Debt settlement query
Date: Tue, 09/26/2006 - 07:30
When I sign up with your company, do you withdrawl the funds from my bank account on a monthly basis and distribute monies to the creditors?, or do i retain the funds, except for your fee (which I am sure you take monthly) until i have enough money to pay one off at a time?
Every debt settlement company has its own business policies. You
Every debt settlement company has its own business policies. You need to talk with the company individually about their terms and conditions.
In a debt settlement program, monthly payments are put in a separate trust account. The settlement company negotiates with your credit companies for accepting the proposals. Once the account is 'settled' money from the trust account is sent to the creditors. See this link on debt settlement15 for a clear picture.
