Debt Settlement Companies

[CreditGuy03]

Are these things legit? They want me to deposit money to some escrow account that pays my creditors and in turn will get the creditors to mark the account paid in full.

Anyone done this before?

All of my credit cards are current but  maxed out and it sounds like this they will let it go behind and into collections so it gives the creditors an incentive to settle the debt.

[Anonymous]

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@CreditGuy03 wrote:

Are these things legit? They want me to deposit money to some escrow account that pays my creditors and in turn will get the creditors to mark the account paid in full.

Anyone done this before?

All of my credit cards are current but  maxed out and it sounds like this they will let it go behind and into collections so it gives the creditors an incentive to settle the debt.

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They usually end up ruining your credit as a result of what they do - which is let everything default, in the hope of panicking your creditors into settling your accounts.

[Anonymous]

Avoid at all costs!! They charge lots of fees and do exactly what you can do for yourself! If you need advice on how to tackle and address the issues there are a lot of really knowledgable people on this forum to help.