What is a Debt Settlement Program?

Pacific Debt Relief is a nationwide debt settlement company and offers the only financial solution that significantly reduces your debt to less than you currently owe. That means you could be debt-free in a fraction of the time it would take with other options.

Save thousands by lowering your debt balance and wiping away years of future interest and payments.

Get a FREE consultation today with no obligation.

How Does Debt Settlement Work?

Debt settlement is a process where you or a debt settlement company negotiates with creditors to decrease the amount that you repay. In general, creditors and debt collectors will only agree to a debt settlement if they believe that you are in a state of financial hardship. The benefits to having professional debt negotiators work for you is decreased stress and in many cases, increased success. A good debt settlement company knows which creditors will negotiate and their average settlement.

While a debt negotiation relief company like Pacific Debt Relief are negotiating with them, you build up a savings and then use that money to pay off the settled debt one creditor at a time. If you stop making credit card payments, there can be many repercussions. The first thing that may happen when you miss a credit card payment, even by a few days, is that you may incur late charges.

Can Pacific Debt help you? Get a free consultation today!

Who Can Use Debt Settlement?

If you have substantial debt and are struggling to make minimum payments, or are considering bankruptcy, debt settlement may be a great solution. 

Most debt settlement companies require you to have an outstanding debt of $10,000 in unsecured debt. Unsecured debt includes consumer debt like credit card debt, medical bills, payday loans, utility bills, rent, phone bills, repossessed car payments, child support, lines of credit, student loans, and tax debt.

Not all debt settlement companies handle every type of unsecured debts, so always make certain your debt settlement company does. Creditors do not like to settle unless they are certain that you can not pay the full amount. If making any monthly payment is impossible for you, you may be an ideal candidate for debt settlement services.

What Are the Pros and Cons of Debt Settlement?

If you are considering debt settlement, make certain that you understand the pros and cons of the process. 

Pros

• Pay substantially less than you owe
• Alternative to bankruptcy
• Learn to live debt free 
• One low monthly payment
• Eliminate debt
• Get out of debt in two to four years

Cons

• Credit report and credit scores may take a short term hit
• Not all creditors negotiate
• Settled debt may be considered taxable income

Always ask a lot of questions no matter what route you decide to take and read your settlement agreement. There is no one perfect solution of becoming debt free so make certain you understand your options, possible outcomes, and the pros and cons for each possible solution.

Call for a free consultation with one of Pacific Debt Relief's certified debt specialists.

Credit Card Debt Relief Through Debt Settlement

Are you struggling with mounting credit card debt? Pacific Debt's debt settlement program can be an effective solution. We specialize in negotiating with credit card companies to significantly reduce the amount you owe, providing you with relief from overwhelming credit card debt.

Check out Pacific Debt Relief's proven results with our debt settlement program.

Our debt specialists understand the intricacies of dealing with credit card companies, and utilize proven negotiation strategies to achieve successful debt settlements. With our expert help, clients have saved thousands on their credit card debts, paving their way to financial freedom.

Remember, the goal of our debt settlement program is not just to reduce your debt, but also to provide you with the tools and knowledge to maintain a debt-free life. As part of our service, we work with you to understand your personal finance concept including budgets and good spending habits.

Don't let credit card debt control your life. With Pacific Debt's debt settlement program, you can take the first step towards financial stability. Contact us today to find out how we can assist you in your journey to becoming debt-free.

How does Pacific Debt's Debt settlement program work?

We think debt settlement should be transparent, customer centric, and above all else benefits Pacific Debt's customers. If you choose to work with Pacific Debt, here is a step-by-step guide to what to expect. 

Fill out a quick enrollment application online.

Once you give Pacific Debt, Inc permission, we will do a soft credit pull to get a clearer picture of your current situation. We will look for:

• Unsecured debt like credit cards
• Have at least $10,000 in total enrolled debt
• Live in a state in which we are licensed or able to work
• If you choose to enroll with Pacific Debt, your personal account manager will examine your available income, expenses, and spending habits and develop a savings plan that fits into your budget
• You stop making minimum payments to specific creditors if you have not done so already
• You set aside a predetermined monthly payment into a Special Purpose, FDIC insured account that is in your name and you can access 24/7
• We begin negotiating with creditors
• We work with you to better understand your personal finance concept including budgets and good spending habits
• When you have enough money in your special purpose account and a creditor has agreed to a settlement, you will pay off that bill
• Your assigned certified debt counselor will contact you every month with updates and to answer questions

If you don't meet these criteria for debt settlement services but still need help, give us a call anyway - we will refer you to a trusted partner who can work with your unique situation.

Get Started with Pacific Debt Relief

If Pacific Debt Relief's debt settlement program sounds like it may work for you or you have questions, give us a call. They can explain all your options and help you to pick the correct choice for your situation. If Pacific Debt is not the right choice for you, we will refer you to a trusted partner who will more closely fit your needs. 

Our award winning debt specialists are available to speak with you at no obligation. The debt settlement program with Pacific Debt is designed to help reduce your debt and pay it off through an affordable monthly program payment. Our debt settlement program 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. Pacific Debt Inc's program is not appropriate for all consumers and not available in all states. We take great pride in explaining the Pacific Debt relief program and all of your options to ensure that you make a decision that is appropriate for you.

Call for a free consultation with a Pacific Deb Relief debt specialist. We are an accredited debt settlement company with the Consumer Debt Relief Initiative.

In order for a debt to qualify for Pacific Debt Relief's debt settlement program, the debt must be unsecured. Unsecured debt is debt that has no collateral attached, such as credit card debt, personal loans, payday 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 other types of unsecured debt.

If all of your accounts are in collections, or you are unsure of the balances, one of Pacific Debt's credit counselors 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, Pacific Debt Inc's 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 eliminate debt totals or help you pay off your debt as fast as possible with a payment that fits comfortably within your budget.

Quite often our debt relief program payment we can offer is significantly less than the sum of your current minimum payments and the Pacific Debt services program length estimate will often be much shorter than a typical credit counseling program. Once we have you qualified for the Pacific Debt Inc debt relief program, one of our debt counselors 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 Pacific Debt Inc Client Care team for servicing. You then start making monthly payments into a savings account. Once these monthly payments add up and your debt is negotiated, the money is applied toward your debt payments.

For more information on the Pacific Debt Inc debt settlement service, please contact us.

What Companies say about Pacific Debt Relief

We may not be one the largest debt settlement companies but we have stellar rating from companies who study businesses. There are many reasons why Pacific Debt Relief is one of the best debt relief companies in the United States.

• Accredited by Better Business Bureau with an A+ rating(4.79 rating and 144 reviews)
• US News and World Reports and Bankrate ranked Pacific Debt as one of “The Best Debt Settlement Companies of 2024”
• A Top 10 Rated Company by TopTenReviews.com , ConsumersAdvocate.com and Top10debtconsolidation.com
  

Pacific Debt Relief Company Accreditation

Always look for an accredited debt settlement company. Pacific Debt is accredited by:

• CDRI
• International Association of Professional Debt Arbitrators
• Better Business Bureau
  

*Disclaimer: Pacific Debt Relief explicitly states that it is not a credit repair organization, and its program does not aim to improve individuals' credit scores. The information provided here is intended solely for educational purposes, aiding consumers in making informed decisions regarding credit and debt matters. The content does not constitute legal or financial advice. Pacific Debt Relief strongly advises individuals to seek the counsel of qualified professionals before undertaking any legal or financial actions.