Settling on your own

Settling on your own is not that difficult. The credit card division of the CA I worked at handed out settlements all day long to debtors just calling in. Do your research on each creditor as to what to expect....some are easier than others. Find out which creditors are quick to sue and deal with the first.

I canceled my debt management program with 11 months still to go paying fees. So it started in May 08 and I ended it before the payment at the end of Dec. If I had to do it all over again I would go on my own as I am doing now and save the money I paid for fees towards some settlements.

I got sued twice when I was in the program and the second time the debt settlement company was told they couldn't negotiate per the creditor. I had to do it. This was a Target Visa. That was the last straw for me. Why pay the fees if I was going to have to do it myself, get sued anyway, etc.

I've since worked out settlement with 4 of my accounts including my biggest three accounts. I started with $69,440 with 13 accounts so in the same ballpark as yourself.

I suggest seriously considering doing it yourself and putting the money you'd pay in fees towards settlements as accounts approach 4-5 months past due. That's what I wish I would have done.

While it may be a good idea to use a settlement company, first look at the options available to you on your own. If you do not pay a credit for 3 months, and call them, they will definitely realize it is better to reach a settlement with you rather than not receive any money from you. Doing that may save you a lot of unnecessary fees you may have to pay other agencies.

There is an interesting segment in this article that talks a little about the pro's and con's of DIY debt settlement.

"http://www.pr.com/press-release/127003"

Link deactivate as per TOS - Jason

A lot of credit card companies are willing to come to some sort of settlement with the customer directly based on each individual case point.

However in some cases I have seen a settlement company does work really well too. Settlement Companies because of their volumes of settlements, can be in a better position to negotiate with the credit card companies, thereby being able to get you a better settlement option.

you can do settlement on your own there is much proof of it here on this site. In my case i felt more comfortable with a company and this is why;
1. they new what they were doing, they do it everyday
2. They know the laws when i wasnt sure what the creditors could do and not do
3. I did not have the time to work with them i worked during normal business hours
4. frankly my health was suffering and i just couldnt deal with the stress
5. call it irrisposible i really dont care, but i could not save a dime. I needed someone to be accountable to and the company that i used with drew a certain amount every month and put it into a account for me.(there were circumstances tha I could not pay the amount that they would work with me but it had to be pretty serious.

But this is a personal choice that you will have to make if you can deal with it, or if you feel letting someone else handle it is best.

In my situation it was great to just take those bills give them to my settlement company and say "here you deal with it i cant anylonger" It was a great weight off my chest. and if any time i was curious as to how things were going and what accounts they were working on, i could call and they would let me know the progress.

Just keep in mind that settlement is still hard though even if you use a company. You are going to need to suffer a little to get it done but it will be worth it. remember that you got yourself into it and now it is time to take charge no matter how bad it gets! Good luck!!