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What does “Settling your Debt” entail, and how does it compare to other options?
Basically, these guys break all your eggs then try to make an omelet.  Your lender(s) must really believe that you have no ability to pay before they'll settle, which generally entails not paying them until your creditworthiness is in the tank.  Bankruptcy laws exist for a reason.  If your credit is in the tank, you can't make your payments and you're shopping to settle your debts, it's not likely a bankruptcy would worsen your situation; in fact, quite the opposite.  But, people have hugely negative feelings toward bankruptcy and don't want to be called a "deadbeat", these services prey on those people.