Are there any drawbacks to settling a debt?

Related FAQs

What is a debt settlement plan and how does it work?
Do I have to pay taxes on debt settled through negotiations?
Can creditors refuse to negotiate a debt settlement?
What happens if I miss a payment on a debt settlement?
How do I report a debt settlement to the IRS?
What if the creditor refuses to settle the debt?
What happens to the debt that’s been settled?
What should I do if a creditor refuses to negotiate a debt settlement?
Are there any discounts available for debt settlement?
How long will it take to settle a debt?

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