Debt settlement amounts and percentages vary greatly. Sure I’ve heard of people settling for as little as 20 cents on the dollar which would make your original $34,000 in debt only $6,800 BUT you cannot count on such things as every situation is different as is each creditor’s willingness to settle.

If you don’t take that settlement you may risk getting sued so bargaining too hard is not always the smartest thing to do especially if you have the $24,000 to pay them back. If you do not, well then, you may be forced to try and settle for more.

But remember, legally you owe them this money so if they are willing to knock $10,000 off the bill, that’s pretty good especially if you are not using a professional settlement company to assist you.

Best of luck to you.

When you are financially unable to repay everything you owe, your creditors will accept a settlement after a negotiation process. The result is that you will pay them a lump sum of money and they will release you of further liability. The amount agreed to is legally binding.

This negotiations are usually handled on your behalf by professional debt settlement company that understands the process and often knows the right people to negotiate with inside the credit card companies. They do this for thousands of clients so the process is typically smooth and takes less than 3 years to complete which gives you time to save up the money you will need to pay the reduced negotiated debt amount.

Debt settlement is one solution that is a viable alternative to bankruptcy that allows you to reduce your debt and become debt free faster than many people are able to do on their own.

Choose a debt settlement company who you trust and they will evaluate your situation. If you qualify for their program they will customize a payment plan for you. Many people who choose this route to become debt free are able to achieve settlement of their debt by amounts of 50% or more.