Okay so I did some digging and I have talked with a company called Compass Credit Solutions. They seem to have account managment through Global Client Solutions and put your money in a FDIC insured account. Does this sound legit?
Another question how long before a credit company decides to take you to court? Also are they pretty willing once you tell them you are working with a settlement company to back down a little?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.