Debt Settlement companies have made many lofty claims regarding the success of their programs. For the most part they have downplayed the risks and negatives of third-party debt settlement as well as ignored the fact that you can do Debt Settlement on your own. Here are the top 10 myths about Do It Yourself Debt Settlement.

DIY Debt Settlement Myth #1:
A Settlement Company Will Get Better Deals Than I Can Myself.
This is the first in a series of posts discussing the most common myths about do-it-yourself debt settlement. As you do your research online, you’ll read a lot of pages and articles that are slanted against the do-it-yourself approach and biased in favor of using third-party debt companies. Many articles that have titles pertaining to DIY settlement are really just bait-and-switch Read More »

DIY Debt Settlement Myth #2:
I Don’t Have Time to Handle the Project Myself.
This is the second in a series of posts discussing the most common myths about do-it-yourself debt settlement. One of the most frequent objections I’ve heard to the idea of handling your own negotiations is that the client is “too busy to handle all the phone calls” involved in obtaining settlements. “I really don’t have time to do this myself,” is a refrain that I’ve heard Read More »

DIY Debt Settlement Myth #3:
Only A Skilled Negotiator Can Succeed Against Professional Debt Collectors.
This is the third in a series of posts discussing the most common myths about do-it-yourself debt settlement. All too often, I hear consumers say things like, “I’m not a good negotiator,” or “I’m afraid they will bully me.” Since dealing with collection scenarios is new territory for most people, it’s no surprise that people feel this way. This objection is about lack of Read More »

DIY Debt Settlement Myth #4:
Settlement Companies Get Better Deals Because They Have Relationships With Creditors.
This is the fourth in a series of posts discussing the most common myths about do-it-yourself debt settlement. The claim that debt settlement companies have relationships with the major creditors is a major part of the sales presentation for traditional settlement programs. I call this the “volume” objection, and of course, it’s total nonsense. Read More »

DIY Debt Settlement Myth #5:
I’ll Be Protected Against Lawsuits If I Enroll With A Debt Settlement Company.
This is the fifth in a series of posts discussing the most common myths about do-it-yourself debt settlement. As consumers shop for a debt relief solution and talk with the sales reps at various debt settlement firms, one of the first questions they will usually ask is, “What about creditor lawsuits? Won’t they just sue me to recover what I owe?” Read More »

DIY Debt Settlement Myth #6:
It’s Safe To Take 36-48 Months To Settle My Debts.
This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led to believe that it’s safe to take that long. By “safe,” I mean a low risk of lawsuit activity. After all, multiple Read More »

DIY Debt Settlement Myth #7:
A Debt Settlement Program Will Stop the Collection Bombardment.
This is the seventh in a series of posts discussing the most common myths about do-it-yourself debt settlement. It’s common knowledge that your phone is going to start ringing off the hook the moment you begin missing payments on your credit card accounts. Virtually all major creditors have automated dialing systems that are triggered off the lack of a payment being recorded by the Read More »

DIY Debt Settlement Myth #8:
A Debt Settlement Law Firm Will Get The Best Results.
This is the eighth in a series of posts discussing the most common myths about do-it-yourself debt settlement. When consumers first hear about the debt settlement strategy, one of the first questions they usually ask is: “What happens if I get sued?” In post #5 in this series, I discussed the fact that many traditional debt relief companies try to create the impression that consumers Read More »

DIY Debt Settlement Myth #9:
I Just Make One Monthly Payment And They Will Take Care Of Everything For Me.
This is the ninth in a series of posts discussing the most common myths about do-it-yourself debt settlement. In this post, I’ll discuss the myth that a traditional debt settlement approach provides peace-of-mind for consumers who enroll in such programs. What many consumers want is to be able to make a single monthly payment into their debt program, with the Read More »

DIY Debt Settlement Myth #10:
My Credit Score Will Be Better If I Hire A Company To Settle My Debts.
This is the tenth and final post in a series discussing the most common myths about do-it-yourself debt settlement, as compared to hiring a third-party company. In this article, I’ll discuss the myth that settlements negotiated by professional debt relief firms carry less credit damage than self-negotiated settlements. Read More »

Charles Phelan ZipDebt

Charles J. Phelan has been helping people become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD material plus expert personal coaching helps consumers achieve professional results at a fraction of the cost.