the debt.

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What happens if a debt settlement is not completed on time?

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