I haven't contacted a debt setlement company because I have no idea how to find one that's reputable. From what I've learned these companies charge a management fee of some sort while they represent your debt. We have so little money left over at the end of the month, I'm afraid the fees would leave nothing meaningful to go towards the trust for settling the debt.
Are there any debt settlement companies that are non-profit or not-for-profit who don't charge these administration fees?
I've spoken to a few people who seem knowledgeble on this site, none had anything good to say about the debt settlement companies. Seems to be a large concensus here just to settle the debt yourself which I've heard can be done but it is very difficult. As far as reputable ? I've researched and spoke to several companies. Care One, Debt Shield are BBB listed and have been featured on major news channels for their services. I guess it just depends on what you want to do and sorting out who you wish to believe. I did find a few services that advertised that they don't collect unless they can save you money. There is no guarantee your creditor will negotiate a settlement with you or anyone else. Knowing this it might be worth it to gain some knowledge and negotiate yourself. If your finances show that there is likely no chance they will ever get all their money they might go for it. I'm thinking you would have to be flat on the brink of bankruptcy though or it's not enough debt to make it worth their while to take you to court.
