Is it possible to settle even if my accounts are current?

Hello and welcome ! Getting behind on your payments will lower your credit score, I'm not sure it would be worth it to me to do that, just to save a few bucks, but that's just me. I will let someone else who knows more about this subject answer you, hang tight and someone will be around as soon as possible to answer you. :)

Yup Shazz is right :D falling back with your payments will affect your score quite adversely.

How about negotiating with your lenders for a lower payment? I guess it is worth trying :)

from what I have heard you do need to be significantly late on your payments in order to settle. HOWEVER, as other users mentioned previously, it WILL mess up your credit. You may want to consider asking for a lower interest rate? You can try to settle when you are current - the worst they can say is no, right?

You may want to consider Consumer credit counseling. They can get you in what is called a debt management Plan or dmp. With a debt management plan you will repay all of your accepted creditors over a newly negotiated contract and terms. The counseling agency will negotiate with all creditors to accept a lower interest rate " usually around 6-10 %, waive late fees and over limit fees and spread your payments out over 5 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. The good thing about that program is that it wont hurt your FICO score and it will be one monthly payment. It will get you out of debt a lot faster than on your own and won`t have the negative affects to your credit like debt settlement.