http://www.debtgotoguy.com/debt-settlement/what-is-debt-settlement-and-how-does-it-work/ Fri, 19 Mar 2010 17:22:04 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.debtgotoguy.com/debt-settlement/what-is-debt-settlement-and-how-does-it-work/comment-page-1/#comment-501 Frank Mon, 18 Jan 2010 06:36:30 +0000 http://www.debtgotoguy.com/?p=1600#comment-501 Debt settlement is the process in which one works with creditors to pay only a percentage of the total debt owed as the final settlement amount. Debt settlement offers can vary dependent on the company and how badly it wants to be paid. To start a debt settlement, contact your creditor. Many creditors will send out settlement offers periodically, but others will require that you contact them to negotiate a settlement. Once the creditor has agreed to settle, you'll be sent a bill for a final settlement amount. That amount must be paid in full upon billing unless another arrangement has been made. Once paid off, the creditor will document this and note it on your credit card report.