Minimum Qualifications

The Debt Settlement Plan (DSP) can achieve the following advantages:

Debt Settlement is an option for consumers who are unable to keep up with the minimum payments required by their creditors and DO NOT want to file for bankruptcy. Our Debt Elimination Specialists will work with you and come up with a personalized program that is designed to eliminate your overwhelming credit card debt as quickly and affordably as possible. The goal of a debt settlement program is to resolve your debts through compromised settlements, achieved through expert debt negotiation with your creditors.

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FREQUENTLY ASKED QUESTIONS

How do I qualify for the Debt Settlement Program?

PDS knows that your time is valuable and we believe that "the more we know about you, the more we can help you." Because of this, we have built a very streamlined and easy enrollment process which allows us to immediately go to work on your behalf. Because everyone's debt issues are entirely different, it is vital to have one of our Debt Elimination Specialists assess your current financial situation with a free, no obligation consultation. Our experienced staff will counsel with you on your different options, and then provide you with an honest and straight-forward appraisal of your current situation. Lastly, we will prescribe a specific action plan for getting you out of debt in 2-3 years.

How does Debt Settlement affect my credit?

Your credit score is largely comprised of two primary factors: (1) Your bill payment history and (2) your debt-to-income ratio. Many people often mistake good payment history as "good credit". However, if all of your monthly take home pay is sent to your creditors to pay bills, chances are you currently have a dangerously high debt-to-income ratio and your credit rating may already be affected. In this scenario, the foremost concern should be to immediately reduce expensive overhead . Any debt management intervention, such as consumer credit counseling (CCCS), debt consolidation or debt settlement will have an impact on your credit. The goal of debt settlement is to help you get into a positive cash flow situation in the quickest, least expensive means possible by negotiating reduced settlement amounts with your creditors. This specifically addresses main financial crisis... the debt! Once the excessive debt is back under control, a positive credit history will soon follow.

Can I settle my own debt?

While it may be possible to settle your own debts, it can also be extremely difficult. Dealing with your own personal debt matters is a very emotional task, especially when you're the one on the phone talking with collectors who are experienced in saying things to intentionally upset and intimidate you. Because of these common collection tactics, it simply makes good economical sense to let an expert handle these emotional negotiations for you. We are the professionals, and our team is experienced and able to get results.

Why should I not just declare Bankruptcy?

Initially, many consumers consider bankruptcy as the quickest solution to resolving financial struggles. While nearly all bankruptcy attorneys will claim a bankruptcy will only stay on your credit report for 7-10 years, almost all credit or job applications today ask, "Have you ever filed bankruptcy?" On a job or credit application, to answer this question untruthfully is considered a federal offense, which means bankruptcy may follow you for the rest of your life. Because bankruptcy has such permanent implications, it should only be considered as the absolute last possible resort. Also keep in mind that filing Bankruptcy is an expensive proposition. Clearly, our Debt Settlement Program is the quickest way to get out of debt, and it's a great alternative to filing bankruptcy. It offers a way for you to pay back approximately 40%-60% of what you owe without filing bankruptcy which means you can seek comfort in knowing that you didn't pay a lawyer 1000's of dollars to ruin your credit rating for the next 7-10 years.

When will I be debt free?

The estimated time frame required for you to go through the Debt Settlement program depends on several factors, and this will be discussed with you during your initial free consultation. Because settlement negotiates an approximated 40%-60% or more reduction of your total principal balances, the vast majority of our clients will be able to obtain agreeable settlements with all of their enrolled creditors in less than 36 months. Should your income or financial situation improve at any point, you always have the option of expediting the program to become debt free sooner.

Do I include all forms of debt?

We are only able to help you with your unsecured debt concerns (credit cards, department store cards, signature loans, medical bills, collection accounts; etc.) You can select which accounts you would like for us to resolve. However, since our goal is to help you resolve your entire debt problem and not just part of it; we may recommend that you include all or most of your unsecured debt.

What is secured versus unsecured debt?

Secured debt is defined as debt backed or secured by a mortgage or pledge of collateral or other lien in order to reduce the risk associated with lending and which the creditor has the right to pursue upon default. Examples of secured debt would be home mortgages, auto loans, student loans and some personal loans. Unsecured debt is defined as debt not secured by collateral in which the creditor holds no special assurance of payment. If the borrower defaults, the creditor has no assets to back up the loan.

What is secured versus unsecured debt?

Secured debt is defined as debt backed or secured by a mortgage or pledge of collateral or other lien in order to reduce the risk associated with lending and which the creditor has the right to pursue upon default. Examples of secured debt would be home mortgages, auto loans, student loans and some personal loans. Unsecured debt is defined as debt not secured by collateral in which the creditor holds no special assurance of payment. If the borrower defaults, the creditor has no assets to back up the loan.

Is this like filing bankruptcy? Is it like debt consolidation?

No, Debt Settlement is an honorable and viable alternative to filing bankruptcy. Most consumers who are in need of debt assistance need immediate monthly cash flow relief. Consumer credit counseling or debt consolidation programs do not automatically provide consumers with this much-needed monthly assistance. Many times, the new monthly payment consumers make to the credit counseling or debt consolidation agency is more than their regular monthly minimums made directly to the banks. This in no way provides consumers with the monthly cash relief that is desperately needed. For many Americans, simply reducing the interest rate on already high balances does not have a significant impact on the overall debt . As a result, the 4-6 year plan they were promised by these agencies turns out to be considerably longer.

Why should I choose Personal Debt Strategies?

While there are many reputable companies throughout the debt management industry, each company has their own distinctive methods in dealing with clients and creditors. PDS has an industry-unique approach to guiding you through this worrisome period of uncertainty. It is a straightforward approach that has stood the test of time.

While this may sound like a basic business principle, many companies have lost sight of this fundamental relationship concept. Here at PDS we provide you and your creditors unparalleled support by utilizing state of the art technologies to efficiently communicate between you, your creditors, and your dedicated support staff members. You can also seek comfort in knowing that the founders of PDS have over 20 years experience in the Debt Relief industry.

PDS constantly strives to improve the effectiveness of our relationship model so we may better serve each and every customer. Our genuine concern for our clients shines through in the lasting results we consistently achieve. It's these outstanding results that have made PDS a leader in the debt settlement arena, and we will continue to set new standards of excellence.