Disclosure: Not affiliated with or endorsed by Five Lakes Law Group; trademarks belong to their owners. This is our own research and opinion, not a statement of fact. CuraDebt may be compensated by companies referred to.

Five Lakes Law Group Reviews: Is It Legit?

Is Five Lakes Law Group Legit?

Yes, Five Lakes Law Group is a legitimate debt settlement law firm. It is a registered company based in Southfield, Michigan, founded in 2021, with named management and a high BBB rating. It is a real firm, not a scam.

That said, legitimate is the starting point, not the whole story. With Five Lakes, the things worth knowing are the fee level, which runs higher than most, how many people end up there through a loan mailer referral, and the standard credit trade-offs of settlement. It is also worth verifying its current BBB accreditation status directly, since that can change. The rest of this review covers the details.

What Is Five Lakes Law Group?

Five Lakes Law Group is a law firm that offers debt settlement, also called debt negotiation, for unsecured debts like credit cards and personal loans. As a law firm, the pitch is that legal backing adds a layer of protection to your debt negotiation. It markets itself nationally and works with people trying to avoid bankruptcy who can fund a settlement program over time.

The Loan Mailer Referral

Here is something many people do not realize about how they ended up at Five Lakes. A common path is that someone responds to a pre-approved loan mailer, from a company like Simple Debt Solutions or another marketer, does not qualify for the loan, and gets referred into a debt settlement program run by Five Lakes instead.

If that is how you arrived, slow down. You came looking for a loan and are being offered something very different, a settlement program with high fees and real credit consequences. That does not make settlement wrong for you, but it means you should evaluate Five Lakes on its own terms, not as a consolation prize for a loan you did not get. Make sure you understand exactly what you are signing.

How It Works

The program follows the standard settlement model. You stop paying your creditors directly and make monthly deposits into a dedicated account. As that account builds, Five Lakes negotiates with your creditors to settle for less than the full balance, one at a time, over a program that typically runs a few years. Because it is a law firm, it may also offer support if a creditor pursues legal action, though you should confirm exactly what legal representation is included.

Fees, the Part to Read Closely

This is the most important detail. Five Lakes does not publish its rates, but customers consistently report fees around 27% of enrolled debt, which is at the high end of the industry, where 15% to 25% is more typical. On a large balance, those extra percentage points are real money.

Some reported examples suggest total program costs that, combined with the fee, leave a fairly high effective payback, meaning the net savings can be smaller than people expect. The fee should be charged after settlements, not upfront, consistent with federal rules, but the size of it is the issue. Get the exact fee percentage and an estimate of your savings after fees in writing before you sign, and compare it against other settlement companies.

Ratings and Complaints

Five Lakes rates highly on the surface, with strong BBB and Trustpilot scores and many reviewers praising friendly, helpful staff and relief at having support. Worth noting, though, that many of the most positive reviews come from clients who recently signed up or are early in the program, rather than those who completed it.

The critical reviews are detailed and consistent: high fees, often cited at 27%, limited transparency about how the process and fees really work, and frustration over the pace of settlements or the net result. Some clients describe being referred to a loan company mid-program when they could not fund a settlement. There are also BBB complaints about mismatched expectations on settlements, timelines, and communication, which the firm does respond to. None of this makes it illegitimate, but it argues for reading the contract carefully and comparing fees first.

Pros and Cons

What to Ask Before You Sign

If you are considering Five Lakes, get clear answers to these:

• What is the exact fee percentage? Get it in writing, and compare it against other settlement companies, since 27% is on the high end.
• What is my realistic savings after fees? Ask for an estimate net of fees, not the headline reduction.
• Did I come here from a loan mailer? If so, evaluate the settlement program on its own terms, not as a fallback for a loan.
• What legal representation is actually included? As a law firm, confirm what happens, and who represents you, if a creditor sues.
• What are the cancellation terms? Know how to exit and what you would owe if you leave mid-program.

The smart move with any debt settlement firm is to compare fees and terms before signing, especially when the fee is on the high end. You can learn how a debt settlement program works, compare your debt relief options, or read about debt negotiation first.

Frequently Asked Questions

Disclosure: CuraDebt is not affiliated with, endorsed by, or sponsored by Five Lakes Law Group, and all trademarks belong to their respective owners. This page reflects our own research and opinions for informational purposes and is not a statement of fact about Five Lakes Law Group's business. Ratings, accreditation status, and complaint counts change over time; verify current details directly. CuraDebt operates a matching service and is paid when we connect consumers with independent partner firms, so we have a financial interest in you requesting a free consultation. Always do your own research before choosing any provider.