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. 

Choosing Debts for the Settlement Program

Q: What types of debts can be included in debt settlement?

Trident Debt Solutions works best with credit card debts and other unsecured debts that are greater than $1000. But other debts may be included. After review of the bill, we will advise you if it can be included.

Q: What is the difference between secured and unsecured debts?

An unsecured debt is one that has no collateral associated with it. Examples of unsecured debts are credit cards, lines of credit, signature loans, bounced checks, deficiency balances on repossessed vehicles, and medical bills. Secured debts have collateral. Examples of secured debts include mortgages, home equity lines of credit and car loans. If you have a secured debt like a mortgage or a car loan and then you surrender the home (foreclosure) or the car (repossession) the debt is now unsecured and we can help.

Q: Are there debts that cannot be included in the debt settlement program?

Yes. Our program cannot cure every financial problem. Nor is it the right step for every individual. We typically cannot negotiate tax debts, secured debts, alimony, child support, student loans, court restitution orders and criminal fines. We also do not settle debts of under $1000. We prefer to see national debts as opposed to a lot of local debts, like credit unions and local finance companies. But we need to review your situation in order to best assess your options.

Q: What about debts that have co-signers?

If someone else has co-signed a loan with you, the co-signer may become legally responsible for paying your debt if you do not pay it in full. This means that these types of loans are not good ones for our program.

Q: Can I only include those debts that are causing me problems?

No. Generally, we want to have you include all of your unsecured debts. Creditors have access to your credit report and when they see that you are still paying on some cards, it can impact the quality of our settlement because they will want to know how come you can pay some creditors, but not them. We allow you to leave out one or two cards if you feel it is necessary, but we do not recommend it.

Q: Do I have to be behind on my bills to do this?

No. Whether you are behind or current on your monthly debt payments, we can help you.

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

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