Introduction: Paul Paquin is the CEO and President of Golden Financial Services, a national debt relief agency. Paul has extensive experience in the debt relief industry and student loan relief vertical. Paul has been focussing on this area for more than 12 years now.
Tell us something about yourself and GFS.
I have a deep passion for helping people, and this passion translates into my business, where our team at Golden Financial Services assists our fellow Americans with getting out of debt. I am also a family man and try to be the best dad to my kids, and give them valuable lessons so that they develop into responsible citizens.
Does your academic qualification help you manage your financial situation?
I went to Oklahoma University on a wrestling scholarship and later transferred to New York University where I studied finance and business. This invaluable college education certainly gave me a strong base of knowledge in the world of finance.
In 2004 I started Golden Financial Services, offering debt relief programs and settlement services to U.S. consumers. With the help of my partner George Kokinos and the group attorneys that we hired, we developed a proprietary system including contracts, settlement resolution letters, and software, all aimed at managing the process of settling debt and growing Golden Financial Services.
Before founding Golden Financial Services, I worked with George Kokinos who owned one of the very first non-profit consumer credit counseling companies. I served as a manager with over 200 employees and obtained expertise in the debt relief industry during those years.
How does Debt Settlement affect one’s credit score?
Debt settlement can have an impact on a person’s credit score differently, depending on each and their situation, according to Golden Financial Services. This is a hard question to answer in one sentence, so please read the entire page.
750 Credit Score
If you have a 750 credit score and you have never been late on any of your bills, then you will see a decline in your credit score over the first six months of a settlement program, if you were to join.
What is a hardship?
A hardship could include:
- Unmanageable debt (You will never get the debt paid off on your own)
- Reduced income or Job Loss
- Medical Problems
- Family Issues that lead to extra expenses (Example: Taking care of your mom financially)
- School Expenses
- Poor Money Management
Do you have a hardship?
Is your credit score your primary concern right now?
Keep in mind; you must have a hardship situation, to even qualify for this type of program.
If you have a hardship situation that has occurred in your life, then there is a good chance that you are:
- On the urge of falling behind on your accounts.
- Already behind on your accounts.
- Only paying minimum payments and barely surviving.
- Have high balances on your accounts that you will never be able to pay off on your own.
In any of these events, your credit score has probably already been negatively affected, where your credit is not your primary concern at this time. Paying off your debt is probably your priority at this stage. Right?
A settlement program is designed to help you with paying off your debt fast. Once you are debt-free, you will then be in a position to rebuild your credit score. Many consumers prefer settlement over consolidation, because of how fast they can become debt-free, and start fresh.
Learn more about how to qualify for a debt settlement service here.
What about my credit after graduating from the program?
Once you graduate from the program, within 18 months, you could have your credit score right back up in the 700 range, and have no debt! It is easier to recover from debt settlement than bankruptcy.
When you do finally become debt-free, you need to follow the rules that we teach you while on the program, which will help you with rebuilding your credit score.
Why could a debt settlement program negatively affect your credit score?
The reason why is because your accounts will eventually go to a collection agency before our negotiators can settle with your creditors. Failing to pay your bills on time each month can negatively affect your credit score.
If a person remains current on their accounts, settlement services will not work. Creditors will obviously not work with us if you are paying them the full payment each month.
What else can negatively affect your credit score?
Having high balances on your credit cards (utilizing more than 50% of your available credit)
- All credit card relief programs
- Paying your bills after the payment due date
- Credit inquiries
- Collection marks
- Closing cards
Good News about the Program:
A settlement service is the fastest program available that assists consumers with achieving debt freedom.
On a settlement program, one creditor at a time is settled and paid off. As each creditor is paid off, a person’s debt to income ratio will improve.
Debt to Income Ratio refers to how much debt a person has when compared to their earnings.
Rebuilding Your Credit Score after Graduating on the
Debt Settlement Program
Once you graduate from a Debt Settlement program, you can then rebuild your credit score.
The program could leave collection marks on your credit report for up to seven years. However, on your credit report, it will show a zero dollar balance and that you no longer owe any money on each account that has been settled.
Creditors legally can no longer come after you for any money owed following a settlement that we complete for you. Our negotiators obtain written proof for you that your account has been settled.
After you graduate from the program, you can immediately start rebuilding your credit score, even if a few collection marks are remaining.
There are times when we settle a client’s debt, and the collection agency agrees to remove any derogatory marks following the payment.
We recommend that consumers who are interested in building good credit, read this next page.
Our goal is to assist you with paying off your debt fast and improving your financial health.
Please call us if you would like more information on debt settlement services at 866-376-9846.
Why do you think your team is best placed to deliver your business plans?
Golden Financial Services has 100s of positive reviews all over the internet. At the Better Business Bureau, Golden Financial Services has absolutely no complaints and an A+ BBB rating as illustrated here. http://www.bbb.org/sdoc/Business-Reviews/debt-relief-services/golden-financial-services-in-imperial-beach-ca-171988856/
No other debt relief company in the nation has this type of track record. Additionally, Golden Financial Services had 13+ years in business and was just awarded top debt relief company in the country as seen here. http://retirementsavvy.net/top-10-debt-relief-settlement-and-consolidation-companies-for-2016/
How do the consumers suffer from multiple fraud charges made by the creditors?
Just recently, Chase Bank and Wells Fargo were busted for various fraud charges.
Here is one example:
Chase blindsided More than half a million consumers. Chase bank collected millions of dollars from the sale of these alleged debts to third-party debt collection companies. On top of the fact that Chase illegally sold these zombie debts, consumer credit reports were negatively affected by derogatory information being reported, that should not have been reported. Numerous laws were violated including President Obama’s Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibitions against unfair, deceptive, or abusive acts and practices.
What is the importance of Student Loan Relief Programs in the current scenario?
Student loan debt in 2016 can be conquered, and students do have options. Balances can be settled or forgiven, and student loan debt payments can quickly be reduced. However, if a person allows these debts to go delinquent, eventually they will get sued and their wages garnished. Golden Financial Services can assist with student loans that are in default. Even if your wages are being garnished due to student loan debt, Golden Financial Services can still help! www.GoldenFS.org.
Do you think the new Credit Card Act marks an important turning point?
The Credit Card Act is one of 14 federal laws that are used to protect consumer rights and challenge alleged debts that may not be legally verifiable. This Act, amongst other laws, is utilized inside of a debt validation program, which can be the most efficient route to address third-party debt collection accounts. Learn more about how this Act is used to deal with debts. https://nomorecreditcards.com/credit-card-relief-programs/debt-validation/
What is the importance of Credit Default Swap in the field of Debt Settlement?
Debt settlement can be utilized to resolve debt at a fraction of what’s owed. The technical aspects of a debt settlement program are fully explained on this page here. https://nomorecreditcards.com/debt-settlement-services/
What all things do you need to consider before filing a lawsuit against a debtor?
Firstly, lawsuits can be expensive to file due to the attorney and court fees. It is best to hire a debt settlement attorney who can defend a person from lawsuits and use the Fair Debt Collection Practices Act to get a debt dismissed and even sue the debt collector for up to $1,000 per violation. Contact an attorney or a debt settlement law firm for a free consultation on this matter to see if it’s worth the cost. Get an attorney debt settlement program consultation here: https://goldenfs.org/debt-settlement-attorney/
What advice would you give to the consumers for avoiding bad debt?
Quite simply, if a person has a debt they believe is bad, it is imperative to start with debt validation. This method will challenge the validity of the debt to ensure if it is a bad debt, the debt collection company will no longer be allowed to collect on it, and the debt will become legally uncollectible, or in other words, a debt that you don’t have to pay.