As Mobile mentioned, if you forsee not being able to pay debt back the same amount settlement is probably going to be your last resort. Does settlement trash your credit? Yes it does. Credit is repairable and shetler, food and transportation should be your main priority. The form Mobile is refering to is a 982. If you are insolvent, you shouldn't have to pay taxes on the forgiven amount in a settlement program.

If you do settlement on your own, it is a great thing because you don't have to pay any fees. Just like if you can fix your own car problems please do so. If you are going to do settlement on your own, you will need tuff hide, patience and time.

I wish you the best in finding a solution that works for you!

Please do not compare a technically advanced task such as mechanics with writing a few letters and talking on the phone. They are *hardly* comparable on any level.

Anyway, all we can do here is give opinions. I gave mine, others gave theirs. It is now your task to make a decision and see it to its conclusion.

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FRAUD: RECOGNIZE IT. REPORT IT. STOP IT.
Rip-off companies - FTC.
Phone harassment by Debt Collectors - FCC.
Banking issues, like ACH problems - OCC.