Pros / Premier Debt Help offers debt settlement programs in all 50 states.
Cons / This settlement company works with attorneys, which can add additional fees to your plan.
Verdict / Premier Debt Help has broader availability than other settlement firms, but its customer service isn’t as quick and it doesn’t recommend alternatives to debt settlement.
Premier Debt Help’s main selling point is its availability; it offers programs in all 50 states, more than even New Era or National Debt Relief . To do this, it partners with attorneys, which can result in some additional fees. Premier wasn’t as transparent with us as other settlement companies we interviewed were. When you call into Premier Debt Help you can expect a debt specialist to explain the specifics of a debt settlement program. They will likely give you an estimate of what you can expect to save by entering such a program. The specialist you speak to will also offer some details on how they negotiate down your debt and what is required to enter the program.
This firm requires a minimum of $7,500 total debt, with no account having less than $1,000. When you enter the settlement program, you’ll stop making payments to your creditors and begin depositing into an escrow account set up by Premier. After several months of saving, the company will begin negotiating with your creditors, using the money you’ve saved to offer as a lump-sum payment.
It can take anywhere from 24 to 30 months to complete the program. Premier can settle for as little as 45 percent of your amount. It charges a flat fee of 20 percent on the amount of debt you enroll in the program. This ends up meaning you’ll pay about 65 percent of your total debt, leaving you with a 35 percent savings.
It’s important to know that a debt settlement program will have adverse effects on your credit score. Because you stop making payments, your accounts will be listed as being late on your credit reports. Premier Debt Help partners with credit repair services to help you contest some of those listings.
Unlike many of the other debt settlement services we reviewed, Premier does not partner with credit counseling or debt consolidation lenders. It doesn’t offer a dedicated account rep, but it does provide a customer dashboard that allows you to check on your accounts, communicate with customer service and access educational resources.
Its debt specialists go through a rigorous training course to get certified by the IAPDA, an organization of debt arbitrators that ensure members provide customers with accurate information about the various options for managing their debt.
Premier Debt Help offers debt settlement services and credit repair referrals to customers looking for debt relief. It has a 20 percent flat fee on debts that it settles, which is about average for settlement companies.