We too are considering debt settlement, sounds better than bankruptcy. Still deciding on alternatives.
trying to figure out what we can afford. Haven’t heard anything terribly bad about it, nor anything really good. As far as a creditor sueing, they have that right, I think it depends on who you have negotiating for you. Don’t have any real answer yet. I want to hear from someone who has successfully done this. Know of someone who has done this…something. signed, Totally in over my head.
Whatever depth you are in, do not panic. Just make sure each company is aware of your situation and give a percentage of what you can afford in proportion to what you owe. I have done this over 5 years (owed £36 000) and finish in 5 months..
I have recently learnt that if you get a discount to clear a sum you owe don’t do it.. it will be held against you.
See it through and there is an end. Just make sure you are open, honest and communicative highly communicative and you will be fine. My highest repayment was £106 and my smallest was £4.03 but they all got paid and all expire at the same time.