Freedom Debt Relief (FDR) specializes in settling unsecured debt, such as credit card and medical debt as well as some private student loans; it does not settle federal student loan debt, however.
Once enrolled, clients stop making payments directly to creditors and deposit money into an FDIC-insured account instead. The company then negotiates with creditors on your behalf in order to reduce what you owe.
Customer service
Freedom Debt Relief is one of the premier debt resolution companies in the country. They specialize in debt settlement for consumers with significant amounts of unsecured debt such as credit card bills. Furthermore, Freedom Debt Relief will negotiate with creditors to settle debt for less than originally owed and offer free consultations to determine whether debt resolution would work for each individual client.
Freedom Debt Relief stands out from its competition with an excellent overall reputation, receiving accreditation by the Better Business Bureau and an “Excellent” rating on Trustpilot, along with recognition for excellent customer service; with representatives receiving positive feedback from their customers.
As with any debt resolution program, debt settlement programs have an adverse effect on your credit. This is because they require you to stop paying creditors directly and instead invest money with the company that manages a trust account on your behalf, resulting in missed payments on debts that appear on your report and lower your score; furthermore, debts settled for less than originally owed will further diminish it.
When selecting a debt resolution company, it is crucial that you find out their fees upfront or upon settlement of debts. Some companies charge upfront while others will wait until after your account has been settled before charging any fees – Freedom Debt Relief does not charge upfront fees which violates the Federal Trade Commission Act; their only charge occurs upon completion and they never take more funds than necessary from your account.
Protecting yourself can also mean consulting your local credit counseling agency or legal aid office regarding the best debt management options available to you. Furthermore, considering working with a consumer bankruptcy law firm can also help get things back on track following debt settlement.
Pricing
Freedom Debt Relief is one of the leading and best-recognized debt resolution companies, having helped over 60,000 people and settled more than $10 billion worth of debt. They leverage their size and reputation to negotiate with creditors on enrollees’ behalf to settle debt for less than what was owed; success ultimately depends on whether creditors accept lower payments as well as convincing the debtor that financial hardship exists.
Once enrolled in Freedom Debt Relief’s program, you’ll stop making payments to accounts and start depositing savings into a separate FDIC-insured account instead. When enough savings have accumulated there, Freedom Debt Relief will begin negotiations with creditors to reach an agreed-upon lump-sum settlement that’s less than what they owe; they also encourage clients to contact creditors directly while uploading communications directly onto their online dashboard dashboard.
Freedom Debt Relief has long been known for their strong negotiating power and is known to deliver impressive results for their clients. Their Better Business Bureau page shows a positive track record, though some clients have filed several hundred complaints; nonetheless, Freedom Debt Relief likely provides assistance to thousands of customers each year.
Freedom Debt Relief typically resolves an enrolled client’s debt within 24-48 months, in line with other companies offering similar services. Their fees typically range from 15%-25% of total enrolled debt – which are considered competitively reasonable compared to similar firms’ fees. Furthermore, Freedom Debt Relief also offers money-back guarantees and 24/7 online debt management dashboards as additional features.
Freedom’s debt settlement programs do not charge upfront fees in accordance with federal law and to protect consumers from scammers. Instead, they charge monthly maintenance fees for their special account to remain active – their main source of revenue; commission is earned upon successful account settlement with creditors.
Settlement rates
Freedom Debt Relief is one of the nation’s premier debt settlement companies, having settled over $10 billion for customers with an impressive success rate. They boast an A+ rating from Better Business Bureau as well as membership in American Fair Credit Council – and consistently excellent reviews on TrustPilot and Consumer Affairs, two popular review platforms.
Freedom Debt Relief stands apart from most debt settlement programs by not charging upfront fees; rather, they take a percentage of whatever amount they negotiate for you and provide free consultation via phone to see whether Freedom can help settle them.
Debt relief companies may provide a suitable option for those overwhelmed by debt. Their debt specialists work with creditors to negotiate lower lump-sum payments than what you currently owe, helping you pay off your debt faster than traditional repayment methods would allow. However, be mindful that doing this could negatively impact your credit score and may make future applications for credit more challenging.
Freedom Debt Relief not only offers debt settlement services but also assists its customers with budgeting and debt management. Their website features helpful articles and blog posts including blog articles, FAQs, glossaries and negotiation alerts; their customer support representatives are available seven days a week while there’s also a secure online portal where customers can track their progress or contact representatives directly.
FDR, as an industry leader in debt settlement services, has extensive experience negotiating with creditors to get them to forgive debts. Their experienced negotiators are adept at handling any situation that arises during the debt settlement process; in fact, they can even negotiate directly with your creditors without you being present and prevent costly mistakes from being made during negotiations.
Owing to their claims of high success rates, the company claims a high success rate but cannot guarantee any specific result for every situation. Your success ultimately depends on factors like current financial standing, debt levels and time frames for repayment as well as potential tax implications associated with settlement of your debts.
Reputation
Freedom Debt Relief is one of the more well-known debt settlement companies, accredited with the Better Business Bureau with a B rating and boasting high reviews on Trustpilot and Consumer Affairs. They boast excellent customer satisfaction ratings; however there are some concerns regarding fees and upfront costs.
This company provides various debt relief services, from consolidation loans and credit counseling to debt settlement and bankruptcy filing. Their primary offering is debt settlement – this involves negotiating with creditors to reduce your outstanding balance by offering less than what’s owed – helping get out of debt faster while improving credit score at the same time. Bankruptcy may also help get rid of debt more quickly but has serious repercussions for your credit score in terms of length of process and impact to credit report.
Debt relief and debt settlement companies abound, but not all can be trusted. Some have been known to prey upon people desperate for assistance. It is therefore essential to conduct due diligence on any company before signing on with its services.
Freedom Debt Relief holds an A+ Better Business Bureau rating; however, they have received several complaints on their website. While this does not necessarily indicate they cannot be trusted, it is wise to read reviews from third-party sources before making your decision. In terms of services they provide, Freedom Debt Relief specializes in clearing away unsecured debt such as personal and small business loans as well as medical and private student loan debt (but unfortunately do not assist with federal student loan debt).