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No hard and fast rules apply with regard to settling your debt with a creditor. The creditor makes the decisions about what they will and will not accept. There are many factors that will influence a debt settlement solution. Some creditors will negotiate directly with a consumer for a settlement and some will not. Some creditors will only deal with a qualified debt settlement agency.
If you chose to employ the services of a debt settlement agency they should be able to give you some direction about the types of relationships they have in place with creditors and the terms they are likely to accept.
On the other hand, if you chose to attempt a settlement on your own, you should be prepared to do a lot of the leg work such as contacting each creditor individually and discussing the options for settlement with them.
As with any debt solution, settlement is something that should be carefully considered and fully researched so that you can make an educated decision about how it will impact you.
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