If you negotiate a debt settlement yourself, you may be able to pay down debts sooner than with a company. Keep in mind that your credit score will still be impacted since you won’t be able to make payments during the process. Before reaching out to your creditors or lenders, make sure to know what you want. Calculate how much you can realistically afford to pay each month. Use this to help determine the percentage you’d like to settle the debt for. Once you’ve done this, contact your creditors. Stay calm, polite, and focused on what you need. Be prepared to explain your situation to the person on the other end of the line. If they’re not accommodating, try to speak with a different representative later. If negotiations are going well, see if you can get your accounts marked as “Paid as Agreed.” This will do the least amount of damage to your credit score. Be sure to get any changes or verbal agreements in writing. That way, everyone is held accountable. Finally, make sure you never miss any payments. If you do, this may cancel out any negotiations you’ve successfully made