Five Lakes Law Group

Five Lakes Law Group Reviews

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About Five Lakes Law Group

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Established in 2021, Five Lakes Law Group is a law firm that offers debt settlement and resolution services. The company says on its website that it can reduce your monthly debt load as much as 50%, while also offering one-on-one attorney support. It says it has helped thousands of clients with unsecured debt, such as credit card bills and medical debt.

    Pros & Cons

    Pros
    • Attorney assistance
    • Chat available 24/7
    Cons
    • Not for all debts
    • Fees not listed

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    What is Five Lakes Law Group?

    Based in Michigan, Five Lakes Law Group focuses on providing clients debt relief through the debt settlement process.

    Debt settlement requires clients to establish financial hardship, usually through negating their monthly debt bills, in order for the company to settle the debt for a lower amount or in full. Five Lakes Law Group offers litigation support alongside its debt settlement services, so clients will have that benefit in case a creditor threatens legal action.

    One notable perk of using Five Lakes Law Group is its mobile app that allows you to manage your enrolled debts and approve agreements. The app has a 4.9-star rating on both Apple’s App Store and Google Play as of publishing, with over 350 reviews combined.

    How does Five Lakes Law Group work?

    Five Lakes Law Group helps clients settle unsecured debt by diverting their creditor payments. Instead of paying your creditors each month, you will pay into an account that will be used for debt payoff. The goal is to establish new terms and a lower owed amount with the creditor.

    However, if you forgo paying your creditor to establish financial hardship, your debt will accumulate late fees and interest rate charges. There is also a possibility that the creditor will sue you for your owed balance. Five Lakes Law Group will attempt to slow down or assist in legal issues with free pro se legal document drafting and attorney assistance.

    Five Lakes Law Group products and services

    While Five Lakes Law Group does not give a specific time frame for its debt settlement services, clients can expect the process to take between 24 and 60 months, which is the common range among most debt settlement companies. Five Lakes Law Group can help with the following debts:

    • Credit card
    • Medical
    • Personal loans

    It cannot help with debt that is secured by collateral, such as mortgage and auto loans. It also will not help with federal student loan debt.

    Five Lakes Law Group fees

    Five Lakes Law Group does not disclose its fees on its website but should be able to give you the full costs before you commit. Avoid any debt settlement companies that require you to sign up before letting you know the cost.

    While Five Lakes Law Group’s pricing is not listed, note that many debt settlement companies do not charge any upfront fees but instead charge between 15% and 25% of the settled amount once a debt resolution has been made.

    Five Lakes Law Group FAQ

    Does Five Lakes Law Group have a money-back guarantee?

    Five Lakes Law Group does not have a money-back guarantee or satisfaction policy listed on its website. Before working with this company, ask about its refund policies.

    Do I need a hardship to use Five Lakes Law Group?

    Yes. Five Lakes Law Group relies on a client’s financial hardship to better negotiate and settle with your creditors. If you don’t want to take this route to become debt-free, you can look into taking out a debt consolidation loan, which helps you move all of your debt to one predictable loan payment.

    Will using Five Lakes Law Group hurt my credit score?

    Yes. You should expect your credit score to take a hit with any debt settlement company you use. This is because you must establish financial hardship, which is done when you stop paying your creditors.

    Is Five Lakes Law Group legit?

    Five Lakes Law Group is a legitimate law firm that specializes in debt resolution. You can expect licensed attorneys to assist you with your debt settlement journey. Before choosing to work with Five Lakes Law Group, make sure you know how long the process will take and how much you will need to pay in fees.

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    Five Lakes Law Group Company Information

    Company Name:
    Five Lakes Law Group
    Website:
    www.fivelakeslawgroup.com