Hi I am new here and am looking for lowering my bills too.
Almost applied for one debt counseling, but like you say…”they want my money too”.
…(15pages) and it shows that they get paid $4K and my bill are paid
Found an Advice/Warning page on this;
Most debt settlement companies will claim to be able to settle your debt for about 1/2 of what you actually owe, so let’s use the lowest credit card debt as an example:
If you owe $4,000 on the account and the creditor agrees to accept $2,000 as payment in full, it will take you ten months at $200 per month to have accrued enough cash in your trust account to pay off just that one credit card bill.
But remember, your first three payments to the debt settlement company only paid the $750 admin fee. That means your first credit card isn’t really settled until 14 months after you started sending them money!
So what is the problem? It’s really very simple – Your creditor won’t agree to accept half of your actual debt amount in settlement unless, or until, that amount can be paid in full. Otherwise, they’ll expect you to make your normal monthly payments.
I DON’T KNOW much about this just started searching. It appears that in the interenst rate of 22, 25%plus late fee, on everything. We have to pay the fee to the Company that will negotiate the pay for us. However as the adice is given….CHECK out Companuies first.
Will write if I find more information;