Can I settle with creditors on my own?
I\'m helping a friend who is $50k in debt on credit cards. He\'s contacted a debt counseling service and they want to set up a plan for him to pay $1,225/month for 55 months. I would be able to loan him money to pay off these debts if he could get a reasonable settlement agreement with the credit card companies in return for an immediate cash payment. Is this something worth me trying or am I better to let him go to the counseling firm? How much will the credit card companies be willing to reduce the debt in return for cash now? Thanks for your help.