Minimum debt $15,000
Pros
- Staff includes IAPDA accredited debt specialists
- CDRI premier members
- Do not charge monthly consultancy fee
Cons
- Considers clients with only a minimum $10,000 debt balance
- Not AFCC members
- Minimum $450 balance per account required
Simple Debt Solutions, headquartered in the city of Los Angeles, California, is a debt settlement firm with a widespread presence. With operations spanning across 36 states in the United States, as well as Washington, DC, the company specializes in providing effective debt relief solutions to borrowers.
Simple Debt Solutions partners with specialized third-party service providers who excel in negotiating on behalf of enrolled clients. Through close collaboration, these reliable partners join forces with Simple Debt Solutions to deliver dedicated and expert support throughout the negotiation process.
Services Offered
Simple Debt Solutions extends its comprehensive debt relief services to address a variety of debt categories, including:
Unsecured Debt: This encompasses liabilities such as credit card debt and personal loans.
Private Student Loans: Simple Debt Solutions understands the unique complexities associated with private student loans.
Business Debt: Recognizing the financial challenges faced by businesses, Simple Debt Solutions extends its expertise to assist entrepreneurs and companies in managing and resolving their outstanding business debts.
Cost of Debt Relief Services
Simple Debt Solutions follows a contingency fee structure, a common practice among companies in the debt settlement industry. Under this model, the fees charged by the company are determined based on either a percentage of the enrolled debt at the time of consumer enrollment or a percentage of the savings achieved through negotiations.
In the industry as a whole, it is typical for debt settlement clients to experience a significant reduction in their enrolled debt, ranging from 45% to 60%. Simple Debt Solutions employs a fee structure that corresponds to the amount of enrolled debt, ranging from 19% to 25% of the total debt. It’s important to note that the specific pricing and costs of their debt relief services can vary significantly from client to client.
Money back Guarantee
Simple Debt Solutions prominently promotes a money-back guarantee as part of their service. In line with industry standards, money-back guarantees in the debt settlement sector generally ensure that clients will not be subjected to any upfront fees until their debts are successfully settled. It is important to note that charging upfront fees is prohibited by law in the debt settlement industry.
For precise and detailed information on the specifics of Simple Debt Solutions’ money-back guarantee, it is advisable to directly contact them. Simple Debt Solutions prominently promotes a money-back guarantee as part of their service.
Criteria for Eligibility
Simple Debt Solutions has specific eligibility criteria in place, requiring potential customers to have unsecured debt totaling $10,000 or more in order to be considered for their services. For individuals with less than $10,000 of unsecured debt, Simple Debt Solutions may suggest alternative options such as debt consolidation loans or credit counseling services
Conclusion
In the debt relief services industry, the two prominent trade associations are the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA).
While Simple Debt Solutions is not an accredited member of the AFCC, they hold membership with the IAPDA. Being an IAPDA member signifies that Simple Debt Solutions aligns with the professional standards and practices upheld by the association.
