Pacific Debt Inc. is an accredited debt settlement company that’s settled more than $300 million in debt since 2002. The San Diego-based company offers debt settlement services nationwide.
A debt settlement service is a way to help you eliminate your debt by allowing you to pay less than what you owe. Debt settlement is not an ideal solution but can serve as a last resort for those who have exhausted all other alternatives want to avoid bankruptcy. Pacific Debt connects you to one of its debt specialists to discuss the best way to address payday loans, credit card debt unsecured loan debt.
Enroll a wide variety of unsecured debts.
Debts are typically resolved in 24 to 48 months.
Settlement fees typically range from 15% to 25% of the total debt enrolled.
The program does not cover collateral-based loans like car loans or home loans.
Debt settlement can initially lower your credit score.
Pacific Debt cannot guarantee how much its program will lower your debt balance.
Pacific Debt works with clients to settle most types of unsecured debt, including:
Credit card debt
Personal loan debt
Deficient balances on repossessed vehicles
Some student loans
Collateral-based loans, such as car loans or home loans, are not covered by the program.
Pacific Debt does not charge an upfront fee its service fees typically range from 15% to 25% of the total debt enrolled in its debt settlement program. Fees also vary by state. Your fee is rolled into the monthly program payment, so you will make one payment to cover everything
Pacific Debt generally approves clients who have at least $10,000 in eligible unsecured debt are having difficulty making minimum payments. You must also live in one of the states where Pacific Debt operates in order to use its relief program.
Pacific Debt does not deposit money. The lender offers a debt settlement program by negotiating with your creditors to reduce the balance you owe, which may include waiving interest fees. With the program, you pay one monthly payment including Pacific Debt’s fee.
There is no minimum credit score requirement for Pacific Debt. However, your credit score could take a hit after you first enroll in the program because you will stop making monthly payments to creditors while Pacific Debt negotiates a settlement. Making regular monthly payments via Pacific Debt will help bring your score back up.
Pacific Debt has an A+ rating with the Better Business Bureau is accredited by the American Fair Credit Council the International Association of Professional Debt Arbitrators.
The enrollment process begins with a phone consultation with a certified debt specialist who will ask you more about your financial situation determine if the debt settlement program is right for you. Then, a debt counselor will email you a secured enrollment packet so you can complete the paperwork. From there, your application is submitted to servicing for approval.
The company has certified debt specialists on staff who help you create a plan to eliminate debt by settling with creditors. You don’t have to negotiate with lenders Pacific Debt – handles these conversations on your behalf.
People who have at least $10,000 in unsecured debt
People who are struggling to pay monthly loan bills
People who wants to work with a debt specialist to reduce outstanding debt balances
People who are more concerned about getting rid of debt than improving their credit scores
Q: How does Pacific Debt work?
A: After you call Pacific Debt, you’ll be connected with a debt specialist who will provide a free phone consultation to learn more about your financial situation. Then, Pacific Debt will determine if you qualify for its programs, if so which one is the best fit to help you settle eliminate debt.
Pacific Debt works to eliminate your debt in 2 to 4 years, depending on your circumstances. Pacific Debt has negotiators on staff who work with you your creditors to minimize the amount you have to pay.
Pacific Debt does not consolidate loans, which means rolling outstanding loans into one new loan with a lower interest rate. Instead, Pacific Debt helps settle debt by working with creditors to reduce fees, interest other expenses so your balance is lower.
You’ll have one monthly payment based on your budget, which will include the fee Pacific Debt charges for its services.
Q: Is Pacific Debt Legit?
A: Pacific Debt has an A+ rating with the Better Business Bureau, earning 4.8 out of 5 stars. TrustPilot gives Pacific Debt 4.7 out of 5 stars. The company says it has settled more than $300 million in debt since 2002.
Q: How do you get approved for Pacific Debt?
A: You should have more than $10,000 in unsecured debt. Pacific Debt is best for consumers who are having trouble making minimum payments are concerned about reducing the amount they have to pay. Approval begins with a phone call to Pacific Debt for a free consultation. Then, you will receive an emailed packet to complete, which is processed by the customer service department for approval. Pacific Debt is not for consumers who can manage monthly loan payments have good to excellent credit.
Citizens Bank is a regional bank based in Providence, Rhode Island. It offers traditional banking services products, including home loans mortgage refinance loans.
Provides a homebuying service with rewards for borrowers in select states
Offers an interest rate discount for qualifying automatic payments
Offers the ability to apply online
Has brick-and-mortar branches in only 11 states
Doesn’t have specialized loan options
Which Mortgage Products Does Citizens Bank Provide?
Citizens Bank offers several mortgage products directly in 11 states through its subsidiary, Citizens One, in other states. Options include:
Home equity loans
How Can I Qualify for a Loan With Citizens Bank?
Citizens Bank doesn’t provide any public information about its credit score or debt-to-income ratio requirements. In general, a conventional mortgage requires a FICO credit score of 620 or above. Other loan types can have different eligibility requirements. The higher your credit score the lower your debt-to-income ratio, the better your chances are of getting approved.
What Mortgage Fees Does Citizens Bank Charge?
The lender doesn’t disclose its closing costs publicly but, as with any other lender, will provide a loan estimate when you submit your mortgage application. In general, closing costs range from 2% to 5% of the purchase price of the home you’re buying.
If you use the bank’s homebuying service, Your Home Rewards from Citizens Bank, you could get a cash reward of between $350 $6,500 when you buy (or sell) your home. This reward can help offset the cost of closing on your loan. However, it’s not available in Alaska, Iowa, Louisiana or Missouri.
Does Citizens Bank Offer Good Customer Service?
Citizens Bank has a B rating with the Better Business Bureau.
The Consumer Financial Protection Bureau received 284 mortgage-related complaints in 2020 about Citizens Bank. The most common complaints involved:
Having trouble during the payment process.
Applying for a mortgage or refinancing a mortgage.
Struggling to pay a mortgage.
Closing on a mortgage.
Each complaint received a timely response. There were 273 complaints that were closed with explanation by Citizens Bank 11 were closed with monetary relief.
Does Citizens Bank Offer Online Features?
You can complete the entire mortgage application process, including uploading documents, through the lender’s website. Once you’ve closed on your loan, you can manage it through your online account.
Citizen Bank Mortgages Are Best for:
Existing Citizens Bank customers who can qualify for the rate discount
Homebuyers who are eligible for the lender’s homebuying service
The Massachusetts Educational Financing Authority offers private student loans to undergraduate graduate students who are Massachusetts residents or attend school in the state. The lender also offers education refinancing loans across the country.
Offers co-signer release on undergraduate loans
Provides deferment on in-school loans for up to five years
Allows students to borrow up to the cost of attendance minus financial aid
Does not offer co-signer release on graduate or refinancing loans
Has residency requirements for in-school loans
Provides less flexible repayment options for graduate refinancing loans
Find the Best Student Loans for You
MEFA has student loan options for all levels of education refinancing, including:
Undergraduate student loans
Graduate student loans
Student loan refinancing
Only fixed-rate in-school student loans are offered by MEFA. Borrowers looking to refinance can choose between a fixed or variable interest rate.
In-school loans start at $1,500 for public school $2,000 for private school tuition, with a maximum of the school’s cost of attendance minus financial aid. Undergraduate students can choose between a 10- or 15-year repayment term, while graduate students are given 15 years.
All in-school loans have an origination fee of 4 percent if you apply with a co-signer.
Education refinancing loans start at $10,000 with 10- 15-year repayment terms. There are no application, origination or prepayment fees.
Both undergraduate graduate loans require the student to be a Massachusetts resident or attend school in the state, be a U.S. citizen or permanent resident. Borrowers must also be enrolled at least half-time in an accredited program at an eligible college or university. They must maintain satisfactory academic progress as defined by the college or university.
To qualify for an education refinancing loan, borrowers must be a citizen or permanent resident of the U.S. with an established credit history. You also can’t have any history of default or delinquencies in the past year or history of bankruptcy or foreclosure in the past five years.
If you don’t qualify for an in-school or education refinancing loan on your own, you may add a co-signer to your application.
Repayment options can vary, depending on the type of loan you have. Undergraduate borrowers can choose between immediate repayment, interest-only repayment deferred repayment, while graduate borrowers don’t get an immediate repayment option.
Education refinancing loans don’t offer interest-only or deferred repayment.
Students can defer undergraduate loans for up to 60 months graduate loans for up to 36 months. The lender doesn’t provide deferment options for its refinancing loans.
MEFA does not offer clear policies for forbearance due to financial hardship, or for discharge if the student dies or becomes permanently disabled. Only undergraduate loans offer co-signer release. To qualify, borrowers must make 48 consecutive, on-time payments meet MEFA’s credit requirements.
MEFA has an A+ rating with the Better Business Bureau. In 2018, the Consumer Financial Protection Bureau received 24 student-loan-related complaints about MEFA. The most common issues were related to:
Troubles with how payments are handled
Receiving bad information about a loan
Lack of flexible repayment options
Problems with customer service
MEFA provided a timely response to 23 of the complaints closed all 24 with an explanation.
Students who live or go to school in Massachusetts
Students graduates who qualify or have a co-signer who qualifies
Undergraduate students who want a co-signer release feature
EDvestinU is a nonprofit student loan lending refinancing organization. It offers student loans to borrowers in all 50 states. Undergraduate graduate loans student loan consolidation are available.
Loans are available from $1,000.
Borrowers can make full payments while in school, pay the interest only or defer payments.
EDvestinU student loans have no application, origination or prepayment fees.
The deferment forbearance options for borrowers experiencing financial hardship are vague evaluated on a case-by-case basis.
There is an aggregate limit of $200,000 on the total amount borrowed.
Find the Best Student Loans for You
EDvestinU offers both undergraduate graduate student loans, as well as refinancing. The lender’s student loan options include:
Both fixed variable-rate student loans are offered by EDvestinU. A rate discount of 0.50 percent is available to borrowers who enroll in automatic payments have a co-signer.
Loans are available from $1,000 up to the maximum determined by the student’s school of choice. There is an aggregate limit of $200,000.
There are no application, origination or early repayment fees.
EDvestinU private student loans are available to dependent independent U.S. citizen permanent resident undergraduate graduate students. International students may also be eligible with a creditworthy U.S. citizen or permanent resident co-signer. Students are required to be enrolled at least half-time at a U.S.-based, Title IV, degree-granting postsecondary college or university.
EDvestinU doesn’t indicate the credit standards required to qualify for a loan. Co-signers are accepted. The borrower or co-signer must have a minimum income of $30,000.
Borrowers have a few options when it comes to repaying their EDvestinU student loans, including:
Immediate payment for parents graduate students
Interest-only payments while in school
Deferred payment with no in-school payments required, with the option to make extra payments as desired. There are no penalties for early repayment.
EDvestinU allows payments to be postponed with in-school deferment while the borrower is enrolled more than half-time.
EDvestinU does not provide a clear policy for deferment or forbearance due to financial hardship. However, borrowers facing hardship may qualify for loan deferment.
Loans are forgiven for the student (co-signer, if applicable) if the student dies or suffers a permanent disability. Co-signer release is available after 24 months of consecutive, on-time payments with a borrower FICO score greater than 749 a minimum income of $30,000. Additionally, the borrower cannot have any foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records with an open balance of more than $100 during the last seven years, cannot be involved in any bankruptcy proceeding or filing within the past 10 years cannot have any defaults on education loans.
EDvestinU is not rated by the Better Business Bureau. It has a three-star rating on Google Reviews. In May 2018, Moody’s Investors Service began reviewing EDvestinU for a possible upgrade on its ratings.
Students who want the option to make up to full payments while in school