Once you’ve made the decision to take part in a debt settlement program, there are a few things you can do to optimize and improve the experience. If you are making monthly payments, make sure you stay on top of them. If you miss a payment the entire process is delayed, increasing the chances that creditors will sue you for lack of payment. Also, if you can, try to pay more than you are required. This will speed up the process of debt settlement because the firm will have more money to negotiate with, and will be able to negotiate with your creditors sooner.

Communicate with your debt settlement firm or company on a regular basis so that you know what’s going on with your case, and to catch any possible problems before they enlarge. If you make communication a habit, it will be much easier to maintain in the face of a problem. Most importantly, make a serious commitment to financial change and discipline. Without this key component, a debt settlement may be a temporary solution rather than a long term one.

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Because debt settlement will not work for everyone, here are a few qualities that make someone a good candidate.

• You owe $10,000 or more

• You have a lump sum of money available to settle your debts (from a friend or family member, a loan, savings, etc.), or the ability to pay a large amount into a trust account on a monthly basis to be used to settle your debts once enough is saved.

• Your debt is mostly unsecured debt, meaning there is no collateral involved. This kind of debt – credit cards, medical bills, bounced checks, etc. – work better for debt negotiation.

• You have an explanation for high debt that you cannot pay. Maybe you lost your job, faced a family emergency or death. Or maybe your interest rate was raised, or other fees were added to your debt.

• Most importantly, you have a strong long-term commitment to becoming debt free. Debt settlement is not usually a quick process, and if you are not willing to commit to financial discipline during and after your debt settlement, you may find yourself in a situation far worse than when you started.