Being sued by credit card company while enrolled in debt settlement program?
I was curious about your situation, so I started doing some research. From what I’ve found, the majority of debt settlement companies are dangerous to you. Debt settlement companies have their set up and admin fees. They’ll contact your creditors to try to settle your debt for lower (the creditors don’t have to accept). If the creditors accept, they will want the payment made in full. When you make your payment to the debt settlement company, the first few payments go to the debt settlement company’s admin fees. It may take a few months for the admin fees to be paid in full (while creditors are wondering where their money is). Once the admin fees are paid, they will put your monthly payment fees into a trust account. They will not pay your creditors until you have accumulated enough to pay off the debt in full (creditors still wonder where their money is). Eventually, the creditor will sue you for nonpayment. The debt settlement company will not send out “cease and desist” letters unti
