This is a question you might be thinking of when it comes to clearing your debt. It is good to see how can you get the best deal but also what you should avoid. Debt settlement is something that appears to be quite simple and that is why most consumers consider that they can do it alone and save money on debt attorney fees.
Debt settlement is a negotiations between debtors and creditors in which each part wants to obtain something from other part. This is the best layout for each negotiation and you should consider this before you accept any deal. The creditors don't want you file for bankruptcy because they might get nothing back and you should also avoid it because it is costly and it ruins your credit score, but it may be your only other option if the creditor doesn't agree to settle your debt. This is why they are willing to negotiate and reach some sort of agreement.
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You can try to negotiate alone and start by sending a settlement letter; make sure you write an offer. If the creditor comes back with another offer, then you can start negotiation and see what deal you can reach. Big credit card companies don't have the habit of negotiating with individuals if they are not legally represented but you can try and see what you can do. Remember to get everything in writing and not just discuss about it.
The process may seem a bit stressful and you are probably better off by hiring a debt attorney. At least this way you make sure that you are legally represented and the credit card company might pay some extra attention. Also consider the fact that the attorney has more experience in this matter and can get a better deal; and he does this by staying in the legal brackets and you can make sure that you don't risk a lawsuit. When the negotiations are done, you might just have to pay half of your initial debt but you will have to do it in a lump sum. Save some money in a separate bank account and just pay the creditors after a few years and so clear your debt without filing for bankruptcy.
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