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Hello, I have $60,000 of credit card and unsecured debt. I have talked with a company that is run by lawyers. They told me to set up my own bank account just for debt settlement. The monthly amount that I would put in the bank would be about half of what I am paying now. They charge 14% which is all witdrawn by ACH from my account over the first 13 months. When there is a settlement, they will have me make the payment from the account. Have you heard of this method?

Hello, thank you for the question. Yes, the process you describe is standard for debt settlement. (…)

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why do debt settlement companies want give you a longer period of time to pay the debt back (84 month)

Debt settlement company programs are much shorter than 84 months. They are under 3 years. You may have them confused with a debt management program which is typically a 5-7 year program. (…)

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How Do I Pay Bills With Debt Settlement Programs?

When using debt settlement programs to reduce the amount of debt you owe, you will pay the bills that qualify for the program to the settlement company, not your creditors (as you’d usually do). (…)

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What Are the Drawbacks to Debt Settlement Programs?

Of course, nothing is perfect, there are problems with debt settlement programs. (…)

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