If a collections bureau gives a settlement how long are they supposed to give you to pay?

Question

If a collections bureau gives a settlement how long are they supposed to give you to pay?

Answer 1

the faster you pay it, the faster it will be off your credit. it takes 7 years from the last payment for it to fall off your credit.

Answer 2

It depends on the terms of the contract you have with them.  It really varies.  Try to get as long of a period as you can so you don't get behind on payments and be careful, if you miss a payment, they could void the settlement all together.

Answer 3

They are supposed to give you the amount of time that you negotiated in the settlement.  Each agreement is different, depending on your circumstances; there is no standard.