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How Long Does Negotiating Debt Take?

Typically when you hire a debt settlement company and enroll in their program for negotiating debt, they will gather information from you in order to determine the best plan of action based on your needs and situation:

  • Your income
  • The amount of unsecured debt you have
  • Who you owe money to
  • How old your debt is
  • Based on the above information they will set up a monthly payment plan for you that will be used to pay off the negotiated amounts one by one until you are debt free. The more you can pay monthly relative to your total debt, the quicker the process will be over.

    Most professional companies negotiating debt will try to have you debt free in 18-36 months, sometimes even sooner but every situation is different because every client of theirs is different.

    Be wary of companies that are quick to offer you programs longer than 3 years because depending on the structure of their fees, you may end up paying a lot more to them than the industry standard debt settlement fee of around 15%.