"MANY WILL COME BUT FEW ARE CHOSEN"

The primary goal is to convince the creditor that accepting a partial payment is better than the alternative (potentially getting nothing if the debtor declares bankruptcy, or avoiding court costs). 

• Assessment: First, assess your financial situation, including income, expenses, and types of debt (unsecured debts like credit cards and medical bills are typically eligible, while secured debts like mortgages are not).

• Preparation: Document your financial hardship and determine how much you can realistically afford to pay, usually in a lump sum. Creditors are more likely to negotiate if you can show you genuinely want to pay but are unable to meet the original terms.

• Negotiation: You can negotiate on your own or use a professional debt relief company. It may take several rounds of offers and counteroffers.

• Documentation: Always get the final agreement in writing before sending any money. The document should clearly state that the agreed-upon payment will be considered "payment in full" or "settled in full".

• Fulfillment: Adhere strictly to the agreed-upon payment plan.