Verified answer

I have not used one. However, I heard on the radio about a debt settlement company that did not work for anyone. Almost the entire staff spent all their time signing up new customers, so there was not enough employees left to do the debt settling.

Debt settlement is the process in which you stop paying your creditors for some time and save that money so that you can then negotiate with them to settle the debt for a lesser amount. So it is better to seek help from any reputed debt settlement company. Such companies can handle it properly as they are experts in that field.

I took help of freedom debt relief to settle my debts. I have joined their debt settlement program one year back and almost debt free now.

Stay away from any "debt consolidation" company that promises to cut your debt and payments in half through debt settlement....This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator....this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances...You can never predict how your creditors will respond to the deliberate defaulting of your accounts...they might settle at 50%...or they might serve you a summons, take you to court...and if they win, you could be looking at wage garnishment.

Many people who sign up with “debt consolidation” firms incorrectly assume that they have the power to force your creditors to accept settlements...they don’t. Your creditors have the right to refuse settlements and take you to court.

http://www.youtube.com/NFCC09#play/all/D6371041F48...

See this as an example of what can go wrong with debt settlement: http://www.ripoffreport.com/Credit-Debt-Services/D...

Most of debt settlement companies are scams.These companies will

take your money and leave the creditors unpaid.

The one I suggest is Consumer Credit Counseling Service which is

funded by the United Way.

evade those agencies. they are for income agencies. you additionally could make money for the subsequent 3 years and nonetheless finally end up owing the credit card corporation money. it particularly is of project. you are able to negotiate your individual settlement.