Freedom Debt Reviews – Does Freedom Debt Relief Really Work?

Freedom Debt Relief is a debt resolution company that negotiates on consumers’ behalf to settle debts at lower rates. When enrolling with them, debt payments stop going directly into an individual account that holds your settlement payments instead.

Clients of this service can entrust their debt, including credit cards, medical bills and private student loans to them in exchange for fees of 15% to 25% of the enrolled debt amount.

How does it work?

Freedom Debt Relief is a debt resolution company founded in 2002 that assists those owing between $7,500 to $100,000 of unsecured debt (credit card companies, personal loans and some private student debt). They have become one of the industry’s premier firms since then.

How they work is simple – sign up for their service, deposit money into an escrow account and they negotiate with creditors on your behalf to lower debt and settle it at less than you owe. In addition, they provide legal support services which will assist in any potential lawsuits that might arise from it.

Assuming your debt level and amount are high enough, taking out debt could significantly damage your credit. Failure to make minimum payments leads to defaulting and ultimately decreases in credit score – some customers seeing minimal results, others experiencing decreases of more than 100 points!

Debt settlement programs typically take 6 – 12 months to complete and during this time you may face aggressive collection efforts from creditors as well as possible legal action. Freedom recommends informing all of your creditors that you’ve engaged with a debt relief company and uploading all correspondence onto their online dashboard for maximum protection.

Freedom Debt Relief stands out from its competition by not only offering low debt settlement fees but by also being an active founding member of the American Fair Credit Council and advocating for stringent industry regulations on behalf of their clients. Their clients have saved over $10 billion through debt settlement with Freedom Debt Relief’s assistance – leading them to achieve an excellent track record for customer service satisfaction.

Freedom Debt Relief has also been accredited with an A+ rating by the Better Business Bureau and are members of the International Association of Professional Debt Arbitrators, although National Debt Relief currently boasts an even higher BBB rating and more customer satisfaction ratings than Freedom.

What are the fees?

Debt relief companies typically charge a fee when they negotiate with creditors to settle your unsecured debt for less than you owe; typically anywhere between 15% to 25% of the enrolled debt amount; but this still often works out much cheaper than trying to repay it on your own.

Freedom Debt Relief will typically begin by providing you with a complimentary debt consultation, enabling them to assess your individual circumstances and create a tailored plan specifically for you. Once enrolled, payments on unsecured debts will cease; instead deposits will go into a dedicated account to fund any potential settlement agreements they negotiate for you – once approved by you and transferred directly from there into an account with creditors to settle any of your enrolled accounts.

Debt resolution may have an adverse impact on your credit, as you no longer make payments to lenders. However, this approach can still be preferable over filing bankruptcy which has longer-lasting ramifications on credit reports and makes qualifying for new loans much harder.

Freedom Debt Relief stands out as an industry leader by not charging upfront fees, as this would contravene FTC regulations and many reputable debt relief services do not do this either.

Freedom Debt Relief currently enjoys a B rating with the Better Business Bureau, high marks on Trustpilot and ConsumerAffairs (4.5/5.0) and outstanding customer service – offering clients 24/7 online debt management dashboard to monitor progress; answering queries via phone or email and answering any related concerns directly – providing people struggling to manage unsecured debt with great relief options available from Freedom Debt Relief. If you want more information, visit their website and request a free debt consultation; their team of specialists will explain more fully how their program works as well as provide answers for any further inquiries you might have!

How long does it take?

Freedom Debt Relief can be an excellent option for people struggling to meet their debt payments, but it’s essential that they understand its workings before enrolling. Their flagship service involves negotiating with creditors to settle your debt for less than what you owe – this can have adverse repercussions for your credit score; so commitment is required until completion.

Debt Settlement begins with a free consultation that helps you determine whether it’s the right approach for you. At this meeting, you’ll provide details about your debts, the amounts owed and where they reside – along with an estimate of savings through debt settlement programs.

Once approved for Freedom Debt Relief’s program, once money has been deposited into a dedicated account you’ll begin depositing additional money and Freedom will negotiate with creditors on your behalf – this may take six months depending on how many accounts and amounts have been enrolled in each. When Freedom has reached a settlement with a creditor you’ll have an opportunity to approve it; once approved Freedom will make regular payments from your account to them.

Even though debt negotiation may damage your credit, it’s typically better than bankruptcy. Bankruptcy can severely harm your score and limit future loans while debt resolution allows you to regain control of your finances while building a solid financial base.

While it might be tempting to hire a debt resolution company to handle your debt issues, keep in mind that they don’t guarantee success and typically charge high fees that eat into any savings you might achieve. Furthermore, your creditors may continue contacting you while this negotiation takes place – this can have serious repercussions for credit scores as well as more calls from debt collectors than before! However if you’re willing to put in the necessary work and put forth effort into their program debt relief programs can provide an ideal way out.

Is it legit?

Freedom Debt Relief enjoys an excellent reputation within its industry and receives positive reviews. As a member of the Better Business Bureau with an A+ rating, they have over two decades of experience and employ over 2000 workers. All major debt management industry accreditations including membership on American Fair Credit Council and accreditation by IAPDA exist here as well as some limited complaints listed on BBB website.

Freedom Debt Relief has faced various complaints, such as consumers not knowing its fee structure. Others are dissatisfied with how long it takes for refunds to arrive from escrow accounts; but, generally speaking, most complaints are minor and deserve minimal response.

Be mindful that engaging a debt resolution service will have an adverse impact on your credit score; delinquency accounts while paying down debt could decrease, which while not ideal, remains better than bankruptcy which could have even greater ramifications on it.

Though many of these complaints may seem minor, it’s important to keep in mind that Freedom Debt Relief cannot settle all types of debt. Instead, its services only deal with unsecured debt – including credit card, household bill and some private student loans – but cannot settle secured debt like mortgages or auto loans.

This company boasts an excellent reputation in the industry and provides free consultation to assess your needs. Once enrolled, money will be deposited into a dedicated account for negotiations with creditors; once an offer has been accepted by you and approved, payments from this account will begin going directly towards paying off debts.

Freedom Debt Relief stands out from other debt settlement companies with its low fees and ability to negotiate with creditors. They boast a high client satisfaction rate, with customer service representatives available around the clock to answer any inquiries that might arise. Overall, Freedom Debt Relief makes an ideal solution for anyone facing high levels of debt.

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