Pacific Debt Review
Pacific Debt is among the biggest debt solutions companies in the United States. Since the company was founded in 2002, it’s resolved over $300 million in debt.
Unlike other debt management companies that strictly offer consolidation loans, Pacific Debt works with your creditors. In order to help you get debt-free, its team works to reach an agreement on a lesser debt amount and a repayment schedule.
In this review, we’ll get into the details and help you decide if Pacific Debt is right for you.
Pros and Cons of Pacific Debt
- Zero upfront fees
- Free debt consultation
- A+ BBB rating
- Not available nationwide
- Minimum balance of $500 per account
What Does Pacific Debt Offer?
Pacific Debt’s main objective is to reduce your debt and monthly payments with its program. With this goal in mind, the company provides personalized support from an account manager and certified debt specialist. Together, you and your specialist will develop a plan to pay off your debt.
As we’ve noted, Pacific Debt’s team will work on your behalf to reduce the amount you owe to your creditors. On its website, Pacific Debt says it can help reduce debt by up to 60% of the original balance. The company can help you get out of debt in two to four years.
What Type of Debt Does Pacific Debt Handle?
By and large, Pacific Debt works with unsecured debt. For example, the company handles:
- Credit card debt
- Payday loan debt
- Personal loan debt
- Medical bill debt
- Collections and repossessions
What Are the Eligibility Requirements?
Generally, there are a few eligibility requirements. You must:
- Have a minimum of $10,000 of debt
- Be struggling to make minimum payments
- Live in Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Virginia, or Wisconsin
How Does the Debt Consolidation Process Work?
If Pacific Debt is a good fit for you, then it’s a matter of following these steps:
- Enroll in Pacific Debt’s program.
- Stop making minimum payments.
- Put money into an FDIC-insured account each month.
- Pacific Debt works with your creditors.
- Your account manager will contact you every few weeks until the program is complete.
Through following these steps, Pacific Debt says you can get debt-free in two to four years. As an important aside, we should also note that debt management programs can initially lower credit scores. All in all, many think the temporary credit hit is preferable to staying in debt or declaring bankruptcy.
What To Expect on the Site
Before your free consultation, Pacific Debt’s website has a brief online form you need to complete. In order to get to know your situation, the form asks:
- How much debt do you have?
- Are you behind on payments?
- Which state do you live in?
- What’s your name, phone number, and email address?
At this point, a Pacific Debt team member will contact you for a free consultation to assess your debt.
In general, you can expect to pay 15 to 25% of your original debt balance in fees. However, there are no upfront fees. So, you only pay fees once you see actual results and your program is complete. Furthermore, Pacific Debt’s fee is always factored into your program estimate.
What People Are Saying About Pacific Debt
Pacific Debt is a well-established company with a trusted reputation. For instance, Pacific Debt has an excellent Trustpilot rating. As of April 2021, it has a customer rating of 4.8 out of 5 stars based on more than 760 reviews:
- 79% of customer reviews rate Pacific Debt 5 out of 5 stars
- 94% of customer reviews rate Pacific Debt at least 4 out of 5 stars
Since Pacific Debt has been accredited with the Better Business Bureau since 2010, the company has a long record. Additionally, Pacific Debt has an A+ BBB rating and a customer rating of 4.86 out of 5 stars.
Not only does Pacific Debt have strong customer satisfaction ratings, but it’s also been praised by notable industry watchdogs. For example, U.S. News & World Report has named it the best debt solution company for flexible program length.
The Bottom Line
When it comes to something as life-changing as debt solutions, it’s important to consider a company’s track record and customer ratings. Fortunately, Pacific Debt checks both of those boxes. And perhaps best of all? Pacific Debt offers free, no-obligation consultations. This means there’s no risk in exploring the company as an option.
Given these points, Pacific Debt is a good option to include in your search for top debt consolidation providers.