6.8
Overall Score
Author: Kaitlyn Short
Pacific Debt Inc. is a nationally recognized leader in debt settlement services. It requires a $10,000 minimum debt to offer services.
The company holds significant industry accreditations with the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA). US News and World Reports also recognized Pacific Debt as one of the best debt settlement companies for 2018.
Pacific Debt was named the #1 Debt Settlement Company by Best Company for 2016. US News and World Reports and Bankrate ranked Pacific Debt as one of “The Best Debt Settlement Companies of 2020."
Pacific Debt has achieved a top spot on our list of debt settlement companies because it offers its debt relief services at one of the industry’s lowest prices. Pacific Debt's pricing ranges from 15 to 25 percent of the total debt you enroll. The company then personally negotiates with each lender to reach a settlement agreement. While negotiations are underway, clients stop making monthly payments on their bills and put the money into a separate account that is used to fund the negotiated settlement payment to each lender.
As a debt relief company, Pacific Debt specializes in unsecured debt, which is debt that doesn't have an asset or collateral tied to it. Examples of unsecured debt include student loan debt, medical debt, credit card debt, and utility bills.
The downside to Pacific Debt is that its debt management services may not be available in your state. For example, Pacific Debt does not operate in Washington, Oregon, Kansas, Vermont, or some other states. Headquartered in San Diego, the company has been in the debt settlement industry since 2002.
View Pacific Debt Inc. reviews below.
Throughout Pacific Debt’s website, the company prides itself on how much it has reduced personal debt. In most cases, the company can reduce your debt by 20 to 50 percent, which is significant in this industry.
Pacific Debt's ability to effectively settle your debts makes it much easier for you to pay the debts and be on the road towards being debt-free and enjoying financial freedom.
Not only can Pacific Debt reduce the amount borrowers pay on each of their unsecured debts, but it also has low fees. To work with Pacific Debt, you will pay the company 15 to 25 percent of your total enrolled debt. Most of the companies we have reviewed charge an average of 21 to 24 percent.
Though Pacific Debt does charge a percentage of enrolled debt for its settlement services, the nature of debt settlement companies makes it challenging to judge pricing (since individual pricing depends on each customer’s enrolled debt). However, the opportunity to pay a lower percentage increases your savings as you work to become debt-free.
Pacific Debt, Inc. also does not charge upfront fees for settlement. Customers choosing a debt settlement company should only work with companies with no upfront fees.
According to consumers, one essential thing a debt settlement company should offer is accreditation. Pacific Debt is accredited with the AFCC and the IAPDA. Being an accredited member of the AFCC means Pacific Debt submits its website for an audit each year. The AFCC makes sure its accredited members conform to industry standards and strives to protect consumers.
Pacific Debt reviews are overwhelmingly positive and speak highly of its customer service. The most common review we see of Pacific Debt is that company representatives know what they are talking about when clients call. They keep clients informed throughout the entire settlement process.
Many clients also praise Pacific Debt for early settlements. A debt settlement company’s main job is to negotiate a lower total debt with a customer's creditors, and the sooner this happens, the better it is for the client.
Though debt settlement can negatively impact a client's credit score, it will also relieve debt for customers with nowhere else to turn — those who already have lower credit scores.
Credit card debt, medical debt, and student loans are difficult to escape, but companies like Pacific Debt are designed to protect you from creditors and debt collectors; that's why it's essential to take a close look at Pacific Debt reviews.
Previous clients are the best reference for checking the quality of debt settlement companies and debt consolidation companies. Positive reviews and a high rate of customer satisfaction can indicate that you will also have a good experience, should you choose to work with Pacific Debt.
When a client agrees to a debt settlement program, Pacific Debt assigns each client a personal account manager as a debt specialist.
This single point of contact works with clients throughout the entire negotiation and settlement process. This may be another reason why clients seem to love Pacific Debt, as not having an assigned debt specialist is one of the most common complaints of other debt relief companies, like National Debt Relief.
Working with a single point of contact is especially great for clients because they do not get passed to different people. It ensures that their questions are answered and that their needs are met.
Clients who wish to receive an education more specific to their circumstances will not be disappointed by Pacific Debt's online resources.
The company website clearly defines each of the clients' various options within debt relief, even some that Pacific Debt doesn't offer (including consumer credit counseling, bankruptcy, and debt consolidation). It then clearly outlines the benefits and downsides to each of the debt relief options.
Because debt settlement and debt negotiation are better options for long-term debt, clients are encouraged to consider not making minimum payments, as there are more efficient ways to become debt-free. The online company resources say that debt negotiation is a much more aggressive approach to debt relief and may result in a lower credit score.
In addition to online resources, potential clients can have a free consultation with a certified debt counselor who will review their financial situation and options for becoming debt-free. Providing comprehensive information allows potential clients to make better decisions about addressing their debt.
While there are unique perks to using Pacific Debt (relief from credit card debt, medical bills, student loans, etc.), unfortunately, they are not available to everyone. Pacific Debt offers services only in certain states.
This leaves much of the United States unable to take advantage of Pacific Debt's low cost, industry experience, and customer service. Some debt settlement companies are available in all 50 states, so compared to the industry, Pacific Debt is lacking in state availability.
However, if Pacific Debt Inc. is available in your state, it is a great option when choosing a debt settlement company. You can find out if Pacific Debt operates where you live by consulting the company's website.
Pacific Debt does not indicate anywhere that it can help people seeking relief from secured debt, such as mortgage loans, car loans, or other forms of debt that are attached to some form of collateral. Most of the debt relief companies we have reviewed also do not offer debt relief services for secured debt, so if you have exclusively secured debt and no unsecured debt, you probably won't be able to work with a debt relief company but rather will need to work with your lender or credit counselor to find other solutions for you.
Debt management programs like debt settlement are highly complex and challenging to do right, and there is always a level of risk involved in paying another company to handle your debt. So, if you are looking for a debt relief option, Pacific Debt's high customer reviews are critical to you making the best decision for your debt situation.
Compared to debt consolidation companies, a debt settlement program is usually approached as a last resort, when you have a low credit score and lack the money to make monthly payments.
Settlement companies negotiate with lenders for a lower total debt. Pacific Debt focuses on unsecured debt, including student loan debt, health care debt, personal loan debt, payday loans, and consumer debt (e.g., credit card debt). If a consolidation loan is not a good fit for your financial situation, debt settlement may be a good fit.
Debt settlement allows you to eventually recover your credit score quicker than bankruptcy (which stays on your credit report for up to 10 years) and saves you from debt collectors. Pacific Debt does a fantastic job of negotiating lower debt with your creditors.
The positive Pacific Debt reviews speak for themselves. If you find yourself more than $10,000 in debt — student loans, medical bills, or high outstanding balances on your credit card — and live in a state that Pacific Debt services, we highly recommend using Pacific Debt to help you pay off your debt. The company is held to high industry standards as a member of all four major accreditation organizations, and it has a proven track record of settling debts for much less than what is owed.
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