What happens if I can’t afford to settle the debt in full?

If you are unable to settle your debt in full in Pennsylvania, debt settlement law allows for two options. First, you may be able to negotiate with the creditor to establish a repayment plan. This plan involves making regular payments to your creditor to settle the debt over time. Your creditor should be willing to negotiate a repayment plan if they believe that it’s better than no payment at all. Second, you may be able to propose a debt settlement. This process involves you making a lump-sum payment to your creditor that is significantly less than the full amount you owe. The creditor may accept the debt settlement if it is an amount that they would consider favorable to not receiving any payment at all. Although debt settlement law in Pennsylvania may be able to provide options for those who are unable to pay their debt in full, it is important to remember that any debt settlement agreement should be put in writing. In addition, it’s important to talk with a legal expert before entering into any debt settlement agreement in order to ensure that your rights are protected.

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What happens if I can’t afford to settle the debt in full?

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