New Member - Overwhelmed and many questions...

Hello,

I'm a brand new member and just spoke with a very nice woman from GHS Solutions about Debt Settlement.

WOW!

First of all, I didn't realize that I had to let my CC's go to collections. I'm nervous about letting multiple credit cards go unpaid for 120 days. I'm also extremely nervous as to what that would look like on my credit report.

Is debt settlement not right for me?

I read briefly about a Debt Management Plan (DMP)...is that what I should be looking into?

I don't HAVE to be debt free in 24 months...if a DMP takes more like 4 years, I'm perfectly fine with that.

Has anyone had much luck doing the DIY Debt Consolidation? How successful are people with negotiating with the creditors?

I have tried getting a debt consolidation loan, but my bank says that my CC's are too close to their limits. I'm thinking, "duh, that's why I came to you for a loan!"...should I be going to other sources for this? I've tried Lending Tree, but got denied also.

*sigh*

Thanks in advance for all of the feedback / help!!! I hope everyone has a wonderful weekend.
-MaTT