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LAST UPDATED: August 29th, 2022

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.


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.


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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