Many consumers saddled with a large debt seek out the services of a debt settlement company. But you can do the job yourself and save some money that could be applied to the debt.
Waiting to Pay
If you are interested in settling a debt, don't try to pay too soon. Most creditors only consider settling an account if you are significantly late on your payments. You may not want to start the process of debt settlement until you are at least three months late. If you aren't late and you try to settle, the company may tell you it's not interested now.
Contact the Creditor
Once you have waited the appropriate amount of time, contact the creditor. Typically, the creditor has a customer service number and you can speak to a representative about negotiating a debt settlement. Usually, the representative will ask how you would like to take care of your balance. At that point, ask how much the creditor would accept as a settlement.
Talk to Manager
In some cases, the representative does not have the authority to negotiate a debt settlement. Ask to speak to a manager. You want to make a deal over the phone. Once you agree on terms, request the deal in writing.
Pay the Amount
Once you receive written confirmation in the mail, make the agreed upon payment. You can usually pay by check, credit card or debit card.
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