What is the process for “debt settlement”?

What is the process for debt settlement? I understand that when ur sent to collections ur able to settle the debt with them for a fraction of what u owe. But before that, will u get harrassed by all the calls from the bank about the missed payments? Can the bank sue u? Can they put a lien on ur house or car or take it away from u? Will they garnish ur paycheck? Any feedback is appreciated, thanks!

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