Is this accurate, though? Can these individuals keep their many promises settlement debt relief? In many ways, yes. Settlement debt relief will slash your debt into half, often more... well, sort of. The debt isn't reduced, but the amount you have to repay is certainly cut back. The balance gets written off.
How you go about getting settlement debt relief is you or your appointed agent negotiates with past due creditors (almost exclusively credit card companies). The creditors understand that their position is weak since they are unsecured, they cannot force the sale of an asset. They know that if you decide to file Chapter 7 or even Chapter 13 bankruptcy, they get nothing. Zilch. Nada. In other words, it is in their interest to agree to accepting, say, $0.35 for every $1.00 they have billed you. After all, $0.35 sure beats nothing, zilch, or nada.
But settlement debt relief isn't that you repay $0.35 for every $1.00. You pay more because your "agent" (or credit counsellor or file manager or whatever they call themselves) needs to get paid. IN reality, settlement debt relief comes at a cost of $0.35 on every $1.00 you owe PLUS whatever fee the settlement company decides to charge you.
Also, settlement debt relief isn't really relief at all if you have the means to repay all of your debt. Since the credit company writes of so much of their debt, their loss translates into your inability to obtain credit for as much as 6 years. This means that your relief is rather temporary.
Instead of falling for the old settlement debt relief promises, consider negotiating a repayment program with your creditors. It could mean losing the card (that you cannot afford anything) but it could save you from falling into the "here and now" trap that so many cons promise.
Of course, if your debt has reached a level where you have no hope of ever getting out (at least for the next 6 or so years), then that pure and pretty settlement debt relief promise may be your best option.
Always consult a State-qualified, third-party credit counsellor before making such decisions.
