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Debt Negotiation
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Posted by Paul on January 26, 2002 at 23:19:51:
I've seen several advertisements from companies that offer to negotiate with your creditors to get them to agree to a partial settlement, usually around 40% of total balance. You are instructed to put money into a seperate account instead of making any payments to creditors. When you acumulate enough and when you agree with the settlement offered, then you pay them. My understanding is that it's different from CCC's because the debt negotiators aren't affiliated with the credit card companies and they will actually reduce the amount of debt. Is this a wise thing to do ? Also, do they do anything that you can't do yourself ? Paul
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