If you are going to settle debts, I would strongly recommend that you DO NOT use a company that advertises itself as having being a 'debt settlement' company, but rather, settle the debt with each individual creditor yourself, after fully researching and understanding what debt settlement will do to your credit report and your ability to get credit in the future. Debt settlement companies often advertise that they can settle your debts for 'pennies on the dollar'...Yep, tried that - The only thing a debt settlement company managed to do for me was PO my creditors. The vast majority of the creditors were in no way reluctant to advise me that they had no qualms about filing for a judgement, rather than dealing with a debt settlement company - Generally, their feeling seemed to be, "If you're paying a debt settlement company to negotiate for you, you can afford to pay more toward what you owe us." It wasn't until I retained an attorney to file a Chapter 13 Bankruptcy that they started offering deep cuts, Chase in particular, but I didn't/don't think that I could settle with them and not the other creditors, w/o prejudicing my bankruptcy filing, and some still weren't willing to negotiate nearly as much as Chase was - Some were operating under a bankruptcy filing of their own - Though I don't know for a fact, I suspect that the terms of their corporate bankruptcy may have placed limits on their negotiations.
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