If you are in a bind try contacting your creditors, many of them have hardship programs they can set you up on. Another option is CCCS, they will contact each of your creditors and submit a proposal which generally lowers your monthly payment and interest rate. Debt Settlement Company or Attorney. Weve sent them letters advising them to stop taking on our Customers, and they continue to do so. They brainwash the Customer into thinking they will take care of everything. They tell these people not to answer their phone or open their bills.

Citi, GE Money, and Bank of America.

Going with a debt settlement company is a good way to destroy your credit and get sued. Not to mention, you dont save a whole lot of money. 13,000 now, but it isnt over.

10,000 that was forgiven is taxable income. 2500 you will have to pay in additional income taxes.

15,500 and your credit is destroyed for 7 years. 4,500, but you will pay higher interest rates for the next 7 years because you were either sued or all of your accounts charged off. So, when its all said and done, it will hurt you more than help you.

Citi, GE Money, Bank of America, and HSBC will not work with these companies. CCCS to help you with this situation. Ok, here is what they generally do. They will have you sign a limited power of attorney and fill out a cease and desist to send to your creditors. Then, when you have enough funds accumulated, they attempt to settle your debt. All of this time, no payments are being made and it crushes your credit score. They arent the only firm that has gotten into this business of debt settlement, there are many others, as well as debt settlement companies that do the same thing. In fact, as soon as we receive a cease and desist along with a power of attorney, we immediately send the account for legal action. Citi, Bank of America, GE Money, and HSBC.

As for the charge off, try to settle it by yourself, but I would ask one question of the agency. Ask them if they own it or if they are working on behalf of the original creditor. Generally the most an outside company buys a debt for is 15 cents on the dollar, offer them 20 and theyve made their profit. Its a clothing store rather than a department store, but I know Talbots still uses its own bank, obviously titled Talbots National Bank.

Also, JCPenney uses the JCPenney National Bank.