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The debt settlement program with Pacific Debt is designed to get your out of debt for less than you currently owe with a monthly program payment that is within your budget. Our solution is a viable alternative to bankruptcy and is more affordable and flexible than credit counseling. Debt settlement with Pacific Debt does not require any new loans and there are no credit qualifications. Our program is not appropriate for all consumers and not available in all states. We take great pride in explaining our program and all of your options to ensure that you make a decision that is appropriate for you.

During the debt settlement process you will no longer be making minimum monthly payments to your creditors. Instead, you will set aside a predetermined amount of money each month into a Special Purpose account that is FDIC insured. You will have 24 hour per day access to the account via the Internet and it is in your name. As funds accumulate in the account, your Personal Account Manager will be engaging your creditors and negotiating settlements on the balances. We settle each account one at a time until each account is resolved. Our typical program estimate is 24-48 months and will be dependent on the number of accounts enrolled as well as what your budget allows you to pay.

Qualifying for Debt Settlement

In order for a debt to qualify for our debt settlement program the account must be unsecured. Unsecured debt is debt that has no collateral attached, such as credit cards, personal loans, pay day loans, medical bills and deficiency balances on repossessed vehicles. Most of the debt we deal with is credit card debt but we have had tremendous success with many types of unsecured debt. If all of your accounts are in collections, or you are unsure of the balances, one of our debt Specialists can run a soft credit pull to review your list of accounts and get a snapshot of your financial picture. Generally speaking we require $10,000 in unsecured debt to qualify for the debt settlement program.

After reviewing your creditor accounts our team will assess your current budget. We go through all of your income and monthly expenses to determine a program payment and estimate that will work for you. Our goal is to get you out of debt as fast as possible with a payment that fits comfortably within your budget. Quite often the program payment we can offer is significantly less than the sum of your current minimum payments and our program estimate will often be much shorter than a typical credit counseling program.

Once we have you qualified, one of our Debt Specialists will email you a secure enrollment packet. We review all of the information with you to make sure you understand all of the details. Once the paperwork is completed your Debt Specialist will submit your file to our Client Care team for servicing.

Client Care

We take great pride in offering the highest level of customer satisfaction and a personal level of service. During our initial Welcome Call our Client Care members will review with you all program aspects to ensure quality assurance and make sure you have a clear understanding of the program. After your Welcome Call is complete a Client Care team member will reach out to you every couple of weeks to touch base and help guide you through the process. These calls include guidance on dealing with creditor calls or harassment, gathering necessary documents and helping you to login to your Special Purpose Account.

Personal Account Management

Depending on your individual circumstances, your file will be assigned to a Personal Account Manager within the first few months of enrollment. Your Personal Account Manager will be your advocate through the entire negotiation process. Each time a settlement is obtained, your Account Manager will contact you, present you with the terms and get your authorization to proceed. Every settlement must be in writing and requires your authorization. In this way, you stay in control throughout the process and have the final say on all settlements. Additionally, by having a single point of contact, you will develop a personal relationship with your Account Manager and receive a personal level of service.

Things to Consider

Debt settlement is a fast effective way to resolve your debts; however, there are some drawbacks. The most common concern that clients have is their credit score. The fact is that most clients will see their credit score drop in the early stages of the program since your payment history is an important part of your credit score. However, if you are maxed out on your accounts, have fallen behind or are just not seeing progress due to high interest rates, your credit score may not be as high as your think. Settling your debts may adversely effect your credit score in the near term; however, long term, put you in a better financial position. Your credit score can be rebuilt through proper management and use of your credit.

If you are in need of help with your debt and weighing your options, give us a call and we can help you determine if debt settlement is right for you.

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