Here is a horror story. Client of mine that I refied 4 years ago came in and said he saw an ad on TV & thought he would check it out. He set up an automatic payment with them and they did not forward anything to the creditors. After $2000 was gone, he started getting suits from creditors and his once good credit rating was shot. Refinancing was not an option. This company had no address that could be found and they were just telling the guy to not worry. Their plan apparently was to build up a sum of money, let the debt default and then offer a settlement. I think the company was called Debt Settlement America or something like that. I advised him to work directly with the creditors & to contact the state banking dept & AG's consumer affairs office. He needs to track down a physical address for these scam artists & take them to small claims court. That is my take on them.