Negotiate a Debt Settlement

Can anyone recommend a good, reputable and fair priced Debt Settlement Company ?

I am a person who has fallen upon some dire financial times in recent years past and now find myself capable of trying to improve my credit history and clean up these unresolved financial matters. I would very much like to know if anyone has had the opportunity to work with a good Debt Settlement Company. Please keep in mind that I am not interested in a company that will set up a prescribed monthly payment arrangement. Rather I am looking for an organization that will agressively negotiate a one time, lump sum, discounted settlement for approximately 10 past due credit card accounts that have been placed into collections. I am really looking forward to seeing what you have to share.

Public Comments

1. Most debt settlement companies want you to send them payments, and later on they pay your creditors. So, BEWARE. Have you talked to a lawyer? Their first visit is usually free, and bankruptcy may be your best option to get a clean slate. Best wishes.
2. I've dealt with Accelerated Debt Management (out of Boca Raton Fl) for the past two years. They're very good; professional, legitimate, responsible and more than worth the small fee I've paid them. I'm almost out of debt..just another few months to go. I don't know if they do negotiations on lump sum settlements, but ask them.
3. If your accounts are majorly past-due, you can negotiate settlements on your own....You don't have to pay anyone....When accounts are >4 or 5 months past due....many times creditors will take settlements as opposed to loosing everything if you file for BK.....Debt settlement firms have no special powers. Be forewarned: If you are not drastically past due....a debt settlement firm will deliberately let your accounts lapse to put you into a position for settlement....You will get many nasty phone calls from collectors as the accounts go further past due. Also, your creditors ARE NOT under any obligation to accept settlements from you or from any outside firm you hire....They might take an aggressive stance and decide to take legal action.....You can never predict what their response will be. Lastly, if you do get a settlement....forgiven/settled debt is treated like earned income by the IRS...so whatever amount you settle will have to be added to your next year's adjusted gross income.
4. If you go with a debt settlement company, you will destroy your credit. Not to mention, most banks will not deal with them. I work for a large bank, and we've advised these companies that we will not deal with them, yet they continue to try to sign our accounts up on their programs. As soon as we receive the limited power of attorney and cease & desist, we immediately send the account off for legal action. I would suggest CCCS if you are having hard times.
5. Hi, I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here: http://doiop.com/7dacnq