Are Debt Settlement Companies Legit?

In 9/07 I started a settlement with SomeDebtSettlementCo.

I’m sending them close to 600.00 a moth to pay them first$7000.00 of course and then settle with 7 cc Co.

When I’ve call them  i’ve recieved confusing answers from different  people, all I need to know is if they’re legitimate

The BBB in Tx. Lists TheDBA however no SomeDebtSettlementCo. is found.

Please help!!!!!

Ruth

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Hello Ruth,

I’ve redacted the company names from your post and I’m afraid I won’t be much help on your specific request for me to judge the reputation or integrity of that company; if it’s any consolation you have successfully Stumped The Experts.  More importantly, you’ve brought up a subject that’s been on my mind for some time – namely, the legitimacy of the debt settlement industry. 

In over a thousand articles on the Broken Credit Blog there’s only been a handful of Stump The Experts award winners.  I noticed that this previous post on Debt Settlement Companies was one of them.  

The concern for me is the type of persons that gravitate toward debt settlement as a for-profit business, because the debt settlement industry is largely unregulated.  Some states have enacted new laws impacting the debt negotiation industry; nevertheless, comparatively speaking, it still resembles the Wild Wild West – which isn’t much of a plus unless you’re one of the outlaws. 

More to the point, I’ve been searching high and low for a reputable debt settlement individual to refer Broken Credit Bloggers who are desirous of a professional debt settlement service.  Thus far this has been an exercise in futility.

The search continues.  Mary?!?

Thanks for the questions.

Paul

EDIT>> I’ve finally located a reputable debt settlement company.  This company regularly settles debts for reduced amounts and has recently been invited to a Federal Trade Commission workshop on the FDCPA.  I am impressed with the owners and staff.  They fight for the consumer.  You will like these people.

Any Broken Credit Bloggers drowning in debt may get in tpuch with Paul’s Debt Settlement People by completeing this Debt Settlement Form