How Long Does Debt Settlement Take?

First, once you contact a debt settlement attorney and decide to let them get you debt relief, they have to negotiate your payment time and payment plan with your creditors.

On average, this can happen in a few days to a few weeks. The attorney will work to get you on a payment plan fast, in order to get creditors to leave you alone as soon as possible.

The main job of a debt settlement attorney is to get creditors off your back and get you on the road to debt relief, so they will try to do that as soon as possible once they are hired. Also the creditors want to start getting paid if you have missed a few months’ payments. So both parties will want to act fast.

The Timeline
Usually, debt settlement attorneys want to get you paid off within two to three years depending on the level of debt you owe.

For example, a person with $25,000 in debt might get to pay that off in 24 months with a payment of $600 each month or $400 each month for 36 months if they go with a debt settlement attorney.

These numbers are obviously subject to change depending on the settlement, and the more debt you owe, the longer you will probably have to pay since you are probably in a bad financial state.

Some Debts will be Settled One at a Time
Now you are settling debt with multiple sources most of the time with debt settlement with a debt settlement attorney, so some will get resolved sooner than others.

For example if you owe $5,000 to one and $10,000 to another, the $5,000 will get settled first, say around 12 to18 months into the debt settlement, then others will follow.

Debt settlement attorneys will let you know as you pay off each creditor. It should be a great feeling to leave each creditor behind.

Some Debts can be Settled on the Spot
If you can afford to settle your debts immediately and have the funds to do so, a debt settlement attorney can also do that for you.

With that, you can usually cut the most off your debt, say up to 50 percent and the debt settlement attorney can have your accounts settled in less than 1 week and give you the ultimate debt relief on the spot.

The creditors, if you have missed payment after payment, will be more than happy for you to settle your debts in one lump sum.

No matter what your situation and expected timeline, if your debt is piling up, you should contact a debt settlement attorney as soon as possible to get you back on the road to debt relief.