FAQ About Pacific Debt’s Program
What type of debts can be settled?
What effect will debt negotiation have on my credit rating?
If you are unsure of your present score, we recommend you obtain copies of your credit reports and scores from the three major credit bureaus via www.annualcreditreport.com. That said, if you are current on your bills and decide to enroll in our debt settlement program, the effect on your credit score may be significant since accounts enrolled in our program will generally be reported as delinquent (30, 60, 90, 120 etc) up until the time PDI is able to obtain a settlement.
Upon completion of the program, your overall financial situation (not including your credit score) should be improved even though your credit rating may not be good. The money you had previously saved towards settling your debts can now be put towards personal savings, retirement, a college fund, a down payment on a vehicle or home, etc.. However, please note that there are specific Credit Repair laws that do not allow us to discuss, offer or suggest that our program will improve your credit score, or have an effect other than negative on your credit report.
If you decide debt settlement is not for you, remember that bankruptcy may remain on your credit report for up to 10 years and will remain in court records forever.
We urge consumers to take into account the pros and cons of the credit issue when considering our services. While your credit score may suffer, it is important to weigh this against the benefits such as bankruptcy avoidance and settlement benefits.
How does this compare to consumer credit counseling or debt management?
Is your service the same as debt consolidation?
How long does this take?
* Individual results may vary and can not be guaranteed. Results will depend on your ability to save your own funds to pay settlement offers, types of debt, and willingness of creditors to negotiate. Program does not provide legal or tax planning advice, so if you need such, please consult a professional. Program may not be available in all states, and does not assume or pay your debts for you. Please request program contract, read and understand all program terms before enrolling.
Can you stop creditor harassment?
Why shouldn’t I just file Bankruptcy?
In our opinion, bankruptcy is an extreme option, which has serious long-term effects on your credit and can often have negative results in many aspects of your everyday life. Bankruptcy is considered only as a last-resort option for just a few of the following reasons:
- Filing for bankruptcy will require you to appear in Federal Court at least once and in most cases, even more.
- Bankruptcy paperwork requires that you reveal all of your debts as well as all of your assets.
- For up to ten years, credit bureaus are entitled to keep your bankruptcy filing on your credit report.
- A bankruptcy filing is also a matter of “public record” for anyone that wants to know about it.
Why should I use Pacific Debt?
In addition to our process, which is very consumer friendly, we have the accolades to back it up. To date, we have settle over $175 million in consumer debt. In 2016, we were ranked by BestCompany.com the #1 debt settlement company in the country. We are Accredited Members of the Better Business Bureau with an A+ rating as well as Accredited Members of the American Fair Credit Council.
Of course, don’t just take our word for it. Take a moment to read some of our online client reviews and see what others have to say.
I’m interested in hiring your company. What’s the next step?
* Individual results may vary and can not be guaranteed. Results will depend on your ability to save your own funds to pay settlement offers, types of debt, and willingness of creditors to negotiate. Program does not provide legal or tax planning advice, so if you need such, please consult a professional. Program may not be available in all states, and does not assume or pay your debts for you. Please request a program contract, read and understand all program terms before enrolling.