Trident Debt Solutions is a smaller debt settlement company directed by attorney Stephen T. Craig that has knocked out over $4 million in debt since being founded. The company is attorney based, which has many benefits when dealing with creditors in the settlement process. However, the company does not have any of the other major industry accreditations, and the price tag for its services is pretty hefty.
Thirteen years of experience is pretty solid in the industry and might be considered a benefit to some. Trident focuses on settling debts for at least 50 to 60 cents on the dollar.
An interesting benefit to TDS is that if it is unable to negotiate at least a 25 percent reduction in the original debt, there is no cost for its service. TDS also offers potential clients a free consultation over the phone to help determine if it's a good fit.
Another benefit is that the entire operation takes place under the umbrella of attorney Stephen T. Craig which affords some measure of professional accountability in the form of attorney-client privilege and forces creditors to call him, not the client.
One of the main concerns with Trident Debt Solutions is that it does not have the major industry accreditations that most other companies in the business have.
TDS is not accredited with the American Fair Credit Council (AFCC) or the International Association of Professional Debt Arbitrators. These are accreditations that many consumers look for to ensure that the company is committed to the practices of the industry.
The biggest drawback to TDS is that it only takes on very large cases — clients must owe at least $30,000 in unsecured debt in order to qualify for its services.
Perhaps equally concerning is the very hefty price tag as TDS charges significantly more than its competitors at 25 percent of the total amount that you save. This is offset by the fact that it won't charge if it can't reduce the debt by at least 25 percent.
Additionally, the company does not list what states it services on its website, nor would it disclose this information over the phone. One must provide information to TDS, and it will have a representative call the client back with more details on what it can do.