There is one debt solution that is reserved exclusively for those who have missed three to six payments on a loan or credit card and may be facing bankruptcy. Since creditors want to help you avoid bankruptcy because it may mean they won't get paid at all, they may be willing to negotiate debt settlements with you. That means that they will agree to let you pay one lump sum payment for less than the full balance. They list your loan as settled while you save for the lump sum payment, although previous missed payments remain on your report. The problem is, if you want to enlist a debt settlement company to walk you through this process, you will probably pay dearly for that support. They often charge hundreds or even thousands of dollars in fees. To make it worse, there is a high failure rate among debt settlement companies, leaving the client worse off than when they started. At that point you may need to call a bankruptcy lawyer to get you out of that debt debacle.