Should I settle an account myself or use a settlement co?

$47000 is quite a good amount. I always prefer "Do It Yourself settlement". But sometimes it requires professional expertise to deal with the creditors and collection agencies for the best possible deal. Hence a debt settlement company may be an answer to your woes. But be careful while choosing a settlement company. You may follow the points mentioned in the following article: -

Best Debt Settlement Companies - How to choose the best out of the lot?

the first thing that you need to know is that no matter what company you use or how good they are, or if you do it yourself, you may still get sued. keep that in mind.

there are good and bad points to both ways of going about it. Most people here would suggest you do it yourself. I new i was not capable of dealing with the stress of it myself, my health was already being effected and i wasnt even late yet.

If you have any questions feel free to ask them. I went through settlement and with a company and promise i will tell you the absolute truth that you want to here. Settlement is not easy. And the best way to protect yourself from being scammed is to know all the facts about settlement, how it works, what will happen, and what could happen. Then research companies. Remember that all settlement companies will have complaints the main thing is that the complaints through the bbb are resolved.

knowledge is power. Know everything there is to know.

Phoenix is right, whichever method you decide to use (DIY or debt settlement company) you could get sued. I say DIY because the money you are going to end up paying the company, which would be quite a bit in your case, think 15% or so of your total debt is going to be paid to them. You should just DIY and save the money you would have paid them.

I have also heard that many debt settlement companies still send out cease and desist letters to your creditors (so the creditors stop calling you) but that usually ends up with the creditor becoming very aggressive and gives them a reason to retaliate (i.e. not settling at all and just go straight to suing you). I think most creditors would rather deal with you directly. Just be honest and tell them your situation (briefly, don't give too many details either).

dvineday, there are many reasons why some people need a company vs doing it themselves. every situation is different and need to be treated as such.

It is surely cheaper, but may not be the option for everyone, as using a company is not for everyone. When people are searching for this answer as to which way to go they need to look deep inside themselves and find out which is the best solution for thier particular situation and the type of person they are.