Does anybody out there know of a reliable and honest debt settlement company that can actually deliver there promises. I would appreciate anyone's input since I'm in the process of finding one. Thank you

I recommend you research before going to debt settlement. You have to accumulate funds before they even start negotiations and that could take months... even years. Most people don't actually finish with a debt settlement company, they end up quitting. I just lost $1200 to one because I misunderstood the arrangements. Try credit counseling first.. or wait until they go to collection agencies and try negotiating yourself, it could save you 15%-20% of the fee you have to pay a debt settlement company. I have been able to settle with 4 creditors, some for 40% of the balance and one recently for 50% of the balance. I still have a lot of debt to deal with.but my stress was NOT reducted with debt settlement company, it actually increased, so I might as well deal with them myself.

Hello, Thank you for your answer it actually help and you are absolutely right you have to accumulate funds before they negotiate and that after they take so much % of their fee for the first few months. I'm actually doing what you suggested, I been calling my creditors but since It's not going to collection agencies yet, so far they only negotiate 85%. I would do like you said wait till it goes to collection agencies and then I will try to negotiating myself. Thank you for your hep and good luck to you.

Hi Goldie 9256, How long before they go to collection agencies? And what should you do in the meantime? I reallyappreciate your input and thank you.

I am by no means an expert.. but some of mine went after about 3 months, others are at 6 months and the original creditor is still calling me. I just don't answer the phone if I don't know the number calling, UNLESS I am prepared to talk to them. For example, I answer knowing I have X number of dollars to settle, otherwise, I continue to wait. The hardest part is the wait. I am getting nervous about some of my old ones, but I can't make an offer with nothing. I have to say, some of them after about 4-6 months, they are really willing to work with you. They can even set up a payment plan to get the entire balance paid off in a certain number of months, reducing/eliminating fees, interest rates, etc. If you don't want to deal with them on your own and want to pay the entire debt back, I suggest a non-for profit debt management company, like Clearpoint financial.. they really helped a friend of mine. I have too much debt and the payment is too high for me. I am currently trying to cut expenses (i.e. eliminating my home phone and just having a cell phone), no more eating out. I contribute $0 to our 401K's now and have increased the number on my W4 so that I get more in my pocket rather than a big tax refund. I am hoping to settle with some of my smaller credit cards the first qtr of 2009 and am trying to come up with enough funds to do so. This is just my experience that I am sharing, so good luck and make sure you research and check around before you make any major decisions. Again, I would DISCOURAGE a debt settlement company unless you think you can have funds available within the first few months, but try it on your own and you can save 15-20% of your total debt. Good luck!