Trident Debt Solutions is a top rated financial consulting company specializing in debt settlement. This small Colorado based company boasts an impressive 30 years of combined experience with a debt resolution of over $25 million. Since 2003 clients have found debt relief under the legal services provided by attorney Stephen T. Craig.
Trident Debt Solutions explains their incentive to negotiate a settlement on the client’s behalf clearly. If they are unable to negotiate at least a 30% reduction of the original debt amount, there is no charge for their services. There is also the unique option of electing to refer all creditor calls to an attorney for a flat, one-time-only fee of $100 for each credit account.
This company provides clients with services backed by attorney, Stephen Craig who has helped resolve debts of over 3000 clients. We like that they offer lawyer based services because this allows them to give clients the most leverage against harassing creditors. Typically, cases handled by lawyers are provided the best settlement opportunity.
They begin all negotiations with what is called reverse auction. What this implies is that they begin the negotiation process on the client’s behalf by contacting creditors and informing them of the limited amount of funds the client has, which is not enough to pay each creditor. Whichever creditor offers the best settlement rate will likely be the one they will settle with first. Craig puts creditors in a position to bid against each other, really upping the pressure.
Craig settles debts with creditors for at least 50 to 60 cents on the dollar—a figure that includes the company fees. Their objective is to get clients out of debt in fewer than two years, with some cases being fully resolved in as little as six months, which is better than some of the other industry leaders who offer term lengths up to five years, increasing the chance for litigation.
What makes this company unique is the personalized level of service they provide because the company is a smaller one with only one attorney. Success rates have been 100% in the past 10 years. When an attorney is hired, under federal law creditors must go through the attorney, stopping the harassing phone calls to their clients. He is transparent in stating that from time to time his clients have been sued, although not a single client has ever seen the inside of a courtroom.
Other highlights to this company include:
- A+ BBB rating
- Winner of the Gold Star Award
- Provides legal advice
- Personalized service guides clients from start to finish
- At least 30% debt reduction or services are free
- Free consultation
- Practices bankruptcy
They seek specific client types with a wide debt load of at least $30,000, but typically those with higher debts around $60,000+ who are able to raise, or save, at least 50 percent of their debt load in a short period of time of 2 years or less, which significantly reduces the risk for litigation and being sued. Craig understands there are not many of those client types out there, but claims, “for those that are, we like to offer them a very high level of service.”
While there is an opportunity to take advantage of a free consultation, there is not a toll-free number; consumers must dial directly to Denver or Boulder, CO.
The charge for debt settlement is 25% of the savings negotiated for the client, after the settlement is complete. You also have the option of adding an additional service – refer calls from creditors to an attorney for a one-time a flat fee of $100 per creditor.
There are no up front or set-up fees. Monies are deposited to build up a trust fund account which is used to pay the settlement.
A free consultation is available, although a name, phone number and email are required to make the request.
Time In Business
The founder, Stephen Craig, has been a bankruptcy attorney since 1994. He started Trident in 2001, and has been BBB member since 2003.
A+. No complaints filed. Received BBB Gold Star award in 2012 from the Denver/Boulder area BBB.
There are educational videos on the website, but no specific hands-on tools are provided. The videos include talks on eliminating credit card debt, debt settlement, effect on credit rating and even guilty feelings for negotiating lower settlements. This speaks to a certain awareness on their part of the emotional toll stress over debt can cause.
Money Back Guarantee
They feel that they put their accountability on the line by guaranteeing at least a 30% reduction of the original debt amount, or their services are free.
Unsecured vs. Secured Loans
Trident’s programs are for unsecured debt relief resulting from credit card bills, unsecured lines of credit or other kinds of non-collateral loans.
They offer a mobile friendly website that makes browsing on mobile very convenient. There are no specific apps designed for mobile phones.
Trident Debt Solutions charges no fees for canceling.
1444 Stuart St
Denver, CO 80204-1245
395 Oneida St.
Boulder, CO 80303
8-6 Monday – Friday
The principle service is Debt Settlement, and as an adjunct to that, client counseling and debt negotiation are included. Though Trident’s founder is a bankruptcy attorney, Trident itself does not handle bankruptcies.
Minimum Debt Accepted
Trident deals with only those clients who have a large amount of debt. $30,000 is the minimum and the firm says they often handle up to $200,000 and more.
No, there is no customer portal that Trident Debt Solutions offers aside from giving you access to your trust account that is set up for your debt settlement case.
No, they hold no AFCC or IAPDA accreditations currently.
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