Also, some banks will not work with debt settlement companies, but only directly with you to settle a debt before charge - off. (debt.org)
These companies offer debt settlement programs where they'll communicate with your creditors and convince them to forgive part of your outstanding balance. (debtconsolidationcare.com)
Also, many consumers have faced problems with debt settlement companies not passing along funds to the lenders — or charging too much. (lendedu.com)