DIY debt settlement is possible. First, decide how much you want to offer your unsecured creditors to settle your debt, and then make a plan to come up with the money. You’ll have to withdraw, borrow or save this amount before contacting your creditors.  If you have immediate access to a sum you can offer, debt settlement goes faster. In most cases, you’ll need to stop making payments for a few months to convince your creditors that you can no longer afford the debt.  When you’re ready to settle, contact your creditors and make them an offer in writing to settle your account for less than the balance owed. There are sample letters online that you can copy and use. Do not send any money until you have a written agreement signed by all parties.