Hello everyone, I have been reading through these forums for quite some time and I am amazed with the openess of everyones comments. I feel very fortunate to have a collective wealth of knowledge look over this and was hoping to get any insights on my current situation.
To make a long story short, I have managed to bury myself with almost $70,000 in credit card debt. A very unfortunate event occured when I purchased my new home and it has been killing me every since. I did not want to file bankruptcy because I am only 25 and I am planning on getting married within the next few years. I have been able to pay around $1,500 a month towards credit cards consistently which usually cover a little more than the minimum payment. I was doing the math and even with getting interest lower this is going to take me anywhere around 8-10 years to pay this off especially with the planning of a wedding, etc.
So I decided to join a debt settlement program that allows me to pay $1075 a month for 36 months and it will get me out of debt by settlement. I have never been late on anything before but this month I have been advised by the company I decided to work with to stop paying the creditors. Does anyone know if the debt settlement companies send pfd's or are they just trying to settle and get their share? What are somethings that I should expect to happen to my credit in the next 3-5 years? Does anyone have any success stories about settling their debt? I am just trying to sleep good at night knowing that this could work and hopefully make me realize all the "what not to do's" once this is paid in full.
Also, are there any additional steps that I should take in my own hands even if the debt settlement company has negotiated a settlement?
Any help is much appreciated...my first debt settlement payment is going out tomorrow so wish me luck on this next chapter in my life...