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Do it Yourself Debt Settlement [4 Easy Steps]

Are you considering settling a debt on your own but afraid of the possible negative consequences? When debt settlement goes right, you could save up to 60% on an unsecured debt. When debt settlement goes wrong, you could get served with a credit card lawsuit. Today’s lesson is all about educating you on how to settle a debt and minimize the risk of a potential downside occurring.

here is an example case of a debt that was settled for 40% of the balance

How to negotiate credit card debt settlement yourself (Click on the Section to Read it)

If you want to settle a debt on your own, today’s post will provide you the tools and instructions to do so. If you want to use a debt settlement service, I recommend that you first explore all of your debt relief options. You can save more money with debt validation and could get the debt and it’s related negative marks removed from your credit report.

Debt settlement should be your last option and only used to save you from having to file bankruptcy. Debt settlement trashes your credit report and can be a stressful program to be part of. Debt collectors continue to call and harass you throughout the program and your debts are not being paid on a monthly basis.

If you do use debt settlement to get out of debt, I recommend using an attorney debt settlement service.

By using an attorney debt settlement service;

A. you have legal representation if your creditors decide to issue you a lawsuit

B. only an attorney can get the debt dismissed if your creditors break the law and violate your rights

C. creditors must stop calling and harassing you after being notified that you have attorney representation.

When is it safe to settle a debt on your own?

Golden Financial Services feels that if you have one or two minor debt collection accounts, go ahead and try to settle them on your own. (i.e., if it’s under $5,000 in credit card debt or unsecured debt collection accounts, you could try to settle the debts on your own and your chances of getting sued would be small.)

disclosure: this is not legal advice and only the opinion of Golden Financial Services.

The smaller a debt is, the less likely it is that the creditors will sue a person because there’s less motivation for the debt collection company to do the extra work required to pursue legal action. There is also a gamble that you will not be successful and that the creditors will litigate. Depending on what creditors you have will also determine the likeliness of whether or not your creditor will issue you a summons. (i.e., Discover is quick to pursue legal action and issue a person a summons to go to court.)

If a person has more than $7,500.00 worth of debt, settling on your own is like playing Financial Russian Roulette. Definitely, let a professional debt settlement company assist you with settling your debt if you have more than $7,500 in unsecured debt. Golden Financial Services is one of the largest debt settlement companies in the United States where our professional services will be safer, easier for you; you will save a lot more money and won’t have to deal with as much hassle.

Most of the time, you won’t need to use debt settlement.

There are programs available that come with credit restoration and are less expensive than debt settlement.

Here are your credit card debt relief options for 2018 and 2019.

Here is a Sample of a Debt Settlement Letter


Debt settlement letter template by

Do it Yourself Debt Settlement – Here are a Few Tips

1. Copy the debt settlement letter template that we are providing you. Plug in the blanks with information relevant to your situation.

2. Fax and mail a copy of that letter to the collection agency. You can acquire the fax number and mailing address off your last collection letter that you received.  Certify the mail in order to have tracking and confirmation that your letter was received.

3. As well include in your fax to the collection agency a hardship letter. Write a hardship letter that is approximately 300-400 words long.  Include in your letter why it is becoming near impossible to pay your accounts and that you are contemplating bankruptcy.  Explain to the creditors that bankruptcy is your only option left and if you own a home also include that your home is on the urge of being foreclosed on if it is.  Dialogue about how you lost your income, your medical condition, job loss or whatever your true hardship is.

4. Wait for the collection agency to respond back in writing.

debt settlement letter illustrating a 60% savings


If you have an account that has a small balance of $400 for example, it’s less likely that creditor will try to sue you, over the creditor that you owe $4,000 to.   It costs money for creditors to take legal action. Consequently, if you owe less, there will be less motivation involved for the creditor to sue.

Complications transpire when consumers have numerous accounts or high balances, and they attempt to settle on their own.

Before you attempt to settle a debt on your own, try this national debt calculator. It is a free tool that will show you all of your debt relief options.

What problems can occur when you try to settle credit card debt on your own?  How can one of the best debt settlement companies assist me with avoiding these problems?


1.  There is a chance that creditors will try to sue you if you have more than $10,000.00 of unsecured debt that you are delinquent on.   Having a reputable debt settlement company assist you with more than $10,000.00 of debt is a superior choice over trying to settle your accounts on your own.   Golden Financial Services provides clients with the necessary lawsuit defense needed if creditors decide to sue.

2.  It’s emotional having your bills settled.  You are in a hardship situation, where it’s a stressful moment.  Most people are on the urge of bankruptcy when in this state.  That adds more stress.  Creditors know that you are stressed, even if you are good at hiding it.  When you have a reputable debt settlement company representing you there is no emotion involved, just pure skill and motivation to settle your accounts.

3.  What about leverage?   Reputable debt settlement companies have more leverage with creditors than a bank at times.  A consumer only has the leverage of their creditor or creditors.   We have all of our customer accounts to work with and use as leverage when negotiating.  This allows us to solidify by far, larger discounts.  There are many cases at Golden Financial Services where $50,000.00 worth of unsecured accounts have been settled at $25,000.00.   That includes everything, even fees.

4.  Settling credit card debt is legally putting yourself in a position that is not within the terms of your contract that you once signed with your creditors.  Therefore it is imperative to have a debt settlement attorney on standby while having your accounts settled.  A debt settlement attorney provides consumers with the full legal protection that potentially could be needed.  Golden Financial Services is one of the few companies in America that retain attorneys in all states for our clients.

You will never be obligated or pressured into anything.  You will always receive accurate information and advice.   Golden Financial Services is a reputable debt settlement company and by many is considered to be one of The Best Debt Settlement Companies in America.

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  6. Why is it that the creditors must stop calling once notified that I have an attorney? I am contemplating if I should use an attorney debt settlement program or a non-attorney plan. And do you guys offer attorney debt settlement?

  7. What if I prefer to let you guys settle my debt. I have about $32,000 in credit cards. How much would my payment be?

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