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Can I do debt settlement on my own with asking the credit card companies to settle with me?

Legally, yes you can but logistically it is more difficult than it sounds to settle your debts. You have the right to try and negotiate your debts on your own and you may want to try it first. Your outcome will likely be a result of how aggressive you are and who you are able to reach at the credit card companies.

Typically, when you call them, the customer service representative has a standard “no” answer. I’d imagine you will need to get past the customer service department and find the phone number for the division of the credit card company that has the authority to adjust your debt accounts, if they are willing to do so. Once you find the right person to speak to, there will be lots of paperwork back and forth (same is true if you work with a debt settlement company) and they will make a decision.

It’s like anything else, if you have the time and patience to do it yourself, you may be successful settling your own debt but hiring a company to help you should be easier and smoother as they do this everyday and they know exactly who to speak to and how to get through the process as fast as possible. They also have established relationships with the creditors but there are no guarantees either way so do what you feel is best for you. Thanks.