How can a person settle there own debt without a settlement company?

After your account is delinquent 90-120 days, you can enter into negotiations with the creditor to settle for less. Capital One will not settle. You can also negotiate a settlement with a collection agency for the credit card company. Most settlements are lump sum, meaning you would have to have the money on hand. Some companies have stretched them out into 2 or 3 payments. All depends on the company, how late you are, and what the balance is.

I was able to settle with Citibank, Bank of America (2 accounts), Discover and Chase.