Are there any drawbacks to settling a debt?

Related FAQs

What is a deemed satisfaction and how does that apply to debt settlement?
Is debt settlement a better solution than bankruptcy?
Should I use a debt settlement company or negotiate directly with my creditors?
How can I ensure I don’t fall behind on payments during the settlement process?
How do I know if I have been approved for a debt settlement?
Does debt settlement hurt my chances of obtaining new credit?
What are the risks of choosing to settle a debt?
How does a creditor determine if a debt should be settled?
Is there a minimum debt amount to qualify for debt settlement?
What happens if a debt settlement is not completed on time?

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