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do all debt settlement companies require you to have a special settlement savings account? What are the pros/ cons ?

Most debt settlement companies tend to ask clients to pay into a 3rd party trust account. By doing so they are able to get clients to become more committed to the process. Remember some people who seek out a debt settlement solution do so as a result of poor spending habbits and not just unfortunate circumstances (ex-medical bills) that put some other people under the stress of too much debt. They do not know if you will be able to set aside the monthly payments that they will need without using a trust account. It brings accountability to the process for those who may need it.

A debt settlement company wants to help you get out of debt and they will make money in the process of doing so, therefore it is often in the best interest of everyone to stash the money away and let it accumulate month after month. When it comes time for the negotiations, there will be no questions as to how much money is available for that process.