Debt Settlement FAQs

Debt Settlement FAQs

Premier Debt Help Canada offers professional Debt Help Canada. For your convenience we have listed some of the most commonly asked questions that we receive from our
customers and prospective clients. If you cannot find the answers to any questions that you may have, if something is not perfectly clear or if you have If you have
any additional questions, please don’t hesitate to call us toll-free at 1-877-567-1023 .



Click on question to read answer.


Question1: Who is an ideal candidate for Debt Settlement?


  • Someone who has some type of hardship such as (illness, disability, divorce, job loss, or a reduction in pay) and is having difficulty making payments on their credit card debt.
  • Someone who has past due credit card debt in excess of $5,000, with high interest rates and unsustainable payments such that the individual is considering filing bankruptcy.
  • Someone with a debt problem that he or she cannot resolve.
  • Someone who is having trouble staying current and is delinquent on their accounts or is receiving collection calls or is close to having suit for a judgment filed against them.
  • Someone considering bankruptcy, but would like to avoid it.

Question2: How does the debt settlement process work?


The process starts with a free one-on-one fully confidential phone consultation with one of our trained debt settlement specialists. A consultation takes less than ten minutes. During the consultation, our debt specialist will analyze your current situation and see if you are a candidate for debt settlement. Most consumers qualify if they have at least $10,000 in unsecured debt. He will then go over your options with you.

If you qualify, your debt counselor will go over all of your accounts with you and come up with a payment plan that you can afford to pay back your debt easily. We will then negotiate your debt with your creditors to reduce your debt by up 50%. You will then get a set monthly payment plan and if you stick to your payments, you will become debt free in 36 months or less! Call 888-812-1232 to get started today.

Question3: What are the fees associated with a debt settlement program?


The fees are different for each and every client and are dependent upon the complexity of your financial situation and the effort required by us to assist you to zero debt. Your debt counselor will go over this with you in full detail. The good news is that the fees that we charge are included in to your payment plan and are a very small fraction of your debt balance. Considering that we will negotiate your balances by up to 50% of what you originally owed to your creditors, you won’t feel our built in service fee at all. In fact by the end of the Premier Debt Help Canada Debt Relief Program you will have still have saved an exorbitant amount of money while at the same time becoming debt free forever.

Question4: Can you settle your debt on your own?


Yes, however, designing plans and settling debt is all Premier Debt Solvers does. You may be able to make your own plumbing repairs or install your own computer network, but most people don’t have the time or expertise to deal with it.

Creditors deal with thousands of people who are in financial difficulty every day and have a vast array of sophisticated (and some rather blunt) methods of intimidating you into financial arrangements you cannot keep.

The settlement process is usually very emotional and stressful, especially when you are the one being attacked by collectors over the phone. Most people prefer to leave these tasks to experienced people who earn their livelihood doing that particular kind of work.

We have a staff of debt negotiators whose only job is to negotiate the settlement of unsecured debt, every day, five days a week. By letting PDS do what we do best, you will get better settlements.

PDS knows how to deal with creditors and has in-depth knowledge about how these institutions work. We can potentially save you thousands of dollars and free you from a considerable amount of stress.

Question5: How long does the debt settlement program take?

The time to complete the debt settlement program varies from case to case and is primarily based upon how much money you will be able to set aside each month for credit debt relief of your enrolled accounts. During your initial free consultation, the time to complete the debt Negotiation program for your individual case will be discussed with you by our Debt Consultant. PDS’s average client plan is 36 months. The amount of time it takes to clear your debts is largely dependent on your current financial situation. If your budget is extremely limited results may take longer. Every situation is different and we will be happy to discuss this during your free confidential phone consultation.

Question6: Does Premier Debt Solvers keep my information confidential?


Yes. We maintain your confidentiality at all times. We only disclose information to those persons that you have authorized. All creditors that you have contracted us to settle with on your behalf will be contacted by us and advised that you have retained PDS to represent you. All information is considered highly confidential and personal. Please see our Privacy Notice.

Question7: What is the difference between unsecured debt and secured debt?


Unsecred debt is any loan or debt that has no tangible assets or property attached to it. The most common types of unsecured debt are credit cards, department store cards, medical bills, utility bills, and personal loans. Should you fail to make timely payments, the lenders only recourse is to pursue legal action.

Secured debt is debt for which the creditor has collateral in the form of a security interest in personal and/or real property. Should you fail to make timely payments on secured debt, the creditor is entitled to repossess the property and sell it. Please keep in mind that you may still be liable for any deficient balance remaining after the sale of the property. When dealing with secured debt, it is important to obtain advice from a licensed lawyer in order to protect your interests.

Question8: Will fees and interest continue to accrue?


Most creditors will continue to charge fees and interest until the account is written off (typically 120 – 210 days) although it may be longer.

Question9: What happens to my credit?


The effect of our debt settlement program on your credit score will partly depend on your current credit status before starting the program. Few people with debt troubles have perfect credit to begin with. In general, your credit score (usually called the FICO score) will decline during the program, and will begin to improve again after you have become debt-free.

There are several key points to bear in mind here. We recommend against applying for new credit while going through the program.

It simply doesn’t make sense to take on new debt while you’re trying to tackle your existing debt problem. So the short-term decline in credit score is rarely a problem for clients.

Also, the credit score itself does not take into account the debt-to-income ratio, which is used by lenders (especially in the mortgage industry) to determine whether you qualify for a home or auto loan. In other words, you can have a high credit score due to a clean payment history (even though it’s been killing you financially to keep up those payments) and still be denied a new loan because you already carry too much debt. By completing a debt settlement program, your debt-to-income ratio will improve dramatically!

Any way you look at it, the effects of Debt Settlement on your credit will certainly be less damaging than the 10-year derogatory mark made by bankruptcy.

Question10: What about lawsuits?


While creditors have the legal right to bring a lawsuit for non-payment of a debt obligation, such lawsuits are far less common than most people think. It costs money to sue someone, and a legal judgment is simply a piece of paper unless there is a way to collect money against it. The threat of litigation, on the other hand, is all too common, even though debt collectors are not supposed to threaten legal action unless they are specifically authorized to bring suit. In general, lawsuits can normally be avoided, provided you are willing to work out suitable arrangements with your creditors through the negotiation process. Contrary to popular belief, most creditors would rather work things out amicably in a negotiated settlement than spend more money taking a customer to court (with no guarantee of being able to collect on a judgment). That’s why thousands of litigation-free settlements are transacted every month all across the country.

Creditors won’t admit it publicly, but our method works much better for them than forcing people into bankruptcy through overly-aggressive collection techniques. While Premier Debt Solvers is not a law firm and does not provide legal advice, we do want our clients to understand that the worst-case scenario is that a client might be required to pay a debt balance in full in the event of legal action by a creditor. This is little different from the starting situation most clients find themselves in, and again, it is a fairly rare occurrence.


List of Provinces & Territories where we offer debt settlement

  • Ontario


    Nova Scotia

    New Brunswick

    Northwest Territories

  • Manitoba

    British Columbia

    Prince Edward Island


  • Alberta

    Newfoundland and Labrador



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