Freedom Debt Relief allows you to stop paying creditors directly by depositing monthly deposits into an FDIC-insured savings account instead. They then negotiate directly with individual creditors to settle debt for less than you owe.
Creditors typically allow clients to settle debt for approximately 50 percent of the outstanding balance. It should be noted, however, that debt settlement may take years before it’s completed.
Debt settlement
Debt settlement is a debt relief solution that involves negotiating to reduce your total amount owed through repayment agreements for less. It’s typically less costly and takes less time than bankruptcy filing; plus it helps borrowers avoid debt collectors or damaging credit reports which could prevent future borrowing opportunities.
Many debt settlement companies charge high upfront fees. Furthermore, they may not be able to settle your debts at the amount you expected or some have even been accused of holding onto funds meant for repayment for months or even years while making little progress with their cases – this practice is common within the debt settlement industry.
Freedom Debt Relief is an established company offering free consultation and debt evaluation. Their online client dashboard allows clients to track the status of their settlement 24 hours a day – giving you full visibility into your debt settlement progress at all times. They hold an A rating with Better Business Bureau as well as great reviews on consumer review websites such as Trustpilot and Consumer Affairs.
Freedom Debt Relief’s program helps negotiate and settle your unsecured debts such as credit card, personal loans and medical debts. Money will be placed into an escrow account before negotiations with creditors to accept less than full payment are initiated. Furthermore, they also assist clients in settling private student loans when necessary.
After enrolling in Freedom, your creditors will be informed that you are working with them. In some instances, aggressive collection attempts or lawsuits from creditors may begin; Freedom recommends informing these parties of your intent while uploading all communications directly into their client dashboard.
While debt settlement services offer benefits, it should be remembered that their use will have a detrimental impact on your credit score. While no guarantee exists for them to negotiate a lower amount than what you owe, using this route can often be faster and simpler than dealing with collectors directly. Furthermore, debt settlement does not eliminate all outstanding debt; so payments may still need to be made.
Debt consolidation
Freedom Debt Relief is an industry leader that has helped more than 650,000 clients to resolve their unsecured debt. Their programs are available nationwide, and have helped their clients settle over $10 billion of debt through a four-step process – evaluation, depositing money into an exclusive account, negotiation with creditors, and payment off. They also provide tools such as videos, blog posts, FAQs glossaries and negotiation alerts.
As part of any debt relief program, Freedom Debt Relief begins by conducting a free debt evaluation. After reviewing your current situation and suggesting an action plan that meets both your goals and budget. Once the plan has been put into action, monthly deposits into an escrow account will begin as you negotiate settlements with creditors; once one is reached you’ll receive notification from Freedom Debt Relief which allows you to decide if the settlement amount should be accepted or rejected.
Once you have saved enough in a dedicated account with Freedom Debt Relief, their representative will negotiate with each creditor to settle debt for less than what you owe. While this process could potentially have an immediate negative impact on your credit score, many of their clients prioritize getting out of debt over immediate changes in credit scores.
Freedom Debt Review offers debt settlement companies that specialize in settling unsecured debt, such as credit card bills or medical bills that don’t have collateral attached. They work closely with consumers to negotiate debt settlement for less than they owe – potentially saving money and getting out of debt faster while potentially having lasting repercussions for credit history. Unfortunately, this approach often takes months or even years before completion; and may result in negative blemishes being placed against your report.
Debt consolidation loans provide another alternative for debt relief, consolidating multiple debts into one large lump sum payment. Although this approach will negatively affect your credit score and could potentially cause the loss of valuable assets if payments cannot be kept up with, debt consolidation can reduce debt burden while cutting interest costs significantly.
Debt management plan
Debt management plans offer an effective financial solution for those experiencing large amounts of debt. Such plans allow individuals to better control their finances while potentially increasing their credit scores over time. Unfortunately, debt management plans also come with certain restrictions and costs; one major drawback being closing credit cards and new lines of credit – something which may prove challenging in itself due to lost access. Likewise, creditors may refuse negotiated plans.
Freedom Debt Relief’s debt management plan involves depositing funds monthly into a dedicated account used by them for debt payments. Once enough money has accumulated in that account, Freedom Debt Relief will negotiate directly with your creditors on your behalf to settle on settlement offers that are lower than what is owed – potentially saving money.
Another advantage of debt management plans is their ability to reduce monthly payments, helping you to stay on track to repaying all your debts within three to five years and get out faster than if paying only minimum amounts on each credit card.
Freedom Debt Relief’s financial services go well beyond debt management; they also provide personal finance resources and a scholarship fund for U.S. students. In addition, online and in-person credit counseling may prove helpful when managing personal finance issues.
Although Freedom Debt Relief has an above-average number of customer complaints, they have an outstanding customer service rating on TrustPilot. Their customer service team is knowledgeable and helpful, keeping clients updated about the status of their debt settlement programs. Debt relief services offered include settlement, credit counseling and consolidation as well as debt-free coaching and mobile apps. Unfortunately they cannot settle mortgage or car loan debt but work with other types of debt.
Customer service
Freedom Debt Relief provides consumers with several services designed to help reduce debt. These include free consultations, debt evaluation and negotiation services, as well as personalized reduction plans tailored specifically for them. Customer service can also be reached by phone or online using an interactive client portal. Freedom Debt Relief specializes in unsecure debt such as credit card debt. Unfortunately, some customers have reported that Freedom Debt Relief doesn’t always negotiate the best possible price and/or lack transparency regarding fees and transparency issues.
Debt settlement programs offered by this company are accessible in most states, helping over 650,000 clients with unsecured debt to settle more than $10 billion of it for them. Some customers have complained that they were unaware of all associated risks when engaging in debt settlement programs – such as impacting credit scores negatively.
Customers have consistently given Freedom Debt Relief high marks on consumer review websites like Trustpilot and ConsumerAffairs, with Trustpilot rating it five stars and ConsumerAffairs giving it four. Accredited by the Better Business Bureau with an A+ rating, however it has received over 350 complaints in three years.
Founded in 1997, Debt Consolidators specialize in negotiating and settling unsecured debt such as personal loans, credit cards and medical bills. They can even work with private lenders to settle student loan debt; however they do not provide assistance for federal student loans. Customer service representatives can be reached seven days a week via phone, email or live chat; customers may speak directly with either a certified debt relief specialist or assistant.