Debt Settlement Debt Reduction Eliminate Debt

When searching for a way to get out of debt, it is easy to be romanced by companies that make amazing promises that seem too good to be true:

It won’t damage your credit score!
We’ll settle your debt for 25-40 cents on the dollar!
We can save you over 60%-70% of your debt!

A desperate person trying to find relief from suffocating debt could easily latch on to these promises, and unfortunately many do. Then, instead of easing their debt and eventually rebuilding their credit, they are left with lawsuits and bankruptcy. Here are some tips to help you avoid debt settlement scams:

1. For starters, make sure the company is reputable. Is it a member of the Better Business Bureau (BBB), or the chamber of commerce? If you’re working with a law firm, check out its standing with the bar association. Also, check how long the company has been in business. If it’s only been one or two years, you might want to find someone else to help you. Finally, look for letters from real people who were satisfied with their experience.

2. If the company says it can eliminate your debt without damaging your credit score, they are absolutely lying. Unfortunately, there is no way to avoid hurting your credit while working out a debt settlement. However, if you are working with a reputable company, they will have you out of debt relatively quickly, and on your way to rebuilding a good credit rating.

3. Watch out for companies that claim to be able to reduce your debt by 60% - 70%, or to settle your debt for 25 to 40 cents on the dollar. These settlements sound too good to be true, and they usually are. A more realistic settlement, including fees, is around 40%, or around 60 – 75 cents on the dollar.

4. Finally, remember the old adage, “if it seems too good to be true, it probably is.” The best way to protect yourself from scams is to do some research and become an informed consumer.

“Trident helped me settle my debt without incident.  Their professionalism was outstanding and helped me get through a time of stress.  I was very surprised how much money they were able to save me.  I would recommend them to anyone looking for help getting out of debt! “   Chris T.

Lionel M. came in with $35,200 of credit card debt.  He was able to give us a lump sum to settle with.  We settled those debts, including our fees, for $22,200, saving him $13,000.

Lawrence A. had $71,000 of credit card debt.  He also had a lump sum to settle with.  We negotiated those debts, including our fees for $44,000, saving him more than $26,000.

Susan F. has $50,000 of credit card debt.  She does not have a lump sum debt settlement payment but is able to make a monthly payment of $2000.  (The monthly payment she makes is 4% of her total debt, and this is the amount we require for monthly installment clients.).  With this 4% payment, we can have her out of debt in less than 18 months.

Dave R. wanted to refinance his home to pay off credit cards at a lower, tax-deductible interest rate, but was denied by the bank.  The bank said his FICO score was too low.  Further complicating the issue, most mortgage companies only lend 80% of the home’s value.  In his case, he could only pull out $18,000, where he had $30,000 in debt with 2 credit cards.  We were able to refer him to a mortgage company who could get him qualified and charged a fair rate of interest.  With the $18,000 he pulled out of his equity, we settled the $30,000 of debt he had.

Lastly, we offer a bankruptcy referral resource.  If you need a bankruptcy attorney in any state.

When you find yourself in debt and struggling to make ends meet, it can seem   overwhelming.  Trident Debt Solutions is here to help you through these difficult financial situations and provides a free, no obligation consultation.  Even if we cannot help you, we will reply with your best option.  For your protection, we do not ask for account numbers or your social security number.  We never harass- but if you are concerned, you may request a reply by email only. 

Debt negotiation differs greatly from credit counseling and DMPs.  That’s why many states have laws regulating debt negotiation companies and the services they offer.  With our services, you can pay up to 40% less if you are able to make lump sum debt payments. Contact us for more info.