How can I keep my money safe?

Money during a debt settlement process is deposited in a third party trust account. I hope that's what your query was.

That's not always true. There are companies out there who allow consumers to store in their own bank. Also even if you went w/ a company that did that and there's a banking conflict, you'd want to know that. By banking conflict, just be sure that the cards you have in the program aren't affiliated with the bank you bank with and fall under their umbrella; for instance if you have Home Depot card in the program, you should know that they fall under Citi Group. And if there is a conflict, switch banks.

I did move my money out of a bank of america account and closed it, I figured they might try something like that. Many of my accounts including my mortgage were taken over by bank of america. But Michelle3568 raised a good question for me to ask, kind of another piece of this puzzle I have to work through. If I am settling with a particular credit card and lets say I have to pay them a certain amount, lets say 6 payments over 6 months. Will I be storing up this money to pay it off in a third party account until I start making payments, or will this third party account be used as something I will put money into for them to draw on? I appreciate the advice! I think this site is fantastic!

sqeekyG

Settlement doesn't work by making monthly payments to your creditors. Whether it be a third party account or you own checking/savings account - you're accumulating money in that account to pay off your agreed upon settlement in full. To answer your question however if you agree upon a settlement amount to be paid out over 6 months, then yes every month the creditor will draw upon that account - contingent upon your approval however.