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Given the fact that several thousands of dollars will first go to their fees (cont…)

…do you really feel this is the smartest thing to do? As opposed to using that money to start paying off the debt and negotiating my debt on my own behalf? I am sure they have more experience negotiating credit card debt, but like anything, if you take time and write letters diligently and make phone calls, I suspect you can probably make some progress on your own?
Once again, thanks.

ANSWER: Negotiating on your own behalf is tricky and my understanding is it is very difficult to get very far unless you happen to find a sympathetic person within the credit card company – remember, they have people trying this all the time. A settlement company has more bargaining power since they can “pool” all their client’s funds and allow the creditors to recover a chunk of money that means something to them.

If you are way in over your head, settlement is an alternative to bankruptcy. If you can work yourself out of it and pay off all the debt on your own without spending the next 10 years penniless, then paying the fees may not be best for you.

Best of Luck.