If we pursue debt settlement with a company (lawyer based since we're in GA), what are the chances of being sued? What about a lien on the house? The way I figure it, we could settle all our debts in 20-24 months if we dig into some savings as well.
I know everyone's experiences are different, but if those who have been there, done that can share, I would appreciate it.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.