Sure, it takes steady nerves to call up your creditors and talk debt negotiations. But if you keep in mind it is legal, cannot hurt your credit score and the worst possible thing is you could end up back where you started, there is no reason not to become your own debt negotiator. If you’re going to take your debts in your hands, here are a few things to know:

You can tell your creditors to stop calling you. You have the legal right to tell any debt collectors they can no longer call you. But remember, this won’t make the debt go away. Make sure you get names and numbers anytime you are dealing with a debt collector. Deal with them when you have your accounts in order and are ready to take the call.

Never settle for paying the full amount. This is where the ball is truly in your court: creditors know getting something is better than getting nothing. It’s called debt settlement for a reason – you’re settling on an amount. Explain your financial situation and what you can realistically pay. Although being delinquent isn’t favorable for your credit report, if you have been late to pay it does prove you’re in a dire situation.

Don’t allow any agreement to be reported. Make sure you get terms you and your creditors agreed on in writing, especially information about what will be reported on your credit report, if anything. And don’t send a dime until you get a contract signed by a company representative. There are a lot of tricky ways you can get fooled by collectors.

Know when to cut your losses. If you’ve offered the same reasonable terms a professional debt negotiator or credit counseling agency would and the collector is unwilling to budge, the worst thing that will happen is you’re back to wondering how you’ll pay the debt. You now need to evaluate the statute of limitations (how long the collector legally has to come after the debt), the size due and the damage already done you to your credit. There is a chance you might be better off in the long run not paying.