George Simons

There's a lot of ways that they throw in additional money that the customer doesn't actually owe.

Oh, I see.

For starters, the...

According to Consumer Financial Protection Bureau, about 50% of people that are sued for debt say they're being sued for debt they don't owe.

So they legit say, I don't even owe this debt at all.

0% of this debt do I owe?

They're suing the wrong person or the debt's fabricated, anything along those lines.

And then on top of that, so that's for starters, 50% of people are being sued for debt at all.

And then on top of that, debt collectors will add on attorney's fees that oftentimes can be overly expensive.

So these attorney's fees range from like $300 up to, I've seen administrative slash attorney's fees in the range of $9,000.

Just to file a complaint in court.

That's charging too much in these attorney's fees.

Yeah, they might do that.

The bank can add on attorney's fees as well.

Either the debt collector or the original creditor can add on these attorney's fees and bring the lawsuit.

So that's added on.

And then also there's huge amounts of post-judgment interest.

So if you lose the lawsuit, then you have to pay post-judgment interest, which is super high, oftentimes 5% to 10% as far as I know.

Yep.

So those fees, those fees add up, uh, add up quickly.