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i’ve 5 credit cards debts and total is approx. 80k. I’m thinking about hiring a settlement firm. Please advise how they would negotiate? do they settle one account at a time? Or can they settle a few accounts at the same time? if settle one at a time, won’t other accounts debt gets higher as we progress along?

The settlement process and speed often varies based on an individuals situation. The debt settlement company will look at your financial situation and work with you to come up with a monthly payment you can afford. The payments are made into a trust account where they accumulate until enough money is in there to settle the first debt.

The company will help you determine which account to settle first based on your debt amounts, the age of the debt, who your creditors are, their knowledge of the creditors practices and policies as far as debt negotiations are concerned, etc.

Yes, all your accounts will fall behind as you work up the money balance in your trust account to where you have enough to pay off the creditors one by one. Once a settlement is reached, the payment takes place quickly so you must have that amount in your trust account before the negotiations begin. This is why your credit score will suffer.

When selecting your settlement company, be sure to ask these specific questions as they each operate in different ways and may provide somewhat different advice regarding the settlement process. You need to see which company sounds like they have the experience to provide you with sensible answers and a sensible solution that fits your needs. There is no one size fits all solution. Thanks.