The present invention includes both the device and the method for utilizing two wedge shaped halves to retract a stud used to deform rivet nut material, thereby setting the rivet nut. The tool consists of two wedge shaped halves and a stud passing through both halves, extending to receive the threads of an uncompressed rivet nut. A slide screw controls the wedging action, causing the stud to retract. A stabilizing member is utilized to resist the rotational forces created during activation of the slide screw. The slide screw allows the top wedge and bottom wedge to slidably relate to one another, allowing the stud to increasingly extend beyond the bottom wedge. The extended stud threads into a rivet nut which is then passed through a predrilled hole in the material to which the rivet nut is to be fastened. Upon activation, the slide screw causes the top wedge to slide along the bottom wedge. The wedging action decreases the length of the stud extending beyond the bottom piece, creating a withdrawal force that causes the compression area of the rivet nut to deform, setting the rivet nut in the material.