What is debt settlement?

Debt settlement is a mutually beneficial agreement between the debtor and creditor to resolve the balance on a debt, at a reduced amount. A debt settlement agreement may be necessary to settle a debt if the borrower is experiencing a financial hardship that would prevent them from making the minimum monthly payments or paying the full amount. 

What is a debt settlement program?

A debt settlement program acts as a liaison between you and your creditors. The program’s negotiators work out the settlement on your behalf, getting your balances reduced. You only pay around 60% of what you owe including fees and interest. 

  • Reduce your balances by 40% on average 
  • You can pay much less than you owe on each debt and save money 
  • You can be debt-free in 36 months 
  • You can have one low payment each month to take care of all debts
Debt Settlement Services may consolidate your monthly payments into one reduced payment and you can become debt free in under 3 years, versus 7 or more years when paying minimum payments. Apply now!

Debt settlement programs can get you out of debt fast. Give us a call to find out how fast you can become debt free at 1-866-376-9846.

How Does a Debt Settlement Program Work?

You will get setup with a single and affordable monthly payment – whether you have one or five unsecured debts that need to be settled. Even though your creditors are not paid each month – your single monthly payment plan will account for all of your debts.

Each month as you make the payment the funds will be accumulating in your FDIC Insured Trust Account. When enough funds accumulate – negotiations begin. 

One by one your debts will be negotiated down and settled (paid off). Before the creditor is paid – you must approve the settlement or reject it.

You have full control of your program. Typically – settlements are only a fraction of the total balance owed, but results do vary. During your consultation, we will provide you an estimated monthly payment and savings quote. 

How to find out if you qualify for a debt settlement program?


Our IAPDA Certified Specialists will quote you on a monthly payment based on what creditors you have, the balances on each account and your budget. (The payment quote is based on thousand’s of past client results.)


If we can reduce your payment to be affordable, and you want to move forward with the program, you will be sent the paperwork. (We can send the approval paperwork in electronic format so that it’s quick and easy for you to review and sign.)

After 14-years of offering this program, we have it fine-tuned so that it’s easy for our clients to get approved.  

Do Debt Settlement Programs Work?

Golden Financial Services is an A+ rated debt settlement company at the Better Business Bureau. Click here to verify at BBB.org

Golden Financial Services is A+ rated by the Better Business Bureau (BBB.org) CLICK TO VERIFY RATING AND REVIEWS

At Golden Financial Services if the program doesn’t work, you won’t pay a dollar. No fees are earned until results (settlements) are achieved and completed. 

Golden Financial Services has been in business since 2004. We have no customer complaints, many awards and accreditations, and lots of positive online reviews. 

Go online and check out our client reviews on your own, that will be your reassurance that these programs do work.

What happens after I get approved for a debt settlement program?

  • Once approved for the program; all of your creditors will be contacted and informed that you are on the plan.
  • Your reduced monthly payments will start.
  • If your creditors have any questions, they will be directed to contact your team of negotiators that we set you up with. 
  • As soon as your creditor agrees to lower the balance, we immediately send you the “written offer” to review. If you approve it, the funds are released from your trust account and get paid to the creditor.
  • One by one we get your debts reduced and paid off until you are debt free.

Isn’t there a debt settlement fee for the program?

Our fee is already included in your reduced monthly payment. We only earn our fee after each debt is settled and paid. Until your debt is settled, our fee is sitting in your trust account and under your control.

You’re the boss! 

You are never locked into the program and can cancel at any time. If we don’t perform, we don’t get paid — it’s that simple!

Golden Financial Services is an IAPDA Certified and Accredited Debt Settlement Company.

Call For a Free Consultation & See How Much You Can Save at 1-866-376-9846



A Real Client – Debt Settlement Case Example:

Original Creditor: Citibank Credit Card  Balance of $4,216.14

Settlement Amount – $1,475.65

Client Saved: $2,740.49

A debt settlement success case - example letter

See Debt Settlement Example Letter; An Agreement to Settle a Citibank Credit Card for a Fraction of the Balance Owed

How much does debt settlement affect your credit score?

A debt settlement program requires you to fall behind on your monthly payments. If you fall behind on your monthly payments, your credit score goes down.

You have to ask yourself; is your credit helping you right now? Or is your debt causing you more harm?

Typically a person’s credit score will go down over the first year of the program. As their debts get paid off one by one, clients start to see an improvement in their debt to income ratio. Debt to income ratio is an important factor that illustrates if you are credit worthy or not. 

Once you finish the program you can rebuild your credit score by getting new credit and staying current on your payments going forward. 

If you don’t want your credit score to be negatively affected, it’s important to explore all of your debt relief options before deciding on debt settlement.

Give us a call to talk about your debt and ways to resolve it at 1-866-376-9846. 

Debt Settlement Program Qualification Guidelines 


1. If you can only afford minimum payments or less

2. You must have over $7,500 in total unsecured debt

3. Not all states qualify

Take a look at this Debt Settlement Image – it tells a story – explaining how debt settlement works in a cartoon-like manner. 


What is debt settlement?

What debt settlement companies are legitimate?

Follow These 12 RULES that all the best debt settlement companies have in common:

  1.  When obtaining debt settlement help, sign up with a debt settlement company that has been in business for 5-PLUS years. Make sure they have a proven track-record and a sufficient volume of clients. And don’t just take their word for it, actually look up their time in business at either their state’s division of corporations website or at BBB.org.
  2. What is their plan of action if your creditors issue a lawsuit? Make sure the debt settlement agency has “lawsuit and legal defense” included in the program.
  3. Make sure the company has an A+ Rating with the Better Business Bureau.
  4. Debt Settlement programs should last for no more than 48 months, but usually, should be completed in less than 3-years.  A debt negotiation company should not offer consumers a 6 or 7-year plan (RED FLAG) just to give them a smaller payment.
  5. Debt arbitration companies should only collect their debt settlement fee when debts are “paid off”, and not up front. (a performance based fee)
  6. What kind of customer service do they have? You want to be able to call in and speak to an experienced customer service representative or legal assistant when you have questions about your settlements or plan. Call-in frequently after you sign up for the program and make sure you can talk to an agent with ease. You can cancel the program immediately if you sense the company only has one or two employees working from home!
  7. In the 1st 30 days of the program, your creditors should be contacted, and you should receive instructions on how to access your account online. The company should provide you a welcoming package and a welcoming phone call to go over your welcoming package. The company should educate you on how to handle creditor phone calls, where to send collection letters when you receive them, and education on your consumer rights. If you don’t get any correspondence or attention during those first 30 days, cancel.
  8. The debt settlement company should have NO BBB COMPLAINTS at the Better Business Bureau. Just because they have an A rating, make sure to also look at reviews and complaints.
  9. Check online at Google and Yelp for customer reviews. Do not sign up with a debt relief company that has lots of negative reviews, and only positive reviews on their own websites.
  10. Before signing up on a debt settlement plan the company should have an experienced debt counselor explain all credit card debt relief options to you. Don’t sign up with a company that tells you debt settlement is their only option and that you should only look into debt settlement. Debt validation, debt assumption, debt consolidation and consumer credit counseling are all viable debt relief options for 2017.
  11. The best debt relief companies provide clients with financial education while on the program. (Click Here to Learn how this Program Affects your Credit)
  12. Make sure before you join a debt settlement service — that they are IAPDA Members and Accredited. IAPDA stands for “International Association for Professional Debt Arbitrators” — this is “school and training” for debt settlement companies.