I have recently signed up with a debt settlement company and they've told me to deposit a fixed amount of money which they will store in some place. Could you please tell me where my money will go once I start paying them? How do I know that they're safe enough to take care of my funds?
Your money will be saved in a trust or a dedicated account at an insured financial institution. You'll have access to that account. This means you'll be the owner of the funds. You can deposit and withdraw money from that account.