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The money you pay into a settlement account is yours! Money that a debt settlement company asks you to set aside in an escrow or settlement account belongs to you. You may cancel the account at any time, and the escrow company must refund all of your money minus any fees the settlement company legally earned.

Debt settlement companies charge a fee, generally 15-25% of the debt the company is settling. The American Fair Credit Council found that consumers enrolled in debt settlement ended up paying about 50% of what they initially owed on their debt, but they also paid fees that cut into their savings.

Debt settlement companies work with your creditors on your behalf to negotiate your total debt amount with the aim of reducing your repayment responsibility. These services arent free; youll be charged a fee typically between 15 to 25 percent of your total debts enrolled after your debts are settled. How Do Debt Relief Companies Work? | Bankrate bankrate.com personal-finance how-do- bankrate.com personal-finance how-do-

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Some debt relief companies are scams, and even the legit ones are risky and expensive. Some creditors refuse to work with debt relief companies, and even when its successful, debt relief can do major harm to your credit and raise your income tax bill.

What percentage of a debt is typically accepted in a settlement? The average is 48% of the original amount owed. You can get out of debt for a lower percentage if: The debt is with a collector, rather than the original creditor. The debt is close to the statute of limitations on collection in your state. 8 Facts about Debt Settlement: Know the Risks! | Consolidated Credit consolidatedcredit.org debt-solutions de consolidatedcredit.org debt-solutions de

Completion rates vary between companies depending upon a number of factors, including client qualification requirements, quality of client services and the ability to meet client expectations regarding final settlement of their debts. Completion rates range from 35% to 60%, with the average around 45% to 50%. Debt Settlement Company Data Federal Trade Commission (.gov) files publiccomments Federal Trade Commission (.gov) files publiccomments PDF

Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. 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. What is a debt relief program and how do I know if I should use one? consumerfinance.gov ask-cfpb what-is-a consumerfinance.gov ask-cfpb what-is-a