00:00.780 --> 00:03.780 Johny Fernandez: So why should one be wary of debt settlement? 00:05.760 --> 00:08.820 Sean Murray: Why should one be wary of debt settlement? So that's a good 00:08.820 --> 00:13.050 question. If you're the, if you're the merchant, if you're the borrower, you 00:13.050 --> 00:17.700 should be wary of debt settlement, because, you can't be 100% positive with 00:17.700 --> 00:22.200 a debt settlement company is going to be able to perform exactly what it is that 00:22.200 --> 00:27.060 you want. If you're, if you're hopeful that the debt settlement company is 00:27.060 --> 00:30.960 gonna, you know, settle your debts for 10 cents on the dollar, or whatever, 00:31.560 --> 00:34.920 there's a good chance that they're not going to be able to right? They're 00:34.920 --> 00:41.790 typically not not lawyers. So they're just an independent negotiator. Lenders 00:41.820 --> 00:47.130 hate them, lenders hate them. So if you're, if you're, if you hire a debt 00:47.130 --> 00:51.270 settlement, Counselor Advisor or something, and they're telling you, hey, 00:51.270 --> 00:54.090 you're gonna go save all this money, I'm gonna go and negotiate on their behalf. 00:54.330 --> 00:57.420 Guess what the lender hates that person, the lender doesn't need to talk to that 00:57.420 --> 01:00.900 person, they can just ignore that person, that person is not a party to 01:00.900 --> 01:05.520 the contract, that relationship on your loan, or whatever type of product it is, 01:05.520 --> 01:08.490 it's between the customer and the funding company, for the debt settlement 01:08.490 --> 01:12.090 company tries to come in and say make, you know, say all these things, they can 01:12.090 --> 01:15.630 just be ignored. Forget the debt settlement guy, right. So that's why a 01:15.630 --> 01:20.490 borrower or merchants should be aware, wary of debt settlement. If you're a 01:20.940 --> 01:24.540 bureau broker, you should be wary of debt settlement. Because you might be 01:24.540 --> 01:28.440 thinking to yourself, hey, I have a customer who I was trying to broker a 01:28.440 --> 01:33.600 loan to, they don't qualify for one, they're in a bad situation, but I still 01:33.600 --> 01:37.470 want to make money off them. So here's what I'm gonna do, I'm going to take 01:37.470 --> 01:41.100 them and bring them to a debt settlement company, and try to get their debt 01:41.100 --> 01:44.730 settled for less, and I'm going to make a commission on that referral. And then 01:44.730 --> 01:48.150 if they settle their debts, I'm going to go and bring it to a lender, and then 01:48.150 --> 01:53.010 get them a loan, right? All sorts of bad things can happen there. One, you could 01:53.010 --> 01:57.810 be helping that merchant, that borrower breached their loan contract, you could 01:57.810 --> 02:01.890 be participating in some type of thing that's adversarial to the lender, the 02:01.890 --> 02:05.880 lender is not going to like you as the broker if you participated in that debt 02:06.090 --> 02:09.840 being settled for less or attempted to be settled for less. And if you as a 02:09.840 --> 02:13.620 broker want to work with a lender or any lender, and you're also at the same time 02:13.620 --> 02:17.550 going out there and hurting lenders, by referring clients to debt settlement 02:17.550 --> 02:20.820 companies to pay the lenders less well, those lenders aren't going to want to 02:20.820 --> 02:25.290 work with you anymore. So if you are a broker, you typically can't be bold, you 02:25.290 --> 02:28.500 can be a broker of loans, but to also be a broker of debt settlement is a real 02:28.500 --> 02:32.100 slippery slope that I mean, I don't think anyone should really try it. 02:32.640 --> 02:34.440 Johny Fernandez: Sounds like it can get very messy. 02:34.500 --> 02:37.200 Sean Murray: Very, very messy. Yeah. And it's happened there. There have been 02:37.260 --> 02:41.250 there have been lawsuits and things that have gone down. It's just it's a it's a 02:41.250 --> 02:44.460 it's a dangerous game. Anyone out there thinking I can make a couple extra bucks 02:44.460 --> 02:48.540 and decimated the broker. Now helping someone out all you're doing is shooting 02:48.540 --> 02:49.470 yourself in the foot.