Are you a consumer who is saddled with debt and has little hope of beginning to pay it off? If so, you may be able to benefit from the process of developing and implementing a debt settlement plan. Debt settlement is the process of asking your creditors to accept a smaller, immediate lump-sum payment in exchange for the total amount due. In turn, the creditor classifies the debt as being paid in full and returns the account balance to zero, although your credit report will likely bear the notation "paid by settlement." Many consumers turn to third-party debt settlement companies to oversee the negotiation process, but a growing number of personal finance advisors suggest undertaking the process on your own. It is important to note, however, that your creditors are unlikely to agree to a settlement if they feel you may have the means to pay back your account balance in full.