Will a creditor really settle debt with a debt negotiation program?

Debt Arbitration is a legitimate bankruptcy alternative. What you can negotiate with the creditor will depend on the amount and age of the delinquent account. If a debt is newer the collection agency may not negotiate as much as a debt that is a few years old. Typically the older the collection account is, the more the creditor is willing to negotiate.

How do I know if I should do a debt settlement program?

A debt negotiation program should only be considered as a last resort. If you cannot pay your bills and are falling behind or are already in collections. You should see if you can make a consumer credit counseling program work before you would consider doing a debt arbitration program. A debt settlement program can have you out of debt in 12-48 months depending on how much you can afford to pay each month towards getting the debt paid off. You should be able to save anywhere from 40-60 cents on the dollar depending on the type of debt that you have.

This information is of general interest and should not be considered legal advice. Seek out a qualified attorney should you require legal advice or opinions.