The Debt Settlement Process

Q: How long does debt settlement take?

In most cases, we will have you completely debt-free within 4-18 months. If you have a lump sum, it can sometimes be handled in a month or less. We will not take a client unless the debts can be settled within 2 years. We want to make the program as short as possible.

Q: Will Trident Debt Solutions contact all of my creditors on my behalf?

Not initially. We contact each creditor, one at a time, when we have the funds to settle the account.

Q: When will Trident Debt Solutions start negotiating with my creditors?

We begin to settle your debts as soon as we have sufficient funds in your trust account to make a reasonable offer to one of your creditors. Typically, this is about 6 months into the program or sooner if you have a lump sum. If you can begin the program with a lump sum, we can begin settling your debts sooner. The more money you commit to the program in terms of a monthly payment the sooner we can begin to settle your debts.

Q: How will I know what Trident is doing for me?

You can call or email us and speak to your counselor at any time and find out what your trust account balance is, what debts have been settled and what the next debt is that we intend to settle. We also are available for mutually convenient appointments, by phone or in person, for you to review your file.

Q: Will you stop interest and late fees from being charged on my accounts?

No. Interest rates and late fees will not stop accruing during the term of our program. This is also true if you continue to make your minimum payments. This is why it is very important to commit to a program of 18 months or less. 

Once you’ve made the decision to take part in a debt settlement program, there are a few things you can do to optimize and improve the experience. If you are making monthly payments, make sure you stay on top of them. If you miss a payment the entire process is delayed, increasing the chances that creditors will sue you for lack of payment. Also, if you can, try to pay more than you are required. This will speed up the process of debt settlement because the firm will have more money to negotiate with, and will be able to negotiate with your creditors sooner.

Communicate with your Debt Reduction Attorney or company on a regular basis so that you know what’s going on with your case, and to catch any possible problems before they enlarge. If you make communication a habit, it will be much easier to maintain in the face of a problem. Most importantly, make a serious commitment to financial change and discipline. Without this key component, a debt settlement may be a temporary solution rather than a long term one.

For More Information on Debt Settlement Program 

CALL TODAY! 303.520.3414

Debt Settlement Debt Reduction Eliminate Debt

Because debt settlement will not work for everyone, here are a few qualities that make someone a good candidate.

• You owe $10,000 or more

• You have a lump sum of money available to settle your debts (from a friend or family member, a loan, savings, etc.), or the ability to pay a large amount into a trust account on a monthly basis to be used to settle your debts once enough is saved.

• Your debt is mostly unsecured debt, meaning there is no collateral involved. This kind of debt – credit cards, medical bills, bounced checks, etc. – work better for debt negotiation.

• You have an explanation for high debt that you cannot pay. Maybe you lost your job, faced a family emergency or death. Or maybe your interest rate was raised, or other fees were added to your debt.

• Most importantly, you have a strong long-term commitment to becoming debt free. Debt settlement is not usually a quick process, and if you are not willing to commit to financial discipline during and after your debt settlement, you may find yourself in a situation far worse than when you started.

The truth is in most cases it is better to use the services of a professional debt reduction attorney to help you settle your debts for much less than you owe. Steve Craig is a colorado debt reduction attorney who can assist you in getting a favorable settlement of your debts.