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Frequently Asked Questions
Why do I need to send my request in writing, I'm telling you over the phone?
We require certain requests in writing so we have a permanent record of the request in order to protect your interests. When we have a signed document, an e-mail or a request submitted over our secure website, there is no question as to who made the request or whether or not we received it. Though this may seem to be an inconvenience we ask
If any of my personal information changes, who do I contact?
The easiest way to inform us of changes to your address, phone numbers, e-mail address, etc. is to go to the client website clients.thedebtsolution.com and make the updates right there.
If you don't have access to the web and want to get the changes to us, you should send them to us in writing by fax or by letter. We can take this information over the phone but occasionally numbers get transposed or other errors occur and we have nothing to refer to for corrections. Our mailing address and fax numbers are:
The Debt Solution
25115 Avenue Stanford Suite 300
PO Box 801090
Santa Clarita, CA 91380-1090
Fax: (661) 702-0317
Why do my accounts keep jumping from collection company to collection company, why do they keep changing?
There are two kinds of collection agencies. One contracts to collect past due accounts on a commission arrangement whereby they keep a percentage of what they collect and forward the rest to the creditor. The other buys past due accounts at a discounted rate and makes money by collecting the full balance or as much of it as they can collect.
Some creditors try two or three of the first type of collection agency before they finally sell the account to the second type of collection agency. Usually, the collection agencies that buy accounts work them themselves and don't hire contracted agencies to collect on commissions. This is not always the case, so sometimes an account will be sold, worked by the agency that bought it and then contracted out to another agency to try to collect on a commission basis.
How do I change my address with the Bank?
The most efficient way to do it is to notify us of your address change and we will forward it to the bank.
What is your physical address?
We are physically located at 25115 Avenue Stanford, Suite 300, in Valencia, California. We receive all of our mail in our PO Box because it is more efficient. The mailing address to use is below.
The Debt Solution
25115 Avenue Stanford Suite 300
PO Box 801090
Santa Clarita, CA 91380-1090
Which accounts are going to be settled first and when? Which account will you settle next?
Though these questions are asked by nearly every client, the answers will be different for every client. There are many factors used in determining which debts we will attempt to settle first. Some of them are: which creditors a client has accounts with, the statistical tendencies of those creditors both long term and short term and the balances of the client's accounts. Creditors change their settlement policies frequently and these policy changes have an affect on what accounts we settle at what times.
Each client's individual situation is reviewed and the sequence of settlement is set based on the above and other factors. That sequence is adjusted from time to time as circumstances change.
When will I hear from you again?
Our computer system is programmed to send you automatic e-mails any time something changes with one of your creditors. The types of changes you are notified about are accounts going to collection agencies, and negotiations beginning.
We also make a definite effort to review every client's case every 45-90 days. When we do these reviews we usually send you a short note, via e-mail or US mail letting you know that we have done so and covering anything else that we might need to communicate to you.
How much will you need to settle my accounts/next account?
This common question must be answered individually. It is important to keep in mind when asking this question of our Customer Service staff that they cannot give exact figures. They can only give you the best estimate based on past results with a particular creditor. Past settlement performance is no guarantee of future results.
What happens between settlements, while I am accumulating funds?
There are several things that happen between settlements. We continue to receive communication from most creditors and depending on the nature of the communication we will update our systems or answer their questions as appropriate. Sometimes we receive settlement offers from creditors when clients do not have sufficient funds to settle. In those cases we inform the creditor of the situation and try to give them an idea when the clients might be able to settle. Most often we are dealing with creditor attempts to collect the debts and letting them know that our clients do intend to settle as soon as possible.
Why do I get a statement requesting money when the account was recently settled?
These statements are usually computer generated. We have been informed by several creditors that it often takes a few weeks for all of their computer systems to reflect that an account has been settled. During that time clients may receive statements, letters and occasionally phone calls from creditors they have recently settled with. These are easily resolved by sending the creditor copies of the settlement letter they sent to us concerning that settlement.
My family wants to pay off my debts; can you settle all my accounts at the same time? I just inherited some money; can you settle all my accounts at the same time?
Yes, we can settle all of your accounts at once if you have the funds to do so. To do this you would need to transfer the funds to your Settlement Account at Bank of the West. Once we know those funds are there and available for settlement, we will begin negotiating settlements for all of your accounts.
I lost my job, but I want to stay on the program. / More things have gone wrong but I want to finish the program. Should I notify you if my situation has changed?
It is vital that you notify us whenever you experience any change to your financial situation. Whatever bump in the road you encounter, contact Customer Service and one of our customer service representatives will assist you to get through the rough patch and complete the program. We will usually work out a lower monthly deposit to your settlement account for about 3 months or so. At the end of 3 months we'll review your situation with you and determine what further adjustments, if any, are needed.
What happens if I reject a settlement? Can I change my mind and accept it later?
These are excellent questions. Rejecting a settlement carries some risk for the client. If the creditor is giving us the best deal they can give on your account and you reject the settlement, subsequent negotiations usually will result in you paying more than if you had accepted the original settlement we presented to you. This is not always the case. Sometimes it pays off. Sometimes, on rare occasions, after a client rejects a settlement we can get the same or better settlement later on. This does not happen often.
If you reject a settlement we notify the creditor that the terms of the settlement were not acceptable to you, our client. If you change your mind within the same month of us notifying the creditor that you rejected the settlement, we may be able to still get the settlement done with the same terms. We cannot guarantee this, but it is possible. It is much less likely if you change your mind after the month has closed.
I have enough in my settlement account. Why aren't you settling my smaller accounts?
There may be circumstances where it is better for you overall to let the smaller accounts sit so that we can get the best possible settlement on a larger account. Usually this strategy results in saving you more money than if we settled a smaller account or two and them missed an opportunity with a larger account. Again, this answer is given in vary general terms because these types of decisions are made on a case by case basis. We often settle smaller accounts first, but when we let them go it's usually because we are trying to save you more money by getting a bigger account settled with the most favorable terms for you.
I just received a letter in the mail from [a collection agency] requesting I make payments to them. What should I do?
You should send the letter to us (by mail or fax) so we can contact the collection agency.
When my account charges off, what does that mean?
A Charge off is "a debt that is deemed uncollectible and written off. Also known as a bad debt." www.investopedia.com. Creditors will usually report accounts they have had to charge off to the credit reporting agencies. This is considered a negative item on a credit report.
Why don't you make payments to the creditors?
The main reason is that we are not receiving money from you each month. We are not a debt management or Consumer Credit Counseling program. When you enroll in our program you agree to follow our program and put money into your settlement account each month. We do not have access to those funds until you give us access to those funds via a written approval of a settlement.
How can my debts be paid off sooner?
All it takes to settle your debts is sufficient funds. You can speed up the process by increasing the monthly amount you are putting into your settlement account or by finding alternative sources of funds. Such alternative sources can be family, friends, home equity, etc…
Are there any programs available that can help me with refinancing my home to pay off my debts?
Yes there are. Our sister company Benchmark Innovative Solutions can assist you with this. If you would like to speak to one of their representatives to find out if you qualify for one of these programs you may call them at 1-800-869-0333.
Who is the Federal Trade Commission?
The best explanation is given by the Federal Trade Commission itself. The following was taken from a page on their website:
Guide to the Federal Trade Commission
The Federal Trade Commission (FTC) works to ensure that the nation's markets are vigorous, efficient and free of restrictions that harm consumers. Experience demonstrates that competition among firms yields products at the lowest prices, spurs innovation and strengthens the economy. Markets also work best when consumers can make informed choices based on accurate information.
To ensure the smooth operation of our free market system, the FTC enforces federal consumer protection laws that prevent fraud, deception and unfair business practices. The Commission also enforces federal antitrust laws that prohibit anticompetitive mergers and other business practices that restrict competition and harm consumers. Whether combating telemarketing fraud, Internet scams or price-fixing schemes, the FTC's primary mission is to protect consumers.
In addition, the Commission conducts economic research and analysis to support its law enforcement efforts and to contribute to the policy deliberations oft the Congress, the Executive Branch, other independent agencies, and state and local governments.
This booklet explains how the Commission works to achieve these goals. I also invite you to visit our website,
www.ftc.gov, to learn more about the FTC.
Timothy J. Muris, Chairman
To read the rest of the guide, go to: http://www.ftc.gov/bcp/conline/pubs/general/guidetoftc.htm.
What are the number and fax number to reach TDS?
You can speak to one of our Debt Consultants about enrolling in our program by calling 866-554-9905.
Our toll free Customer Service phone number (Monday through Friday 9:00 AM to 5:00 PM Pacific Time) is:
(866) 554-9905
Our fax number is:
(866) 549-0593
What are the operating hours of TDS?
We are currently open Monday through Friday from 9:00 AM to 5:00 PM Pacific Time.
I have a new banking account. How do I get this information to you to change?
At this time there are two preferred methods to get this information to us. One way is to print the "Bank Authorization" form from the website and write in the new information on that form and fax it to us at 661-702-0317. The other way is to submit a customer service request on the client website with all of your new bank account information in the request.
My spouse and I are separated. Can the debts be split up?
The debts can be split up. However, we do not want to get in the middle of domestic disputes, therefore we will only make such changes based on written instructions signed by both parties or based on written divorce agreements.
Will the creditors wait to get their money?
The creditors have the right to try to collect their money by means of letters, phone calls, use of collection agencies and through the courts. Some will use every means they can to collect their debts, but most will stop at sending the accounts to collection agencies.
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