If you are current with the news you have probably heard about the many complaints against debt settlement agencies. 16×9 has put together an excellent video of their investigation into whether these agencies really do stand behind their claims.
Knowing what I know, I could never advocate a debt settlement agency, regardless of the situation. Instead, call your creditor and explain your situation as they would rather work with you to eventually pay the debt off rather than to have to chase you down and receive nothing at all. Having the institution on your side will also help negate major harm from being done to your credit history. The worst you can do is to do nothing. Acknowledge the debt, get help and move forward. Worse case, negociate your own settlement. I have seen many consumers who have been very successful in their own negociations.
Lastly, if you have no idea how your credit is being affected or are just interested in viewing your own credit bureau, here are links to the two major reporting agency, Equifax and Transunion. Requesting your own personal bureau will not negatively affect your credit rating, however, having someone else pull it on your behalf likely will. Should you have any questions, feel free to give my office a shout at 403.242.5547.
Enjoy the video!
16×9 -Bad Debt: Do credit settlement agencies really deliver?
What are your experiences with debt settlement agencies? What have you heard about them?