Pacific Debt Review for 2024

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  • Resolve debt in 2-4 years
  • No upfront fees
  • Minimum debt: $7,500
  • Personal account managers and certified debt specialists
  • A+ rating with BBB

Pacific Debt Inc. is a debt relief and support agency that has been in business since 2002. Debt settlement companies such as Pacific Debt differ from credit counseling services and other types of personal finance companies.

Pacific Debt offers to help you pay off your debt as opposed to rebuilding or raising your credit score in the short term. They don’t just consolidate your debt and lower your interest rate — their goal is to eliminate your debt.

Pacific Debt

Based in San Diego, Pacific Debt Inc. is an A+ member of the Better Business Bureau with a 4.89 out of 5 rating. They are also accredited with the American Fair Credit Council and the International Association of Professional Debt Arbitrators.

Pacific Debt’s feedback and customer reviews from both are overwhelmingly positive, with customers frequently calling out their counselors by name for praise.

Get started with Pacific Debt on Pacific Debt’s secure website

Eligibility Criteria for Pacific Debt’s Services

Debt relief is not a quick process, usually taking between 24 and 48 months to complete, but the result is to completely free you of your unsecured debt.

Unsecured debt is debt that is not backed by collateral, like your car or home loan. These typically take the form of credit card debt, payday loans, personal loans, medical bills, or a repossessed car.

In addition to requiring your debt to be unsecured, the amount of debt you owe must exceed $10,000. Debt settlement is a labor-intensive process with Pacific Debt. They do not have phone banks, but instead assign you to a dedicated agent that will stick with you throughout the process.

Pacific Debt is not available in every state. Check below to see if you qualify and can participate in your current location.

  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • DC – District of Columbia
  • Florida
  • Hawaii
  • Iowa
  • Idaho
  • Indiana
  • Kentucky
  • Massachusetts
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • North Carolina
  • Nebraska
  • New Mexico
  • New York
  • Oklahoma
  • Pennsylvania
  • South Dakota
  • Texas
  • Utah
  • Virginia

How Pacific Debt Settles Your Debt

Pacific Debt Inc. is set up to settle your credit card debt for much less than you currently owe. Debt consolidation companies bundle your debt to get you a lower interest rate. However, Pacific Debt helps develop a payment plan to pay off your unsecured debts at a lower negotiated rate.

The first step is to contact them for a free consultation. During the free consultation, a certified debt counselor will discuss your financial situation to determine if you are a good fit for debt relief services. Once you agree to sign up, you will stop making payments to your creditors.

This is a scary idea for some people. The idea of receiving phone calls from collection agencies or having legal action taken against you can be a frightening one.

This is why Pacific Debt Inc. works only with people that are in way over their heads. If you have a large amount of consumer debt and are having difficulty making even the minimum payments, then this may be the right choice for you.

Instead of paying your creditors, you now will be putting money into an FDIC insured Special Purpose account every month. Funds will begin to grow in that account, and when you accumulate an agreed-upon amount, your personal account manager will start negotiating on your behalf with your creditors.

Typical Customers of Pacific Debt and Their Challenges

The household average for credit card debt was $8,377 in 2016. That’s a 6% jump from the previous year. If your goal is to improve your credit or get a lower interest rate for your existing creditors, you may want to consider a debt consolidation loan or a credit counseling service. Debt consolidation loans can be used to pay unsecured debts, including credit card debt, medical bills, personal loans, and payday loans.

Customers considering Pacific Debt are usually deep in debt and are having trouble making their payments. As we mentioned earlier, the minimum they will consider for their debt settlement program is $10,000 in debt. However, many of their clients are closing in on or exceeding $100,000 in debt.

As mentioned, the customer reviews are mostly positive. For example, one client of Pacific Debt wrote on the Better Business Bureau’s website, “Mr. Hallas has been extremely professional and informative throughout the process and has assisted me with reducing over $150,000 in debt. I’m down to a little less than $65,000 and completely settling my wife’s accounts.”

As you can see, it is a rigorous process, but one that can truly settle your debt for a fraction of what you actually owe.

Getting Started with Pacific Debt Relief

Signing up with a debt settlement company of any type is a big decision and should not be taken lightly. The first step of the process is to contact them.

Remember, these are not simply pushy telemarketers trying to make a sale. They’ll put you in touch with a certified debt counselor who can review all of your debt relief options and help you decide if debt settlement services are right for you.

They will help analyze your debt, monthly expenses, and your income. Then, they look at your current budget and determine a payment estimate that works for you. Often this amount will be less than you are currently paying to your creditors.

Additionally, there are no upfront costs associated with their services. You don’t pay any amount until you start seeing results, and their cost is in line with other services of this nature. Pacific Debt Inc. typically charges a monthly fee of 15% to 25% of your enrolled debt. The fee is factored into your monthly program payment.

Once the Process Starts

You should know upfront that once you start working with Pacific Debt, your credit score is likely to go down. As previously stated, their goal is not to improve your credit, that comes later. The goal of a debt relief company is to get you out of debt as quickly as possible.

Because you no longer make monthly payments to your creditors, those accounts are likely to go into collections if they haven’t already. As a result, you may begin to receive phone calls demanding payment from credit collection agencies. Luckily, there are federal and state laws that limit how often these companies can call you.

A member of their customer service team will reach out to you every couple of weeks to make sure you understand the process and answer any questions you may have.

As you pay into and grow your FDIC insured account, your Personal Account Manager will negotiate with your creditors to pay off the entirety of your bill at a lower amount.

Every time an agreement is reached, your account manager will reach out to you to finalize the arrangement and gain your approval. So from start to finish, you are always a part of the process.

Get started with Pacific Debt on Pacific Debt’s secure website

Unique Advantages of Choosing Pacific Debt Relief

Pacific Debt’s philosophy is to pay off your debt as quickly and as cheaply as possible. By helping you to save a large portion of money and using that money to negotiate an immediate payment, they can potentially reduce your overall debt by a large percentage.

It probably took years for you to accumulate that much debt, and it’s going to take a few years to pay it off. But with Pacific Debt Inc., you won’t spend the better part of your life saddled with high balances and making interest-only payments.

Pacific Debt Reviews

When you’re looking for a reliable debt settlement company, diving into third-party reviews can be incredibly revealing. These reviews offer unfiltered insights from customers who’ve walked the path before you, sharing their experiences and outcomes. It’s like getting advice from a friend who’s already been through this before.

Currently, Pacific Debt boasts an impressive A+ rating from the Better Business Bureau (BBB), a testament to their commitment to excellent customer service. This high rating, coupled with minimal complaints, speaks volumes about their credibility and effectiveness.

For a broader perspective, don’t hesitate to explore additional reviews on various consumer feedback platforms. Gathering this information can give you a well-rounded view of what to expect when partnering with Pacific Debt.

When is Pacific Debt Relief the right choice?

Pacific Debt Inc. steps in as a lifeline for those drowning in deep debt. Deciding if they’re the right fit for you is a personal choice, one that demands careful consideration.

Feeling overwhelmed by persistent creditors can be a significant stress factor for many. If you find yourself barely making the minimum payments on your credit cards or if your good credit score is at stake, it might be time to weigh other financial strategies. However, for individuals grappling with substantial debt and limited alternatives, Pacific Debt’s services could be a game-changer.

Consider turning to Pacific Debt Relief if you find yourself in any of these situations:

  • Struggling to cover even the minimum monthly payments
  • Contemplating bankruptcy as a last resort
  • Dealing with a total debt that’s hit a five or six-digit figure

Choosing Pacific Debt can lead to some immediate relief. Many clients benefit from a consolidated monthly payment that’s often significantly lower than the sum of their existing minimum payments. This approach not only speeds up the debt settlement process compared to tackling creditors independently, but it also usually results in paying less than the total debt owed.

Taking on this challenge requires resilience, especially when facing potential harassment from debt collectors. Keep in mind, the average timeframe to see this process through is about two to four years. While Pacific Debt Inc. might not be the perfect solution for everyone, for those in dire financial straits, they could be the guiding light to a debt-free life.

Get started with Pacific Debt on Pacific Debt’s secure website
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