How We’re Different:
Debt Shield’s Debt Negotiation and Settlement Program

The Debt Shield Difference

Unlike other debt relief options, debt settlement is designed to settle your debts for less than you owe. While some other debt relief options include extended payment plans that result in years of additional interest costs, payment plans for debt settlement programs are typically designed to be for less than creditors' monthly minimum payments and are projected to settle all your enrolled debt in less time when compared to some other debt relief options.

How Does Debt Settlement Work?

Debt Shield's debt negotiation and settlement process is fairly simple. It typically consists of five, straight-forward steps:

Prior to enrollment, a debt consultant will go through your budget, see if you qualify for debt settlement, customize a debt settlement program for you and help set up a savings plan based on what you can afford.
A monthly savings - which is typically less than minimum monthly credit card payments - is deposited by you into a separate, third-party bank account until there is enough to present your creditors with a settlement offer.
Once the requisite funds have accumulated, Debt Shield's representatives will negotiate with your creditors, one at a time, to settle your enrolled unsecured debt accounts.
Creditors typically accept a debt settlement when they realize you cannot repay the full amount of the debt and are at risk of filing bankruptcy. If you file bankruptcy, depending on which type, they may receive nothing.
Depending on your circumstances, creditors will often agree to accept a lump sum amount in full satisfaction of your unsecured debt on a particular account. Once an account is successfully settled, we will move onto your next creditor and start the negotiation process again.

Will Debt Settlement Work for Me?

Debt negotiation and settlement can be one of the fastest debt resolution options. At Debt Shield, we believe debt settlement is a great option for many people struggling with overwhelming unsecured debt, but it's certainly not for everyone. Most people who qualify debt settlement programs typically:

Have $10,000 or more in unsecured debt (e.g., credit card debt or medical debt; secured debt, on the other hand, is backed by collateral such as a mortgage or car loan)
Have experienced a death in the family or other loss of income
Are unable to repay a debt due to a financial hardship such as unemployment, divorce, medical emergencies

People experiencing legitimate financial hardships may be able to use debt settlement to settle their debts when they cannot afford credit counseling and want to avoid filing for bankruptcy.

Remember, debt settlement is an option for people who cannot keep up with their minimum monthly payments and want to avoid bankruptcy. Creditors typically will not negotiate on a debt when they believe you can repay the entire balance. Debt settlement works when there is a legitimate financial hardship that is keeping you from paying your unsecured debts.

We invite you to see whether you will qualify for our debt settlement program. However, we know that not everyone finds that our program is their best option due to the amount of their debt, types of debt, or other factors.

If you are ready to learn how debt settlement can potentially get you out of debt faster and for less money than other debt relief options, complete our online application to see if debt negotiation and settlement is right for you.

Harassed by Creditor Calls?

Are you constantly being harassed by annoying or even threatening collection calls? While no debt settlement company can completely stop collection calls, when you enroll in Debt Shield's debt settlement program, you are automatically enrolled (free of charge!) in a consumer advocacy organization that can assist you with harassing collection calls.

For a summary of what debt collectors can and cannot do, visit the Federal Trade Commission's Facts for Consumers page or read the full text (PDF) of the Federal Debt Collection Practices Act.

When Dealing with Harassing Collection Calls:

1. Contact UCAN

If you are already a Debt Shield debt settlement client, refer to your Creditor Phone Script and contact the United Consumer Advocacy Network (UCAN) immediately. No debt settlement company can eliminate all collection calls, but Debt Shield can help you find the resources you need.

2. Document the Call

Whether you are enrolled in a debt settlement company or not, if you believe a debt collector is harassing you, document the call right away. Note the time and date of the call, exactly what was said, your response, the name of the company and of the caller and any other information pertaining to the call. Because credit card companies sell old debts to debt collection companies, you should always be clear what debt they are calling about. Sometimes information about old debts can be incorrect so make sure the caller identifies the original creditor and confirms the amount owed.

You can use this information to file a complaint against the debt collector. You can report the abusive caller to the BBB, the FTC or your state's attorney general's office.

Call 1-888-397-7546 today for your free no obligation consultation and see if debt settlement is right for you. You can also learn more about the debt settlement process and see if you qualify.