Confused about Debt Settlement and looking for HONEST Answers

You can settle your debts by yourself. Please follow the following steps: -
How to settle your debts yourself and simplify your life

But settlement of debts require professional negotiation skills. That's why so many of us get help from the debt settlement companies to get out of debt. I agree with you that many settlement companies are not reliable. If you're searching for a good settlement company then I will suggest to follow the points mentioned in the following page: -
Best Debt Settlement Companies - How to choose the best out of the lot?.
In addition, consult the ripoff report for any/type of complaints.

if you want to do this yourself there are plenty of posts to help you here in this forum!

But if you need help and would rather have a company but are scared, many feel your fears. Research is key and knowing how the debt settlement thing works.

first i would read up on how it works. usually you stop payments and start saving after about 3-6 months you can start to negotiate. please keep in mind there are many things that can happen during settlement that you must be prepared for.

Now if you decide settlement is for you, then you must decide if you want to do this yoruself or through a company. you will need to know the rules and laws on what they can and cant do, and that sort of thing. these people can be ruthless but if you are well informed you will see through thier lies and scare tactics

if you decide a company is best for you, research, and do your homework well. I assure you that there are companies out there that will help you and are not scams. but there are many that are, and if you choose the wrong one it can make your situation worse. On my blog i have 10 questions you should ask a settlement company when considering them. you should check it out. aslo check bbb ratings(it is common to have complaints but make sure they are resolved) are they a member of tasc? they make sure the settlement company provides you the services that they promise. usually these companies have to follow a standard.

and google things like "should i use x company?" "dont use x company" x company a scam?" believe me people blog when things go bad and you will see thier complaints.
good luck to you!

Thanks for the great advice, I will take it to heart. Most of our debt is with citibank, chase, and BOA...How are they to settle with? Does anyone have an opinion about citibank and chase in particular? I have seen posts here on BOA, and it looks like they may be getting somewhat easier to deal with, but I am not sure about the other two.

my settlements were about 4 years ago, and at the time citibank was the worst. My settlement company said they were the worse for them to deal with. But im hearing that they are comming around and alot of people around here are having luck with thier settlements with them so maybe they have changed. but then again it was a smaller account and they said that it was so small to them they did not want to settle. so maybe thats a issue too i dont know

chase was not a issue for me and i did not have a boa.