Debt settlement, step by step.

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I looked into dept settlement companies both state approved and the others. But with limited funds and 100k on 4 credit cards in debt I am going to do it on my own and hope to settle the debt for 50 cents on the dollar if I can and not have to pay some debt settlement company a huge fee.I have been reading allot of the posts here and they are very helpfull.

As of Nov. 2009 I was current on all the cards but now as of Dec. I have stopped paying and the wave of calls have started. I am a little confused when I read. The companies are not going to settle for at least 90 days but I should call them and let them know what I am doing? Get a contact ? ask for the settlement department ?

Usually the settlements happen after 90 days of defaults. You could try to call the creditor and see what they say about settling.

DO NOT LET THEM GO TO THE COLLECTION AGENCIES! Stay in contact with the creditor even if you cannot make the payment. Call them and let them know of your status; don't ignore them.

Is there any good ways arround the calls without changing my phone number ?

Any help would be most appreciated

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Thanks so much for this! My girlfriend is moving in with me and I just found out she has 83k student loans and 15 credit card debt in arrears and I seached the net and hear you are! I'll be calling her card companies with her once she has some money save up! thanks!

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