I'm curious about that. Can you explain a bit what you mean by taking a deposit for months? PM if you'd like.
Well the way these "Debt Settlement Firms" operate is they talk to you about how much you owe. After that you will give them a check. They will then tell you to not pay your CC. You will get notice over notice from the CC Company. They still tell you not to pay. Once you receive the note that your CC Company is about to throw in collection they'll contact your CC Bank and talk to them about it and make a deal. At the end the company will make a deal with the CC Company and often buy the debt from your CC Bank or it remains at your current CC Bank however payments will be made through the Debt Settlement firm. It may save you $10k from the $40k however you will be pretty much screwed for the rest of your live. It will affect your credit and even though it is supposed to disappear within 7 or 10 years it won't. It will remain on the bank records. Good luck if you should ever need another loan. Oh btw the check you gave the settlement firm in the first place will not come back to you.
It may make your live easier in the short term but you'll get screwed in the long term.
Hope that helps
BTW I got these info's from a Radio Show. They actually had a 45 minutes Talk show about it. Was quite interesting.
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955