Global Client Solutions is an independent third-party contractor that works with debt settlement companies to provide individuals under financial duress with superior payment processing in paying off their debt settlements, as of 2015. This structure allows creditors to collect their money faster while debtors benefit from an easy-to-use electronic interface when making their payments.
Global Client Solutions, Inc. is not a debt settlement company and has no affiliations with such companies. The company works with over 500 debt settlement companies to streamline the process of debt collection. The benefits to the debt collector include improved cash flow due to the separation of debits and company fees, a web-based software interface, reduced time spent on each client, improved credibility with creditors, and a fully customizable reporting system that provides current, accurate account information.
Global Client Solutions' biggest innovation is the Special Purposes Account, or SPA. Debtors may deposit funds intended for debt relief into their personal SPA, and the Federal Deposit Insurance Corporation insures the money. Consumers continue to control these funds, but approved debt insurance companies can view the consumer's balance to ensure that they can afford the next scheduled payment. This model is superior to trusts and self-held accounts because it allows the consumer to maintain control over his own money while providing transparency to debt collectors. If the debtor continues to manage his money irresponsibly, debt collection agencies can find out about it and take appropriate action.