Pacific Business Management has been in business since 2003, having settled millions in debt on behalf of their clients. PBM works with a variety of types of unsecured debts. They have slightly lower than average fees, charging just 18 to 21 percent of the debt enrolled, but lack critical accreditations that many consumers look for. Additionally, the company also has multiple websites with conflicting information and no information about its management.
- Charge 18 to 21 percent of total debt enrolled (low cost for settlement)
- Money back guarantee if you cancel before any of your accounts are paid
PBM was founded in 2003, which is average experience in the industry. On their website, the company claims they have helped thousands of people become debt free.
Works With Variety of Debts
On its website, Pacific Business Management claims to work with the following unsecured debts:
- Payday Loans
- Student Loans
- Credit Card Debt
- Medical Debt
PBM also works to resolve business debt. If you are self-employed or are a business owner, the company claims they can completely get rid of your debt in a ‘short period of time’.
Pricing and Standard Features
They don’t shy away from offering a free consultation for customers and are willing to put their money where their mouth is by covering their agreement with a money back guarantee. Overall, their top price is among the lowest in the industry, charging 18 to 21 percent of the debt enrolled. Many companies top price is set at 25 percent.
Pacific Business Management is available by phone 24/7, so you can call in and talk to a debt expert whenever you want. They are one of the only companies to offer this.
- No IAPDA or AFCC accreditations (major industry organizations)
- Unclear availability
- Lack of information
Not An Accredited Company
Overall, PBM’s drawbacks really boil down to a few things, the first being a lack of industry credentials. With a track record as long as PBM’s, the lack of industry accreditations (such as IAPDA, AFCC, or FTC) is troubling, and begs the question of why the company is unable, or unwilling, to obtain these credentials, which would go a long way towards easing customers concerns they’re working with a legitimate business.
Lack of Information
It is unclear what Pacific Business Management’s minimum debt amount is. This is an important thing to know when considering debt settlement companies.
Has UpFront Fees
The fact that PBM has up front fees (no matter how small they may be) is the biggest red flag. The FTC prohibits debt settlement companies from charging their clients upfront fees. Typically, debt settlement companies can’t collect any money until they have settled at least one of your debts. Right on their website, Pacific Business Management says they charge a small upfront fee, which seems very sketchy to us.
Pacific Business Management has not disclosed which states it operates in.