how different kinds of debt programs are there

There are normally two types of debt programs - debt settlement program and debt management program. Under debt settlement program you can negotiate with your creditor and bring down your debt to 40 to 60% of the outstanding amount and pay it off within a 2 to 4 year period. In a debt consolidation program, you need to pay off the entire debt in a 4 to 6 years period through payment plan.

Alot of companies say that they wont work with debt settlement or debt management companies but if you're behind on your payments, they will most likely work with them, they are just telling you that because debt management companies know how to negiate lower payments and interest rates so that your original creditor wont be making as much money off of you. I promise you, if you are with a debt management company, they will send your creditor checks on your behalf, and they will cash them, so yes they do work with them. Never tell your creditors you are with a debt settlement.management company, let them do the work for you, thats what they get their fees for and if you have a reputable company, they can deal with these people better than you or i.