Pacific Debt Relief is a debt settlement company that helps consumers deal with unmanageable debts. It is certified by the International Association of Professional Debt Arbitrators (IAPDA), giving it the credibility consumers need when seeking a service like this. It makes the list of our best debt relief companies. All rates and fees are current as of April 2024 and are subject to change.
Doesn’t take payment until acceptable terms are negotiated
Accredited with AADR
See results in the first 90 days
Cons
Unable to settle secured loans
History of complaints with BBB
Usually see a drop in credit score
Pacific Debt Relief is a good solution for those who have at least $15,000 in debt and are having trouble paying the balances down. They can help consumers save up to 30% of their debt balances after any fees, reducing what is owed and making the payments more manageable. Consumers using Pacific Debt Relief may already have negative credit scores and are unlikely to be afraid of the potential of their score going down further by using a debt relief program like Pacific Debt Relief.
Pacific Debt Relief isn’t in every state, limiting who they can help. Those with less than $15,000 can’t get help from the company and need to find another debt relief company with lower limits.
Pacific Debt Relief only takes a fee once the settlement with creditors has been made. There are no upfront fees. There are also no monthly fees paid. The fees are incorporated into the monthly payment, covering the settlement amount owed. Pacific Debt Relief charges 15%-25% of the total enrolled debt.
How does working with Pacific Debt Relief impact credit score
Like most debt settlement companies, clients who use Pacific Debt Relief can see a negative impact on their credit scores. Scores may go down because Pacific Debt Relief will have you stop making payments to the creditors so that they can negotiate a settlement. A settlement company can rarely negotiate a payment unless the consumer is behind on payments, negatively impacting credit.
Pacific Debt Relief ratings
BBB
A+
TrustPilot
4.8 stars
Consumer Affairs
2.5 stars
How much can I save by using Pacific Debt Relief?
Clients using Pacific Debt Relief can expect to pay around 50% of their debt balance before fees. Since fees vary by state from 15% to 25%, consumers can expect to see around a 25% to 35% total reduction in what they owe. Savings vary per person and are contingent on the negotiated settlement Pacific Debt Relief is able to finalize with creditors.
How long does Pacific Debt Relief take to settle debt?
The settlement process can take several months. This is when consumers stop making payments to credit accounts, and Pacific Debt Relief starts the negotiation process. Once a settlement is made, it can take up to four years to pay the debt off.
Pacific Debt Relief alternatives
Pacific Debt Relief’s competitors include National Debt Relief, Accredited Debt Relief, and Money Management International.
Pacific Debt Relief does not advertise any other services beyond debt relief. From its website and BBB page, it does not offer consolidated loans or credit counseling services.
Are there risks with settling debt with Pacific Debt Relief
Consumers’ main risk with using Pacific Debt Relief is that their credit score will decrease. Most consumers enlist the help of a debt relief company to aid in the debt and help with credit. However, because payments on credit accounts halt in the process, credit scores generally go down.
Pacific Debt Relief’s reputation for settling debt?
From online reviews, Pacific Debt Relief has a good reputation with its clients. There doesn’t appear to be any pending litigation on the company, and it has only had six complaints in the past three years with the Better Business Bureau (BBB). That is a low number compared to other debt relief companies. It also has an 84% five-star review from customers on Trustpilot.
Is Pacific Debt Relief right for you?
Pacific Debt Relief is a good solution for consumers who live in their service zone and have at least $15,000 in debt. It offers a free consultation and debt review to help you understand what they can do for you.
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Is Pacific Debt Relief Reputable? Pacific Debt Relief has an A+ rating with the Better Business Bureau and an excellent rating of 4.8 out of 5 stars from Trustpilot based on more than 1,200 customer reviews.
It is certified by the International Association of Professional Debt Arbitrators (IAPDA), giving it the credibility consumers need when seeking a service like this. It makes the list of our best debt relief companies. All rates and fees are current as of April 2024 and are subject to change.
Pros of debt settlement programs include speeding up the repayment process, reducing the total amount owed, and avoiding lawsuits. Cons involve a negative impact on credit score, accumulation of late fees and interest charges, and results that can't be guaranteed.
There aren't any free government debt relief programs for credit card or personal loan debt other than bankruptcy. Many types of government debt relief exist in the form of grants and low-interest loans for specific purposes.
Pacific Debt Relief only charges a fee after settling with your creditors, with no upfront or monthly fees. The fee, usually amounting to 15% to 25% of the total enrolled debt, is included in your monthly payment.
You have the potential to save money on interest expenses. It may allow you to get out of debt faster. If a credit counselor administers your DMP, it will simplify your finances because you'll have just one debt payment to make each month.
Creditors don't want you to use the cards when you're having a benefit from a debt management program. But if there's a card that you can keep out of the program, you can do that. You can keep the card out and use it for emergencies.
The bottom line. While credit card debt forgiveness can offer a path out of overwhelming debt, it's not without its drawbacks. The impact on your credit score can be significant, potentially affecting your ability to obtain credit, secure favorable interest rates or even rent a home in the near future.
Tax implications: Forgiven debt may be considered taxable income, potentially resulting in a hefty tax bill. Costly: Engaging with debt relief companies can cost money, exacerbating financial difficulties.
Is Pacific Debt Relief Reputable? Pacific Debt Relief has an A+ rating with the Better Business Bureau and an excellent rating of 4.8 out of 5 stars from Trustpilot based on more than 1,200 customer reviews.
Pacific Debt's debt settlement program can be an effective solution. We specialize in negotiating with credit card companies to significantly reduce the amount you owe, providing you with relief from overwhelming credit card debt.
One would permit automatic relief of up to $20,000 of the amount by which a borrower's loans currently exceed what they owed upon starting repayment. This relief could be provided automatically to all types of student loans held by the Department, including parent loans, consolidation loans, and loans in default.
This is the most obvious sign of a debt relief scam. If the person/company offers to help get rid of your debt but first you have to pay them a fee, they're probably lying to you. Cut off contact and file a complaint with us.
If you are a resident of California and you face increasing debt, you are hardly alone — and there are several debt relief programs available to help you with your financial hardship. ClearOne is helping Californians assess their credit report and find the best debt relief options.
Send the agency a letter by mail asking them to confirm their debt in writing. Search for the company name on the internet, review their website, call their number, etc. Do your homework. If they refuse to answer all of your questions, there's a good chance you're in the middle of a scam.
Debt relief companies, also known as debt settlement companies, are an option if you're struggling with a lot of unsecured debt — like credit card bills, personal loans or private student loans. Agents can negotiate with your creditors and possibly get your balance lowered.
Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.
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Pacific Debt Relief
Accredited Debt Relief