We will be able to negotiate a settlement that you can pay off over 3 to 12 months, this is coined as a “Term Settlement” or an “On Going Settlement” (OGS). The advantage of this type of settlement is that you will have 3 to 12 months to pay this, and during that time your daily interest and charges will be stopped. The collection call and any legal action will stop.

The disadvantage is the discount offered will be less than an OTS type of settlement and similarly the entry that will show on the credit file will be “Settled”.