It's unfortunate that all we ever seem to hear is negative things about settlement companies.  If a person is unhappy they complain to anyone who will listen, but people never tell anyone about good customer service.  Complaints stem from unmet expectations.  You can get most of your questions answered by talking with settlement companies themselves, if you know what to look for.  Getting out of debt is never easy, any debt counselor that doesn't explain that should be avoided.  If you have realistic expectations from the onset you won't be dissapointed later.  Here's what I can tell you:  Your credit rating will drop, how much depends on what your score is now.  Expect your score to plunge, but credit can be rebuilt in a couple years even without credit repair. Expect to pay about 15% of your total debt in fees.  That's standard.  Most settlements average around 40% and can be negotiated within weeks of you having funds to settle.  Settlement companies receive offers all the time, but can't accept them until you have the money.  Expect the process to be a bumpy road and you can avoid dissapointment.  When you talk to settlement companies listen to how they explain the process, were they honest and upfront, or did they try to sugarcoat it?  The key here is if you need a settlement plan because you are drowning in debt, the focus should be on keeoing your head above water, not how comfortable the life jacket is.