Pacific Debt was founded in 2002 by Kevin Landie to address the growing tide of consumer debt in America. At the time PDI was founded, consumers saddled with high levels of consumer debt were often faced with very difficult choices and a limited number of options. Traditional options for resolving one’s debts include credit counseling, home equity loans and bankruptcy.
The early 2000s were a huge boon to credit card issuers and as a result the debt settlement industry was born. Debt settlement is an alternative to credit counseling and bankruptcy and doesn’t require collateral like most consolidation loans.During the early 2000s, the debt settlement industry flourished due to a lack of regulation. Unfortunately for consumers, many of the companies that got involved early-on put profits before customers. The industry attracted fly by night operators, advance fee schemes and a barrage of consumer complaints. Kevin knew there had to be a better way.
In early 2003, Kevin teamed up with Sierra Izzard, who currently serves as the Company’s Director of Operations. Kevin and Sierra worked tirelessly to build an organization that puts customer satisfaction at the center of the Company’s culture.
Today, Pacific Debt is a leader in the debt settlement field. The company settles millions of dollars in consumer debt each month, while maintaining Kevin and Sierra’s vision of a consumer friendly experience
The debt settlement program with Pacific Debt is designed to get your out of debt for less than you currently owe with a monthly program payment that is within your budget. Our solution is a viable alternative to bankruptcy and is more affordable and flexible than credit counseling. Debt settlement with Pacific Debt does not require any new loans and there are no credit qualifications. Our program is not appropriate for all consumers and not available in all states. We take great pride in explaining our program and all of your options to ensure that you make a decision that is appropriate for you.
During the debt settlement process you will no longer be making minimum monthly payments to your creditors. Instead, you will set aside a predetermined amount of money each month into a Special Purpose account that is FDIC insured. You will have 24 hour per day access to the account via the Internet and it is in your name. As funds accumulate in the account, your Personal Account Manager will be engaging your creditors and negotiating settlements on the balances. We settle each account one at a time until each account is resolved. Our typical program estimate is 24-48 months and will be dependent on the number of accounts enrolled as well as what your budget allows you to pay.
Consumer Credit Counseling
Consumer Credit Counseling (CCC) companies were first started by the credit card industry to provide debt solutions to the enormous amount of people who began to fall delinquent on their payments. The majority of the CCC’s are paid a commission from your creditor based on how much debt they can recover from you and they may also charge a service fee.
In some cases, the debt help of a true non-profit creditor counselor may be helpful, as the reduction in interest rates may be enough to alleviate the financial strain a consumer faces. However, all too often the monthly payments required by CCCS are just too high for many to afford. The monthly payments can be as high, or higher, than the minimum payments a consumer was paying prior to enrollment with CCCS. Once you start the program they will contact your creditors and enter you into a “Hardship Program”. Next, the creditor will ONLY reduce your interest rates. As you can imagine, credit card debt consolidation with CCCs will take many years and the fall out rate of the program is extremely high. The bottom-line is that companies are funded by your creditors, may require higher payments and only reduce interest rates—not principal.
Today, more than ever, people are filing personal bankruptcy as a way of getting away from the burden of their debt. Statistics show that the number one reason people are filing for bankruptcy is the harassment and pressure from companies trying to recover their money. For some people, bankruptcy is the only realistic options amongst the debt solutions available. Say, for example, if you owe $60,000 and you will never make more then $1,000 in any given month, then bankruptcy is the only option. The biggest benefit of bankruptcy is that this approach provides immediate relief and puts an immediate stop to harassment. In some cases all of your unsecured debt is forgiven and you get a “clean slate”.
Debt Consolidation Loans / Credit Card Debt Consolidation
When falling victim to financial problems, debt consolidation loans are one of the most commondebt solutions people think of for credit card debt consolidation. In some instances this option may be a good fit for you if you have excellent credit and can obtain much lower interest rate with a manageable monthly payment. However, many people who choose to go this route find themselves in much deeper financial trouble then they were to begin with.
Most consolidation loans are secured by collateral, such as your house, car or other personal property. By obtaining this type of loan all you are really doing is exchanging an unsecured debt for a secured debt that you will still need to pay interest on. Another downside is that it puts your assets in an accessible position for the creditor to go after in the event of default. In this case, all the leverage shifts over to the creditor. This option only makes sense if you can obtain a new credit card debt consolidation loan with a much lower interest rate and a payment the comfortably fits within you budget.
Recently we have seen an increase in the number of unsecured credit card debt consolidation loans. Generally the interest rates on these loans carry similar if not higher than your original interest rates. Thus the only real benefit is the convenience of one payment versus many. In some cases the interest rates on these loans are 20% or higher.
Debt Negotiation with Pacific Debt
With debt negotiations, Pacific Debt takes an aggressive approach to settling your debt. Our debt settlement program is designed for those consumers facing financial hardship who value getting out of debt over maintaining their credit score. Unlike most CCC’s or credit card debt consolidation programs that may only reduce credit card interest rates, Pacific Debt aims to settle your debt for less than you owe without requiring you to obtain a new loan or file bankruptcy. With our professional debt negotiating team, we will work to settle your debts in as short a time as possible. Remember, Pacific Debt works purely for you – not the credit card companies, collection agencies or creditors. Give us a call today to review all of the debt solutions available and the get the debt help you deserve!
To get started, go to PDI’s website and click Free Consultation or call toll-free at 877-722-3328. To register online, complete the application with information about your debt, where you live and how you can be contacted.
After you apply, PDI calls you to go over your options. If you qualify, a debt specialist emails you an enrollment packet. Complete your forms to enroll in PDI’s program.
Minimum debt considered. $10,000
Costs. Fees vary by state of residence. PDI typically charges a fee of 15% to 25% of your enrolled debt at the time of settlement (not at the time you sign up) — which is standard.
Typical turnaround. 24–48 months
750 B Street Suite 1700
San Diego, CA 92101
Phone: (877) 722-3328
Fax: (619) 238-6709