If you’re struggling with debt, considering debt settlement programs may help. These programs settle unsecured debt by taking a significant cut of what is owed; however, these settlements have the potential of negatively affecting your credit report and leading to late payments and missed payments.
Freedom Debt Relief is one of the nation’s premier debt-settlement companies, and its CEO Andrew Housser has been accused by the Consumer Financial Protection Bureau for deceiving customers.
Customer service
Customer service is of utmost importance for any business, and Freedom Debt Relief’s team of experts offer various services to assist clients in getting out of debt. Their experts are available seven days a week for questions and offer a money-back guarantee; making Freedom Debt Relief an excellent choice for people looking to settle their credit card debts.
Freedom Debt Relief’s first step is providing you with a complimentary debt evaluation. After reviewing your situation, they will formulate a plan to help you pay off your debt more efficiently and you will begin making monthly deposits into a dedicated account. Once they have negotiated a debt settlement offer with one of your creditors, they will notify you and ask whether you want to approve it before payments from that account are sent directly back out to that creditor until your debt has been fully paid off.
Freedom Debt Relief has been helping consumers for over a decade. They are one of the largest debt resolution companies in America and boast an excellent track record, being accredited by the Better Business Bureau with an A+ rating. Their debt settlement services can save consumers thousands while simultaneously impacting their credit scores negatively.
Freedom Debt Relief’s process may take between 24 and 48 months depending on how much debt you have; they provide an online dashboard where you can manage your account as well as access educational videos and newsletters throughout this journey. While the duration may be long, Freedom Debt Relief keeps you updated at every step.
If you have a query or concern, the website offers live chat for customer service and an email service which promises a response within one business day. Alternatively, the FAQs provide answers.
Freedom Debt Relief is an exceptional debt resolution company, but before making your decision it’s crucial to read reviews online before deciding if they are right for you. Reviews may contain false or biased claims so be wary – also check for disclaimers on their site as some can be falsified or altered by third-parties.
Fees
Freedom Debt Relief stands out from its competition with their unique fee structure, not charging their fees until after successfully negotiating and receiving a final offer from creditors. Their fees vary based on how much debt was enrolled with them and typically range between 15%-25%; no upfront or up-front fees are charged, which violates Consumer Financial Protection Act regulations.
Debt resolution companies are subject to federal regulation, so consumers should be wary of any risks involved with working with these services. Although debt settlement offers many benefits – including being able to negotiate with creditors to settle debt for less than what was owed – there can also be downsides such as possible negative effects on credit reports. It is crucial that consumers choose a debt resolution service they feel confident working with as well as being comfortable with their fee structures and trust them fully before selecting one of these providers.
Debt settlement may negatively impact your credit score, but it is still better than leaving debt unpaid for years. Debt management offers an alternative to bankruptcy that may save money while improving credit ratings – though this approach might not suit everyone; for some it might be preferable to seek debt consolidation loans or another solution instead.
Freedom Debt Relief promises to assist clients in clearing away their debt within 24-48 months through its program of monthly payments into a dedicated account, which will then be used by Freedom Debt Relief representatives to negotiate with creditors on your behalf. They specialize in unsecure debts like credit cards and personal loans rather than secured ones.
Since 2002, this company has been in business, serving as a founding member of the American Fair Credit Council and employing over 2,000 people. They have settled over $10 billion worth of debt for customers using their program, saving time and money through negotiation with creditors on behalf of customers while offering free consultation and an online dashboard to track progress of accounts.
Negotiating debts
Freedom Debt Relief offers consumers a service to negotiate with creditors. Their team of over 200 debt negotiators can reduce what people owe by up to 25% – but keep in mind this process won’t be free or quick; furthermore it may negatively affect your credit score which can make managing finances challenging if already struggling financially.
Once you enroll in the program, monthly deposits will be made into an individual account managed by the company. When sufficient money has accumulated in this account, creditors will be contacted in an attempt to negotiate reduced debt amounts; depending on how large your debt may be it could take three to six months until an agreement can be reached – since creditors often have set time periods after which they cease attempts at collecting.
Once a settlement agreement has been made with creditors, you will be informed and asked to approve it. When this happens, payments will go from your dedicated account directly to them and to Freedom Debt Relief as their fees. They take 15%-25% of any savings as part of their fee structure so it’s essential that you understand these costs before enrolling.
Debt Consolidation USA has an excellent track record in helping its clients manage their debt, but isn’t right for everyone. Unfortunately, they cannot assist with debt involving collateral such as mortgages and car loans as well as federal student loan debt; however they do provide a money-back guarantee and customer service is available seven days a week – though.
Debt Relief Professionals, or DRP for short, are an A+ accredited business with an impressive A rating from Better Business Bureau (BBB). DRP employs an expert team of debt settlement professionals and offers an easy client dashboard where clients can monitor progress and approve settlements. There is also a refund guarantee; however, its services may not be available everywhere; other debt relief providers such as National Debt Relief and Pacific Debt Relief offer better ratings with fewer complaints.
Getting out of debt
Debt relief services may provide one viable option to help you manage your bills, yet be wary before choosing this route. Before opting for debt relief, be sure to understand its inner workings so as to maximize its effectiveness and avoid being taken advantage of by debt collectors.
Once enrolled in Freedom Debt Relief, you’ll stop making payments directly to creditors and instead start depositing monthly into a savings account set aside specifically for that purpose. Once this account is full enough, Freedom Debt Relief begins negotiating with creditors in an effort to reduce your debts; their aim is to convince them that accepting less will help avoid lawsuits or loss of all debt owed.
Freedom Debt Relief will notify you as soon as they have negotiated a settlement offer with one or more creditors, giving you the ability to accept or decline it. When your debt is settled, Freedom Debt Relief will send your funds directly from your account to pay the creditor(s), thus eliminating debt altogether. A client dashboard allows clients to track finances and progress. Furthermore, customer service representatives are available 24 hours per day should any issues arise during treatment.
Freedom Debt Relief offers excellent debt relief services for people who have high levels of credit card, personal loan, or medical debt. They negotiate with creditors to reduce unsecured debt to less than its value while offering a money-back guarantee and educational videos and newsletters on financial matters that can assist you with wise financial decision-making.
Though their fees are higher than other debt relief programs, this company remains an excellent alternative to bankruptcy which can cost over $2,000 and leave your credit rating damaged for years. While you’re in their program you will work closely with a certified debt counselor who will manage and guide your debt and assist in eliminating late fees and interest charges while saving money – though completion is essential as dropping out will cause even greater debt problems down the road.