- They negotiate with the credit card companies or collectors for generally a single payment (can go up to 6 months) of which is for a percentage of what you owe.
- This can be anywhere between 80% to 20% of your original debt.
- They get their money in either a monthly payment plan or as a percentage of what they save you.
- Plans generally take 2 to 4 years depending on the amount of credit and the amount of money you can put into the program.
- They negotiate with the credit cards for a smaller payment plan.
- They provide educational services to teach you how to use your money.
- They get paid by an upfront fee and then they take a certain amount each month from what you put in.
- These plans can last 15 to 30 years.