Your loan will continue to accumulate interest and any applicable penalties or fees until charge-off.įind out more about debt settlement companies from the Consumer Financial Protection Bureau. There is no guarantee that we will be able to negotiate a settlement with your debt settlement company.Using debt settlement services can have a negative impact on your credit and your ability to get credit in the future.Unless the debt settlement company settles all or most of your debts, the built-up penalties and fees on the unsettled debts may wipe out any savings the debt settlement company achieves on the debts it settles. If you stop paying your bills, you may incur late fees, penalty interest, and other charges, and creditors will likely step up their collection efforts against you. Debt settlement companies typically encourage you to stop making your credit card or LendingClub payments.Debt settlement companies often charge expensive fees.Before working with a debt settlement company, you should remember: Your loan will continue to accumulate interest, penalties, or fees until it is charged off. What should I think about before hiring a debt settlement company?ĭebt settlement companies often claim they can negotiate with your creditors to reduce the amount you owe, but working with a debt settlement company doesn't necessarily mean that your loan will settle. One of our experienced team members is here to answer your questions and discuss your options at no additional cost to you. If you're having trouble making your payments, we encourage you to reach out to us before enrolling with a debt settlement company.
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