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Trident Debt Solutions

No Up-Front Fees, A+ BBB Rating

Our Score
2.9
User Score
--

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Our Score
2.9
User Score
--
Rank this Company

Ratings Breakdown

Price

% of debt saved
30%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
12 Years

A+

Min. Debt

Min. debt accepted
$30,000

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: June 29, 2016

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. 

Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

#1

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#41
trident_debt_solutions_review

30%
$30,000

The Good

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

The Bad

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 Bottom Line

Trident Debt Solutions is an attorney based company. While they boast an A+ BBB rating and almost 15 years in business, we have some concerns. Their high minimum debt enrollment requirement is one of the biggest factors to consider, especially because the average amount of credit card debt held by consumers in 2015 is just under $16,000. Although this company is not accredited by the AFCC or the IAPDA, Craig is a licensed attorney so he must practice with ethical legal standards according to the American Bar Association; otherwise he will be stripped of his credentials. For consumers with over $30,000 in debt, we recommend taking advantage of their free consultation to see if they are the right fit for your financial needs.

Price

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.

Up-Front Fees

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.

Free Consultation

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.

BBB

A+. No complaints filed. Received BBB Gold Star award in 2012 from the Denver/Boulder area BBB.

Debt Education

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.

Mobile Friendly

They offer a mobile friendly website that makes browsing on mobile very convenient. There are no specific apps designed for mobile phones.

Cancellation Policy

Trident Debt Solutions charges no fees for canceling.

Contact Information

E-Mail: 

[email protected]

Address:

1444 Stuart St
Denver, CO 80204-1245

or

395 Oneida St.

Boulder, CO 80303

Business Hours:

8-6 Monday – Friday

Services Available

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.

Online Dashboard

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.

Accreditations

No, they hold no AFCC or IAPDA accreditations currently.

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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • 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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Our Score
2.9
User Score
--
Rank this Company

Ratings Breakdown

Price

% of debt saved
30%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
12 Years

A+

Min. Debt

Min. debt accepted
$30,000

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0
Our Score
9.4
User Score
9.6
Rank this Company

Ratings Breakdown

Price

% of total debt
15-25%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
14 Years

A+

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
284