Debt Payoff Guide is a free service that connects consumers with third-party debt-relief providers. We are not a lender, law firm, credit-counseling agency, or debt-settlement company, and we do not provide financial, legal, or tax advice. Information here is general and not a recommendation.
In debt settlement, a company negotiates with your creditors to accept less than the full balance. You typically stop paying creditors and instead save into a dedicated account; once it is large enough, the company negotiates payoffs. It can reduce what you owe, but it hurts your credit and may not succeed on every account.
Related: How Debt Relief Works · what debt relief costs · debt payoff calculator.
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