Debt settlement involves many facets - including personal financial discipline and budgeting (to save for the settlements), negotiations and leverage with the creditors, dealing with the potential for collection calls and maybe even fighting off a lawsuit. A debt negotiation program can take anywhere from 24 to 36 months to complete.
The length of time a debt negotiation plan takes is directly dependent on the amount of savings that you can afford to set aside on a monthly basis. The more you can save, the sooner you will finish the program. Most credit card companies will not settle with debtors until the account is around six months delinquent. This means that you must stop paying your creditors each month in order for the settlement company to obtain a settlement. During that time, the payments that you make will accumulate in a holding account. Once you pass the 6-month mark, you should start to see results.
Remember that the creditors will first try to evade any settlement offer and continue their collection efforts with you, the debtor. You cannot let them intimidate you. Since it is still the beginning of your program, I would suggest that you wait for a few more months. I also hope that you checked the credentials for the firm that you have signed up with. Be sure to check them on the Better Business Bureau. I encourage you to read more about debt relief options on Bills.com. Stay in constant touch with the customer service department for your program and keep records of all communication with the creditors.
I wish you the best in the success of your debt negotiation program and hope that the information provided helps you Find. Learn. Save.