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.

2 Answers

Your friend can settle his debts on his own. It is best to go for DIY debt settlement. Check out the following url to know about the steps to settle debt yourself:

http://www.debtconsolidationcare.com/steps.html


YIKES!  Is that a "for profit" debt management company?  Or a non profit.  Sounds like a lot of fees.

Anyone can settle.  Read the forum...lots of people do it themselves.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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