Debt Shield is a debt settlement company who offers consumers, who are experiencing financial hardship, a service by which Debt Shield negotiate the consumer’s unsecured debt with a creditor for a single lump sum payment of less than the full amount due. Under the agreement between the consumer and Debt Shield, the consumer saves and sets aside funds with a third party who holds the funds in trust with a reputable national bank. This trust account is under the sole control and dominion of the third party administrator and the consumer. The consumer does not make a periodic payment directly to Debt Shield under any circumstances.
Once a consumer builds up sufficient funds in their trust account, Debt Shield presents the proposed settlement amount to the consumer. If acceptable to the consumer, the consumer approves for the third-party administrator to pay the creditor the settled debt amount. This process continues until all the debt, which consumer had requested Debt Shield to negotiate on his/her behalf, is settled.
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