Is settlement a negative on your credit and if so, for how l

Yes using a debt settlement company will affect your credit. When using them you basically stop making your payments, thus your credit report will show these as late 30, 60 days, etc. They will stay on your credit for some years but you can start rebuilding your credit right after your done settling all your debts, thus as a year or two goes on after paying them off these should start affecting your credit less and less. Also your debt to income ratio should go up which should help some as well. The best bet would be to settle as quickly as you can and request that they mark your file "paid in full" instead of settled, which is actually alittle better for your credit. Some won't do this but doesn't hurt to ask.

Also - it doesn't matter if you use a DS company or do this yourself your credit will still be affected.

Debt Settlement looks negative on the credit because it has a R 9 rating. This is the last resort before one considers filing for bankruptcy. If you have other options like paying on your own or considering a consolidation program, it will look better on your credit. But sometimes, it's hard for people who can't afford to pay higher interests to creditors or cannot afford a consolidation plan. Sit with a debt counselor and review the various options. If settlement happens to be the only fix in your situation, you may get started instead of leaving your accounts delinquent, because your credit is already affected when bills are left unpaid and creditors are reporting negatively to the bureaus.

Settlement is going to stay on your credit for seven years. This will start from the date when your account first turned delinquent.

How much is your total debt? I will consider this type of plan only if the total is big enough and if it's going to take ages to complete the consolidation plan.