OTHER DEBT SETTLEMENT PROGRAMS
Debt settlement programs typically are offered by for-profit companies, and involve them negotiating with your creditors to allow you to pay a “settlement” to resolve your debt — a lump sum that is less than the full amount that you owe. To make that lump sum payment, the program asks that you set aside a specific amount of money every month in savings.
Debt settlement companies usually ask that you transfer this amount every month into an escrow-like account to accumulate enough savings to pay off any settlement that is eventually reached. Further, these programs often encourage or instruct their clients to stop making any monthly payments to their creditors.
Be careful when making decisions on how to address your debt obligations and do your research.
Attorney's and non-profit organizations will be your best resource if you chose to refer to a professional for these types of services rather than tackling the process on your own.