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In this review, I cover how the settlement process works with Pacific Debt Relief, what pros and cons to consider and how to qualify.
But first I want to be clear: Debt settlement is risky. There’s no guarantee of success, and it can seriously damage your credit.
Debt settlement may be an option for those severely overwhelmed by debt. Before opting into a program, BW recommends exploring other ways to get out of debt, like enrolling in a debt management plan or applying for a debt consolidation loan.
Pacific Debt Relief at a glance
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Minimum debt required to enroll:
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$10,000.
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Pacific Debt Relief is accredited by the Better Business Bureau (BBB) with an A+ rating and holds an accreditation from the Association for Consumer Debt Relief (ACDR). If you fail to complete the program or if the debt settlement company is unable to negotiate a settlement, you may end up with a higher overall balance.
Creditors or debt collectors may still contact you during the debt settlement process, as there is no guarantee that they will work with a debt settlement company. Additionally, forgiven debts over $600 may be considered taxable income, and creditors may send a 1099-C form to you and the IRS. However, if you are insolvent at the time of settlement, you may be exempt from this tax.
Consider alternatives to hiring a debt settlement company, such as negotiating with creditors yourself, enrolling in a debt management plan, taking out a debt consolidation loan, or filing for bankruptcy. Each option has its pros and cons, so it’s important to carefully consider which option is best for your financial situation.
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