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LAST UPDATED: February 17th, 2024
Simple Debt Solutions is a debt consolidation service that services consumers in the United States with overwhelming amounts of unsecured debt. The company specializes in negotiating an appropriate debt consolidation payment plan with creditors to get the consumer back on track to being debt-free.
Simple Debt Solutions (SDS) has been in business for more than 15 years and has a simple three-step process for consolidating debt. An SDS professional works with the consumer step by step to ensure a customized plan.
- Focuses on Multiple Debt Consolidation Options
- Wide Range of Coverage
- Has a Clear 3-Step Debt Relief Process
- CDRI Premier Member
Focuses on Multiple Debt Consolidation Options
Simple Debt Solution’s primary focus is getting consumers out of debt. They work with a large marketplace of lenders and debt relief companies to get you the help you need.
After applying for debt consolidation, a specialist will contact you and do an assessment of your financial profile. They will discuss your monthly income, the desired amount of debt you would like consolidated, and go over your current monthly payments to the creditors.
With that information, they will be able to present you with the best offers from within their network of financial service companies. The goal is to work around your budget and choose the most affordable option.
Wide Range of Coverage
Simple Debt Solutions offers its services in 37 states. Being available in most states is a unique feature of SDS.
Additionally, SDS has a customer service number that links to a Certified Debt Specialist to ensure all questions are answered.
Has a Clear 3-Step Debt Relief Process
Simple Debt Solutions outlines a straightforward three-step process for debt resolution on its website.
- Review — The first step of the process is to meet with a Certified Debt Specialist who will review your financial situation and provide you with your debt consolidation options.
- See Offers — Select one of the personalized offers to help you save money and become debt-free sooner.
- Resolve — Accept the offer that best fits your needs.
The cost of this plan is unknown but having it broken down in this general process helps a consumer have an idea of how things will go. The company does state on its interactive debt calculator that the minimum debt for a case is $7,500.
CDRI Premier Member
Simple Debt Solutions is a premier member of the CDRI (Consumer Debt Relief Initiative). The CDRI’s goal is to help protect consumers by upholding strict industry standards to ensure consumers have access to ‘safe and transparent solutions to achieve financial stability.’
We appreciate Simple Debt Solution for aligning itself with an institution that aims to protect consumers. This shows us that the company is truly dedicated to helping those in need by adhering to a higher standard of integrity.
- No Visible Refund Policy
- Only Offers Consultations and Doesn’t List a Price Breakdown
No Visible Refund Policy
The refund process for Simple Debt Solutions is not clear on the website. For consumers, working with a company that doesn't have a transparent approach can complicate the process. Even if the company has a pricing structure that does not allow for refunds, we would like to see this pricing structure made more clear on the company's site.
Typically with debt relief companies, customers won't pay anything upfront, so debt relief companies only make money if they help you settle your debts. Thus, not all debt relief companies have a refund or money-back policies, which is something to consider, should you choose to use one.
Only Offers Consultations and Doesn’t List a Price Breakdown
Unfortunately, if a consumer is looking to price shop, this is not easily accessible information on the company's website. All prices (fees) are given after a consultation and are built into the payments to a creditor.
Since most companies operate on a quote-based system, customers should know that debt relief isn't the easiest industry to price shop.
The Bottom Line
Simple Debt Solutions is a considerable option for those struggling to pay off their debt. The company works with multiple lenders to devise a plan that allows you to choose which solution works best for you.
SDS has a fairly simple three-step process, which makes for a quick turnaround time. It’s important to note that SDS does not fund your loans. The company works with a number of lenders and allows you to easily compare rates, terms, and costs. This means it's possible you won’t automatically be accepted for a consolidation loan unless you meet the criteria and are approved by the actual lender. This is not unusual, just something to be aware of. It also means that price shopping will take some time, as you have to wait for lenders to come back with their offers.
Simple Debt Solutions is a CDRI Premier Member. While the CDRI or Consumer Debt Relief Initiative is a young company itself (founded in 2020), we appreciate SDS establishing itself as a consumer-focused company. The mission of the CDRI is to help debt-ridden consumers through safe and transparent financial solutions. It’s good to see this young company aligning itself with institutions dedicated to protecting consumers.
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Simple Debt Solutions Frequently Asked Questions
What is debt consolidation?
Debt consolidation is a financial strategy designed to combine debts into one monthly payment. It works well for consumers who are burdened by high interest rate debt looking to save money and become debt-free faster.
What are the benefits of debt consolidation?
Consolidating existing high-rate credit card and personal loan debt with a lower interest rate may help you save money monthly and pay off debt faster. Terms range between 24-60 months.
Do I qualify for debt consolidation?
Once you apply for debt consolidation, a company specialist will contact you and do an assessment of your financial profile. They will discuss your monthly income, the desired amount of debt you would like consolidated, and go over your currently monthly payments to the creditors. With that information they will be able to present you offers from Simple Debt Solutions' network of lenders, the interest rates available for you, loan pay-back terms and monthly payment options. The goal is to work around your budget and choose the most affordable option.
What is the fee?
Simple Debt Solutions does not charge fees to consumers. Once an offer is accepted and the company is permitted by law, it will receive compensation directly from the lender or affiliate that disburses the loan.