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http://www.bestcreditrates.net
http://www.loansandinsurances.com/

i have made no attempt to pay off the debt and can not affored a monthly payment. I have bad credit and no co-signer so I can't get a loan to pay it off. I do have a lump sum of money coming soon that is equal to about 1/2 the total outstanding debt that I have, (3K). A friend of mine used to work as a collector for a credit collection agency. He recommended that I call all of the collections agencies and negotiate a settlement on each one. In this way I'd be able to get out of all of the debt for 3k rather than paying off the total 6k. He said to negotiate a settlement, have the company send me a letter stating the settlement and then pay the agreed upon price. This would wipe out the debt and I'd owe nothing. This sounds like a good plan but how does it affect my credit in the future?

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