Answer by Altered Nerd
all they do is call the creditors and ask them to take less than the balance owed on your debt. you can do the same exact thing and it won't cost you a dime. you would be surprised how many creditors will actually say yes. 40-60% off the balance is about normal. the key is you have to be several months in default/behind on your payments in order for them to be receptive to reducing your debt.
Answer by bdancer222
Debt settlement company? If it's old debt, you can work out a settlement on your own.
If it's current debt, they will take your money and let all your bills go 90 days past due, then offer a lowball settlement offer. Not only will this trash your credit, but many credit card companies will just sue you immediately.
If you're having trouble keeping up with the credit card payments, check into a NFCC member credit counseling service: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt.
While in the program, it is noted on your credit report. But upon completion, that notation is removed and you will have decent credit.
Know better? Leave your own answer in the comments!
Orignal From: Anyone use The Law Offices of Craig Zimmerman to pay off debt? Can you share your experience?
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