How do debt relief companies negotiate settlements with your creditors?

The debt settlement concept sounds straightforward, but the process behind it can feel opaque. Krisanapong Detraphiphat/Getty Images When you're buried in debt, as a hefty number of borrowers are right now, handing the problem to someone else sounds like it could offer serious relief. And, that's exactly what debt relief companies sell — the idea that a professional negotiator can do what you can't: Convince creditors to accept less than the full balance owed. …