Question for those already in or finished w/debt settlement
OK, I'm still not convinced if I should go debt settlement or bankruptcy with my 79K in credit card debts. I normally would be making 75K to 90K a year in the movie/tv industry, but I'm no longer making that money because of a recent work injury and a strike that put me out of work for 4 months earlier this year. There is also a major work slow down right now because of another possible strike. The last 10 months have made my credit card debts almost double to where they are now. So I have lots of uncertainty ahead.
When you sign up for a d/settlement 32 to 36 month program, you will go many months without paying off any credit cards and that worries me. My credit has dropped from 780 to 505, so that's not a worry anymore.
My question: During the program, if your debt settlement company sends out letters to the creditors, have you still had creditors pursue legal action against you?
Do any of the debt settlement companies really have success in getting any of the credit card companies to stop adding more and more interest? I'm asking this because my credit cards are all going up $350 and more a month + late fees. So I'm wondering if I will really be able to afford a debt settlement's monthly fees will likely increase during time of the 32 months.
Thanks in advance!