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There are two ways by which one can settle debts. He can either settle his debts on his own or he can take the help of a debt settlement company. Generally, the debt settlement companies charge an upfront fee. Therefore, the debtor should try to settle his debts on his own. However, there are few things that a debtor should do while settling debts on his own.

Things to do
The five things that one should do during debt settlement are given below:

1. Prepare before you call: You should have all the relevant documents in your hand. You will need these documents while negotiating with the creditors.
2. Settlement letter: You should write a convincing settlement letter to the creditor. If you don’t know how to write a good debt settlement letter, then you can appoint an attorney or an financial expert. They can write good settlement letters.
3. Call the creditors: You should call the creditors and explain that you want to make the payments as soon as possible. You should be cool and calm while speaking with the creditors.
4. Keep records: You should retain a record of conversations with the creditors (date, time, and the name of the person). You will need these documents in the event of any dispute over the settlement arrangement.
5. Know your rights: You should visit the website of FTC (Federal Trade Commission) and know the guidelines of FDCPA (Fair Debt Collection Practices Act) so that you cannot be intimidated by the collectors.

Finally, you should take a written agreement letter from the creditor where the settled amount and the day of payment are specified clearly.

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