Stop Using Debt Settlement Companies | @JustJWoodfin | #Shorts

There are several reasons why people shouldn't use debt settlement companies.

High Fees: Debt settlement companies typically charge high fees for their services, which can add to your financial burden. They also typically require you to pay a percentage of your debt as a "settlement fee" in addition to their service fees.

Risk of Lawsuit: Debt settlement companies may not be able to negotiate with all of your creditors, and some may choose to sue you instead. This can lead to wage garnishment, bank levies, and other legal action.

Damage to credit score: Debt settlement can have a negative impact on your credit score. The act of settling a debt typically results in the creditor reporting the debt as "settled" or "charged-off" rather than "paid" to the credit bureaus, which can significantly lower your credit score.

It's not a guarantee: There is no guarantee that a debt settlement company will be able to settle your debts for less than what you owe. Some creditors may refuse to negotiate, and you could end up having to pay more in fees than you save through the settlement.

Better Options available: There are other debt relief options available such as credit counseling, debt management plans, and bankruptcy that may be a better fit for your needs and can help you resolve your debt without damaging your credit score.

It's always advisable to speak with a financial advisor or non-profit credit counselor before considering debt settlement. They can help you understand your options and guide you towards the best solution for your financial situation.

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[shortchange]

He is not lying when I first heard that they wanted me to stop paying my automatic payments so they could set it up and my score will go down even lower I told them no thank I'm working on it myself they crazy and he's right COME ON HE GOTCHA

[victori]

Thank you! I was in this exact same situation about 2yrs ago, and it was one of the reps at the credit card company that explained that I could settle my own accounts for free! While the debt settlement company did absolutely nothing but charge ridiculous fees and ask for a larger payment each month, only 1 of my 8 credit cards was paid off within a 6 month period. I was livid. I learned my lesson! No more debt settlement companies for me! Thanks again! 😊

[El_Chavs]

I almost felt for fhe debt settlement companies trap when I found my self in financial hardship, I did my research and found out I could do it all on my own. Not only is it free to do it yourself but original creditors will make it easier to work a settlement with you than with them.

[LifeWithRobert-jh]

I used a debt settlement company and it helped out a lot! I had enrolled 20k worth of debt. Was paying $500 a month to an escrow account.After I was done they had Settled all my debt for like $9, 500! I paid $4000 in fees. They charged a 20% fee of my enrolled debt. So all together I only payed 13.5k out of the 20k debt! Which saved me 6.5k

[PaulyV]

Thank you for this man. I’m in a pickle myself and secure one finance reached out they make it sound so good. I’m just gonna buckle down get another job and try to pay it off

[kingbeef]

U can’t legally charge up front fees in debt settlement lmao u sell “credit repair” and call DS a scam 😅😂😂

[gabriels]

& they make your payment as a tax income on your taxes. So rediculous!

[Jasmineo_]

I’m signed up with Freedom Debt Relief right now, but I haven’t started making payments yet. I’m worried about me getting scammed, plus you’re right, I can negotiate with my creditors myself. My question is how Do I negotiate for the best deal possible?

[LadySarah]

Hey tried to sign-up it keeps timing out on the calendar page

[superglen]

So bankruptcy woukd be a better option?