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Johny Fernandez: So why should one be
wary of debt settlement?

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Sean Murray: Why should one be wary of
debt settlement? So that's a good

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question. If you're the, if you're the
merchant, if you're the borrower, you

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should be wary of debt settlement,
because, you can't be 100% positive with

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a debt settlement company is going to be
able to perform exactly what it is that

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you want. If you're, if you're hopeful
that the debt settlement company is

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gonna, you know, settle your debts for
10 cents on the dollar, or whatever,

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there's a good chance that they're not
going to be able to right? They're

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typically not not lawyers. So they're
just an independent negotiator. Lenders

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hate them, lenders hate them. So if
you're, if you're, if you hire a debt

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settlement, Counselor Advisor or
something, and they're telling you, hey,

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you're gonna go save all this money, I'm
gonna go and negotiate on their behalf.

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Guess what the lender hates that person,
the lender doesn't need to talk to that

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person, they can just ignore that
person, that person is not a party to

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the contract, that relationship on your
loan, or whatever type of product it is,

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it's between the customer and the
funding company, for the debt settlement

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company tries to come in and say make,
you know, say all these things, they can

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just be ignored. Forget the debt
settlement guy, right. So that's why a

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borrower or merchants should be aware,
wary of debt settlement. If you're a

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bureau broker, you should be wary of
debt settlement. Because you might be

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thinking to yourself, hey, I have a
customer who I was trying to broker a

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loan to, they don't qualify for one,
they're in a bad situation, but I still

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want to make money off them. So here's
what I'm gonna do, I'm going to take

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them and bring them to a debt settlement
company, and try to get their debt

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settled for less, and I'm going to make
a commission on that referral. And then

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if they settle their debts, I'm going to
go and bring it to a lender, and then

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get them a loan, right? All sorts of bad
things can happen there. One, you could

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be helping that merchant, that borrower
breached their loan contract, you could

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be participating in some type of thing
that's adversarial to the lender, the

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lender is not going to like you as the
broker if you participated in that debt

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being settled for less or attempted to
be settled for less. And if you as a

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broker want to work with a lender or any
lender, and you're also at the same time

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going out there and hurting lenders, by
referring clients to debt settlement

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companies to pay the lenders less well,
those lenders aren't going to want to

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work with you anymore. So if you are a
broker, you typically can't be bold, you

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can be a broker of loans, but to also be
a broker of debt settlement is a real

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slippery slope that I mean, I don't
think anyone should really try it.

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Johny Fernandez: Sounds like it can get
very messy.

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Sean Murray: Very, very messy. Yeah. And
it's happened there. There have been

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there have been lawsuits and things that
have gone down. It's just it's a it's a

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it's a dangerous game. Anyone out there
thinking I can make a couple extra bucks

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and decimated the broker. Now helping
someone out all you're doing is shooting

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yourself in the foot.