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SettleBankDebt.com

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29 User Reviews

5.8

Overall Score

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Settle Bank Debt works solely with clients who are already behind on payments enough to settle, often with accounts that are over six months past due. Settle Bank Debt focuses on fast settlements for eligible clients and is upfront about whether or not debt settlement is right for individual consumers. The company has been in business since 2010 and has offices in Florida and New York. 

Its debt settlement services operate under the name Settle Bank Debt and used to be called DS Financial Services. The company offers a basic website with limited information on its services, pricing, and company.

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The Good

  • A Different Approach
  • No Trust Account
  • No Fees When You Sign Up
  • Time in Business
  • Settle Bank Debt Reviews

A Different Approach

Settle Bank Debt conducts business slightly differently than others in the debt settlement industry. This may be good or bad depending on individual circumstances. Most debt settlement companies will have clients stop making payments on debts immediately after they sign up.

Representatives of Settle Bank Debt only take on unsecured debts that are either currently in collections or have already been declared delinquent. Then, like other companies, it offers free advice and a consultation over the phone. This is good for those who have gone delinquent and have no one else to help them. 

Most debt settlement companies will have you make monthly payments into a special savings account, usually through Global Client Solutions. As with normal debt settlement companies, Settle Bank Debt works to negotiate settlements with the creditor on unsecured debt (credit card debt, personal loan debt, student loans, medical debt, utility bills, etc.).

Unsecured debt is the type of debt that doesn't have any assets tied to it. The majority of debt settlement companies will not work with home loans or car loans (secured debt). 

The reason debt settlement companies have a bad reputation is because of their process, which encourages debtors to stop making monthly payments to their creditors, instead of saving the money in a special account.

After the debt remains unpaid for several months, the creditor will be more likely to consider settlement, which debt relief companies will then negotiate on your behalf. Unfortunately, because you didn't make your monthly payments, your credit score will take a hit, damaging your credit report for years to come. 

Settle Bank Debt only works with those who already have creditors that are willing to settle. In other words, you have to have missed payments already to qualify for debt settlement from Settle Bank Debt. With Settle Bank Debt, you do not have to put your money in a special savings account. Instead, you save the money yourself and then pay each creditor once Settle Bank Debt is ready to negotiate.

This way, you decrease the amount of time it takes to settle by cutting out the middleman and you never lose sight of your money.

No Trust Account

After signing up with Settle Bank Debt, instead of having clients set money into a trust account, it has clients build funds on their own. The more debt you have, the less of a percentage you pay to the company. Once debt settlement and negotiations begin, the money will go straight from the customer to the creditor.

No Fees When You Sign Up

Settle Bank Debt doesn't charge any fees when you sign up. Additionally, since the company only works with those who are already missing payments and being hounded by debt collectors, they likely have a very low credit score requirement, if any at all. Customers who work with Settle Bank Debt will likely have a lower credit score.

Time in Business

Settle Bank Debt has over 20 years of industry experience. The experts at Settle Bank Debt are more likely to be proficient enough to settle your debts and help you minimize the damage to your credit report. Settled debts can stay on your credit report for up to 7 years if creditors mark your debt as "settled," instead of "paid in full."

Settle Bank Debt Reviews

Though Settle Bank Debt can only help a smaller number of customers than other debt relief companies, customers reviews report extremely low fees. One customer reported a fee of just 13.75 percent of their total enrolled debt. Most debt settlement companies charge between 18 and 25 percent to settle debts. While there aren't many reviews for Settle Bank Debt, the existing ones to paint a good picture of the company's expertise.

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The Bad

  • Limited Website Information
  • No Accreditations

Limited Website Information

The Settle Bank Debt's website lacks key information; for example, the company does not disclose any information about pricing or debt minimums on its corporate website. These are important things to know before signing on with a debt settlement program.

No Accreditations

Settle Bank Debt is not accredited with the AFCC or the IAPDA. These accreditations show that companies are using best industry practices. Companies that lack accreditations have no guarantee of expertise or quality customer service.

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The Bottom Line

Settle Bank Debt offers a unique debt settlement program that caters to a specific audience – those who already have missed payments on unsecured debt, like credit card debt. Such customers have likely already suffered damage to their credit score, been contacted by a collection agency, and are in dire need of quick debt relief. While a debt consolidation loan or debt management plan may be easier on your credit score, a debt settlement from Settle Bank Debt will likely be quicker.  

In the end, Settle Bank Debt is different than the majority of debt relief companies. It requires your accounts to already be delinquent and it does not require that you set money aside each month in a separate bank account. While this option won't be right for most people, it's a good option for those who have gone delinquent and do not qualify for other debt settlement programs. However, if your accounts are currently not delinquent, we recommend choosing a debt relief company (either debt management, debt counseling, debt consolidation, or debt settlement) with lower fees and multiple industry accreditations.

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Star Rating

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29 Reviews

Review Breakdown

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4 grade

3%

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Veralyn Nyssa, OR

I looked at a few other options before I found SettleBankDebt.com, but none of them could help me take care of debts with the budget I had to work with. Sherman brought peace of mind since that first phone call. He helped me know which ones to tackle first and took care of all the hard phone calls. He was able to get all my debts on a payment plan that fit my budget. I had been so overwhelmed and stressed with how to pay the creditors, but he helped lift that burden. He was pleasant to talk to and you could tell he cared, you were more than just a number. Seriously, he's the best guy and it's the best company. I highly recommend them! You are in good hands here.

1 year ago

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Tvrtko Cizmek Skokie, IL

Settlebankdebt.com helped me a lot. They are the best! After the divorce I had several credit cards with total debt of $165,000. settlebankdebt.com reduced that amount down to $44,000. I paid settlebankdebt.com $12,000 for their service. I paid even more than they asked for as a bonus for their great work. Settlebankdebt.com did all the work. They called banks and spoke with different departments there. All I did was one phone call to each bank at the end to confirm the settlement and send money. I was quite skeptical regarding credit card debt before. I called banks on my own and asked for debt reduction or any other help. I called several banks and none of them even wanted to discuss any debt reduction or provide any help at all. Settlebankdebt.com knows what needs to be done and they stay on top. They kept me updated through the process, sometimes with several calls during the day (as they negotiated settlement with the banks). If you have credit card debt, settlebankdebt.com is the best for you.

2 years ago

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Jenn Salt Lake City, UT

Sherman at SettleBankDebt.com saved my home. I was in the middle of escrow when an old medical collections bill hit my credit and caused my score to go from 744 to 577 overnight. I was told by my lender that the only way I'd be able to get the house was to get a letter of deletion, but when I called the collections agency, they told me they didn't even DO letters of deletion. I found SettleBankDebt.com on Reddit, and calling that number changed my life (I know that's a tired cliche, but in this case it's totally true). Sherman took the case and told me I wouldn't have to pay until the letter was delivered. It took him a few days of calling, but he kept me informed every step of the day. In fact, I was a nervous wreck, but he was incredibly patient and reassuring and kept me calm throughout the whole ordeal. I received the letter of deletion, had my credit rescored, and closed escrow with a 778 credit score. The debt world is scary, and there are plenty of people who prey on the under-informed and desperate. If you trust one company, trust this one.

2 years ago

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Chivas Cruz Warner Robins, GA

This guy is a miracle worker! Being young, I had made some mistakes with my credit, got in over my head, and went through a really touch time financially. Not only did Sherman show the upmost in patience while walking the through everything, he encouraged me to keep going when I wanted to take what ultimately proved to be a bad deal. This man is the real deal and I would recommend him to everyone!

1 year ago

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Debbie Z Hatfield, PA

I still can't believe all my debt is settled, and in less then 10 days!! Sherman W is the best!! No nonsense no beating around the bush no empty promises! I felt like he was only working for me. The fee was as low as it could go. Did the debt settlement but what they charge in accounting fees monthly fees you might save a thousand or two,in my case I would have saved 4 grand on 20 grand of debt. Sherman got me settled for an average of 48 cents to the dollar. If you are ready to settle what are you waiting for?

2 years ago

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Grace Quan Flower Mound, TX

I was paying a debt consolidation firm every month for more than a year. They didn't settle any of my debts because I didn't have enough money saved according to them. They didn't stop a creditor from filing suit. I canceled my account with them and hired settlebankdebt. They successfully negotiated with my creditors and settled with all of my creditors within 2 weeks. I wish I would of utilized there services earlier. I would of avoided a lawsuit and would of been debt free. thanks sherman!

2 years ago

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Leah East Stroudsburg, PA

This company was very helpful. They told me what to expect from each creditor based on there experience with them. They resolved all of my delinquent credit card debt within months. My credit has almost rebounded and I have zero debt except for my mortgage and car payment I owe them a great deal of gratitude and would highly recommend them based on there transparency and ability to get the job done.

2 years ago

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Wilkens Bale

A great company. DS Financial saved me just over $40K and did it with personal attention and in FAST. No big company non-sense and bad service. I even dealt directly with the owner of the company. Not bad service. Big and accredited is not always better, especially nowadays when business is purely started for profit ignoring customer service. Fully recommend DS Financial Services for any sort of consumer debt settling.

5 years ago

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Stephane M. Astoria, NY

Sherman was great to deal with. Very understanding of my personal situation and the difficult time I was having. he was able to reassure me and help me settle my debt to a more than reasonable amount. I would definitely recommend his services. Thank you, Stephane M.

1 year ago

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Joe Naperville, IL

Working with Sherman is ideal for anyone. He replies as fast as you possibly can, and always is available day or night. He wants to get you the best deal and is always on your side. He is good at his job and a good guy. I recommend him for any debt settlement needs, and he got me great deals which gives me hope for my future. Thanks!

2 years ago

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Mark Simi Valley, CA

Sherman provides you with straight and accurate information. Everything he prepared me for was spot on. It gave me a sense of security knowing that I had someone really looking out for me. His fees are fair and his results are fantastic! I highly recommend his services!

2 years ago

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Tom Livingston Newmanstown, PA

These guys saved my neck. I had recently dissolved a Partnership and was left with a 44K CC debt. Sherman was amazingly nice and helpful and we settled for 13K in no time. He "held my hand" through the whole process. I recommend his services highly!

2 years ago

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Diana Sue Parker Sun City, CA

Sherman is Amazing and helped not only with getting me a great settlement so I could keep my Big Blue Barbie Bus but also I felt so relieved knowing he was behind me all the way. Great Guy! Can not say enough to positive feedback about Sherman & his company.

2 years ago

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Carey Ackerman Minneapolis, MN

SettleBankDebt.com really helped me through a tough time financially after my divorce. They were really understanding and great to work with to get my debts settled. They saved me thousands of dollars in the process. I will be forever grateful for their help!

2 years ago

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Topher Lawrence Fort Lauderdale, FL

The team at Settle Bank Debt performed exceptionally well when I was in need of dire assistance. They were able to resolve my issue effectively and quickly while also maintaining a professional demeanor.

1 year ago

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Avi Bedford, NY

The company is very honest and easy to work with. I was a mental wreck with creditors literally knocking on my door. They calmed me down and resolved all of my issues within a month. They did what said they would do.

1 year ago

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QUINESS Phoenix, AZ

This guy is the Dave Ramsey of credit I don’t know who is better thank you for helping me every step of the way....... your money goes directly to the credit..... highly recommended

2 years ago

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Ann Miller Plano, TX

Settlebankdebt.com did wonders for me. I was a nervous wreck until I spoke with them. They did actually what they said would do. I would refer them in a heart beat.

2 years ago

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Laurene Tacoma, WA

Hi my name is Laurene and I am just trying to get my self together. I want to buy a house in the near future. I want to invest in a home for me and my children. Thank u very much.

3 years ago

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Johhny

Very honest. when you talk to a debt adviser you don't feel like you are talking to a sales person. They cut to the chase and tell you the pros and the cons.

4 years ago

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Amy Ward Alexander City, AL

Sherman was so knowledgeable and kind when helping us through a difficult situation. We were able to get our debt settled at a fraction of the cost.

2 years ago

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Ahmad Mahmoud Arlington, VA

Peace of mind, that’s what you will get, Sherman will be your shield from predators and will reassure you so you never feel overwhelmed

2 years ago

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Bob Fort Lauderdale, FL

I needed to settle a debt fast and the company did exactly what they said they would do in a short time frame.

1 year ago

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Davon Vanterpool Charlotte, NC

Sherman is great. He stays persistent on your case and works tirelessly until you get a deal that works for you.

1 year ago

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stuart Champaign, IL

Sherman did an outstanding job for me. He was with me every step of the way and even helped me restore my credit.

2 years ago

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Jennifer Turbeville, SC

Sherman is wonderful! Walks you through every step of the process. He is honest and does what he says he will do.

2 years ago

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DANNY LAICAJ Forest Hills, NY

Very good company, i recommend them, they helped me a great deal and took care of all the credit problems for me.

2 years ago

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Robert Eickmann Idaho Falls, ID

Easy and informed also showed the difference not only in dollars but caring decision

2 years ago

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Mitch Medford, NY

Great and Easy to deal with! Highly recommend!

1 year ago

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