The Good
DS Financial Services is an out-side-of-the-box settlement company requiring no minimum amount of debt to enroll in their services. Clients may enroll a couple thousand to hundreds of thousands in debt unsecured debt.
What sets this company apart from many of the industry’s leading competitors is the transparency described when taking advantage of their no-risk, no-obligation free consultation. Representatives are up-front when communicating how they operate in the practice settlement process. Like other settlement companies, they assess the callers’ financial situation and determine if their program will be suitable for them. They only take on debts in collections or have been charged-off. Many settlement firms have asked clients to stop making payments to their creditors all together in order for their arbitrators to begin the settlement process. Representatives of DS informed us this tactic is used to lure in hopeful consumers under burdening unsecured debt.
DS does things a little differently. They will never tell clients to stop making payments and, in fact, say it is incredibly unethical to take advantage of clients already under economic stress. All accounts must already be in collections in order for any creditor to budge on reducing the amount owed. Creditors figure if consumers are making payments already, then why settle.
Their fee structure is a little different than most with clients paying as little as 10 percent and as much as 50 percent of the total amount of debt enrolled. This is because they do not require clients to set up a trust account. They ask that clients build up the funds necessary to begin the negotiation process, which takes out the length of time to settle debts and the monthly maintenance fees charged by the banks to hold the trust account. Clients with a substantial amount of debt will be charged a lower percentage than those with just a couple of thousand enrolled in the program.
This method allows clients to see debts settled in a shorter amount of time while paying fewer fees in the long run.
Highlights of this company include:
- Free consultation
- No minimum enrollment amount
- 10% to 50% service fees
The Bad
The company certainly stands out and provides quick and detailed information during the consultation. However, we would like to see more company structure and transparency outlined on their company website, as information is extremely limited.
This company holds no accreditations with the AFCC, nor are they certified by the IAPDA. They expressed they probably never will be because they are all for-profit establishments.
Another aspect that may concern some is their lack of setting up a trust account. While this method may save on client fees and produce results in a shorter time frame, many consumers got themselves into a financial mess by not being able to save funds for a rainy day. This may not always be the case, though.
We would like to see more educational tools and resources provided on the homepage or even to clients enrolling in their program. Only a few and trivial facts are stated on the website. There is no FAQ page or company profile information anywhere to be found. We do not see a privacy policy or terms and conditions link.
The Bottom Line
This company may have an exceptional program for some. They settle debts quicker without requiring monthly escrow payments, which will certainly save the client money, but this may not be the best route for all consumers. It’s important to weigh the challenges and risks associated with enrolling in any company to determine whether their programs will meet your needs. Fees are reasonable and some of the industry lowest depending on total amount enrolled. If you can come up with a large lump sum, let’s say at least 40 percent of your total debt, this company may be what you are looking for. Otherwise, we recommend our top settlement companies.
Contact Information
Website: settlebankdebt.com
Email: [email protected]
Phone: (877) 322-6810
Address:
13570 Highland Mews Ct
Herndon, VA 20171
How Much Does DS Financial Services Cost?
This company charges fees a little differently. They require clients to have a lump sum to settle debts and fees will be assessed on the total amount of debt enrolled.
- Smaller enrolled account = 50% or lower
- Larger accounts = 10% or higher
Are There Any Up-Front Fees?
There are no upfront fees to get started working with DS Financial Services.
Can I Get A Free Consultation?
The company offers a free consultation upfront where they’ll examine all your financial statements and collection notices and total debt and discuss what you can expect in working with them. Small business owners are also encouraged to contact them for a free consultation to see how they can avoid having to file for bankruptcy and how many of their debts can be settled in an effort to give their business a second chance.
Does DS Financial Services Offer A Money-Back Guarantee?
There’s no cancellation policy, members can quit at any time without any monetary repercussions. Anyone who works with DS Financial Services does so willingly and should realizes that it’s ultimately up to them to cooperate with the program and make their monthly payments once a settlement has been reached. If you cancel early, the accumulated funds are yours to keep.
What Types of Debt Does DS Financial Services Work With?
The company works with unsecured debt.
About DS Financial Services
With over 18 years of experience, DS Financial Services offers consumers a debt settlement program different than many of its competitors. The company offers reasonable rates and no hidden fees. DS Financial Services promises that it will strive to settle your debts quickly.
Time in Business
19 Years. They opened their doors in 1996.
Debt Education
If you’re looking for debt education, DS Financial Services is probably not the best option. Their main focus is on helping you reach a debt settlement with your creditors. Though there will be some explanation and education of that process along the way, they don’t offer any official debt education services.
This is a weak point for this company.
Mobile-Friendly Site
No, they do not offer a mobile-friendly website or a mobile app. You can view the site on a mobile device, but it is not an optimized experience.
Services Provided
DS Financial Services focuses specifically on debt settlement by negotiating lower rates to pay off your debts. They also focus on helping small businesses avoid filing for bankruptcy by offering debt settlement services with small business needs and concerns in mind.
Minimum Debt Accepted
No minimum debt is required for DS Financial Services to work on your debts with you.
Additional Info
Payments are spread out by the debtor over either months or years depending on the amount of the original debt. Services specific to the needs of small businesses that are on the brink of filing for bankruptcy and struggling to keep up with their debts are offered by DS Financial Services who specialize in helping with business lines of credit and avoiding bankruptcy as a last resort. Services are offered nationwide though there are different laws per state regarding debt settlement practice and these things will be addressed during the initial consultation with the debt settlement specialist.
Online Dashboard
There is no real online dashboard for clients. The agent we spoke with did say that customers can log in to just view their account but there are no other benefits to the online access.
Accreditations
No, DS Financial Services is not accredited with the AFCC or the IAPDA.
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- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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