Freedom Debt Relief is a debt-settlement company offering free debt evaluations. Their experts negotiate with creditors on your behalf in order to reduce credit card balances and manage monthly payments more effectively. Accredited by the Better Business Bureau and boasting an impressive 4.5-star Trustpilot rating, Freedom Debt Relief stands out among their competitors as they help borrowers lower monthly payments through debt negotiation services.
Debt settlement companies typically charge between 15% and 25% of enrolled debt, as well as taking a percentage of any final negotiated amounts negotiated between you and creditors.
Debt settlement
Freedom Debt Relief is a large debt settlement company that has been helping people address their debt since 2002. They are one of the most well-recognized and reliable firms in their field; helping countless people settle over $10 billion worth of debt since. While debt settlement may help people resolve their debt quickly and painlessly, it does have negative repercussions for your credit rating if it involves defaulting on loans and creditors contacting or going after collections against you.
Debt resolution services assist borrowers to get out of debt by negotiating with creditors to settle for less than they owe. This approach often proves more cost-effective and timelier than bankruptcy, which may cost over $2,000 and damage credit rating for years. But not all options should be explored prior to making this decision – so be sure to explore all available solutions carefully.
Debt settlement companies specialize in handling unsecured debt, which does not require collateral such as your house or car for loan approval. This could include credit card debt, personal loans and medical bills – usually within three to five years; though depending on the circumstances this could take longer. It is wise to hire only licensed companies with high Better Business Bureau ratings in your state.
The company provides free consultations to determine your eligibility, as well as an interactive client dashboard enabling you to monitor your progress real time 24 hours a day. Furthermore, this company won’t charge upfront; their fees will depend upon how much debt it settles on your behalf.
Debt relief requires switching payments away from creditors and instead making deposits into an FDIC-insured bank account, which can lead to your credit score decreasing and creditors calling you for settlement purposes. Because it’s often cheaper for them, creditors are often willing to settle for less than you owe than initially stated.
Freedom Debt Relief’s legal services provide invaluable help for clients being sued by creditors or who have received civil judgments against them; their lawyers will work directly with creditors to negotiate an acceptable settlement solution on your behalf.
Credit counseling
Debt settlement companies provide you with assistance to reduce debt by negotiating with creditors to write off some or all of the outstanding balance. Furthermore, these organizations help stop payments to your creditors so you can start saving in an account dedicated to debt payoff. Freedom Debt Relief stands out amongst debt relief services with their consistent results for clients.
Freedom’s primary service involves negotiating and settling unsecured debt, specifically credit card, student, personal and auto loans without collateral secured by them. They specialize in this form of settlement but do not handle medical debt, auto loans or mortgages; unlike many other debt settlement companies they do not charge upfront fees, but instead charge a percentage of what debt they settle on behalf of you.
These percentages typically range between 18-25% of your outstanding debt enrolled in their program, making it less costly than bankruptcy (which can cost over $2,000 and negatively affect your credit). Before embarking on this path, however, consult with a financial advisor first.
Freedom offers not only debt settlement but also credit counseling and debt consolidation services. Debt counseling programs teach budgeting skills while debt consolidation consolidates all your debt into one manageable monthly payment with lower interest. Before enrolling with any of these services, please check with your local consumer protection agency first.
Although this company boasts an A+ rating with the Better Business Bureau, there have been some complaints regarding their services. In 2017, it was sued by the Consumer Financial Protection Bureau over allegations that it charged people without fulfilling its promises to settle debts as promised. Still, they remain one of the more popular options for those struggling with debt.
Debt consolidation
Debt consolidation is a method for consolidating multiple debts into one monthly payment, and may help lower interest expenses while hastening payoff time and protecting credit scores from damage due to missed payments. Before embarking on this path of consolidation however, it’s essential that you understand its repercussions and potential drawbacks.
Establish a budget and devise a repayment plan as the first step of debt consolidation. This will enable you to determine whether consolidation is right for you and, if so, to determine if changes need to be made in spending habits. Debt consolidation may lower interest rates and monthly payments but may not always be best option; managing repayment may become even more complex with an elevated debt-to-income ratio.
Consider reputation and customer service when selecting a debt relief company. Companies with an A+ rating from the Better Business Bureau and positive Trustpilot reviews should be given consideration, along with how long the firm has been operating and what its track record consists of.
Freedom Debt Relief offers an effective debt settlement program, and should be your go-to debt relief choice if you want to reduce unsecured debt like credit card and personal loans. They offer free consultations and promise to settle debt for less than you owe; fees range from 15%-25% of debt total and on average clients complete their program within 24-48 months.
Debt consolidation loans may also help lower your debt-to-income ratio and make repaying debts easier, though it’s essential that you choose a lender with low upfront costs and flexible repayment terms – and be sure only to use the money for debt repayment, not spending it on additional items!
To qualify for a debt consolidation loan, it’s necessary to have both a stable income and adequate credit history. Your interest rate will depend on both of these aspects as well as how much debt you’re trying to consolidate. In some instances, having a co-signer can increase your chances of approval as well as receiving an attractive interest rate.
Legal services
Freedom Debt is one of the nation’s premier debt resolution companies, having opened for business in 2002. Renowned for their affordable debt settlement programs that help consumers significantly lower the amounts owed to creditors, Freedom Debt has also become a founding member of American Fair Credit Council and accredited by International Association of Professional Debt Arbitrators. Freedom Debt also offers legal representation services in case creditors attempt to sue its clients to recover what is owed them – something no other debt negotiation service provider can guarantee!
Freedom Debt Relief offers a free consultation to determine whether their program is right for you. Their consultants will ask questions about your finances and devise a debt relief plan tailored specifically to you and your budget. Once these funds have been deposited in their dedicated account, they’ll use them to negotiate settlement offers with creditors; you will then have an option whether or not to accept or decline.
If you owe over $10,000 in eligible unsecured debt, Freedom Debt Relief might be the right fit for you. Unlike some debt settlement companies, Freedom doesn’t charge up-front fees but instead works on commission. They offer several payment options including client dashboards.
While going through the debt relief process will cause your credit score to take a hit, the effect will be shorter than bankruptcy filing. Most often it only takes three to six months for complete the debt reduction process with our company offering help in getting payments back on track while offering money-back guarantees for payments made by credit.
Some may feel nervous about enrolling in a debt settlement program, but that shouldn’t stop them. Debt consolidation loans and counseling may also provide ways out. National Debt Relief has an A+ BBB rating as well as high reviews on TrustPilot and Consumer Affairs for effective relief services.
Customer Service team of this company can be reached either by phone or email and is ready to address all of your inquiries about debt relief programs and solutions available through this company. Their website features comprehensive information regarding these offerings along with a helpful FAQ page which addresses common queries.