Can I Settle My Debt Myself?

With do-it-yourself debt settlement, you negotiate directly with your creditors in an effort to settle your debt for less than you originally owed. ... Debt settlement is an option if your payments are at least 90 days late, but it's more feasible when you're five or more months behind.

What percentage should I offer to settle debt?

Offer a specific dollar amount that is roughly 30% of your outstanding account balance. The lender will probably counter with a higher percentage or dollar amount. If anything above 50% is suggested, consider trying to settle with a different creditor or simply put the money in savings to help pay future monthly bills.

Is it worth it to settle debt?

The short answer: Yes, debt settlement is worth it if all of your debt is with a single creditor, and you're able to offer a lump sum of money to settle your debt. If you're carrying a high credit card balance or a lot of debt, a settlement offer may be the right option for you.