Showing posts with label Debt Elimination. Show all posts
Showing posts with label Debt Elimination. Show all posts

Monday, April 26, 2021

Is Freedom Debt Relief a Reputable Company?



If you have a veritable boatload of outstanding debt, you may want to consider Freedom Debt Relief (FDR), which offers strategies for shedding your unsecured obligations. But is FDR a reputable company?

The short answer is yes, let’s take a look.

FDR At A Glance


Basically, the company requires a minimum debt of $7,500, and its typical customer has $25,000 in obligations. Fees range between 15% and 25% of the enrolled debt, although the amount varies depending on your state. 

The time it takes to eliminate debt is between two to four years, with the average debt resolved in three years, 10 months. Post-fees savings to consumers are between 15% and 35%.

How Does FDR Work?


Freedom Debt Relief has trained debt professionals who will work with you to put in place its debt relief and settlement programs.

Initially, a certified debt consultant will discuss your situation with you and evaluate potential remedies. If you sign on, the consultant will help you create a personalized repayment plan.

You then will usually cease paying your debts directly and instead deposit those monies into a dedicated account controlled by you. Once there are sufficient funds in that account, Freedom Debt Relief will open debt negotiations with your card issuers. 

This means that your creditors will be asked to accept a one-time payment in full for less than you owe. It’s important to know, however, that stopping payments on your current debt will, at least for the near term, damage your credit score.




If an agreement is reached with your card issuers, and you approve the amount, funds will be transferred to your creditors as debt payment.

Is FDR a Scam?


Hardly, although there are many unscrupulous agencies out there that are more interested in helping themselves than helping you. 

These firms often; charge fees before they settle your debt, “guarantee” to make your debt woes disappear, tell you to stop talking to your creditors, pledge that you’ll clear your debts for pennies on the dollar, say they can stop debt collection calls or lawsuits, offer a one-size-fits-all remedy that may not be right for you or use scare tactics to pressure you to enroll in their program.

Be leery of companies that do any of these things.

In contrast, Freedom Debt Relief is accredited by both the American Fair Credit Council and the International Association of Professional Debt Arbitrators. Since 2002, more than 650,000 clients have been served by FDR, which has resolved more than $10 billion in debt. So, you can sign on knowing you’re getting legitimate credit relief.

Here’s what Freedom Debt Relief does, which sets it apart from bogus or unsavory agencies:

  • It never charges you until it negotiates a settlement
  • It helps you deal with creditors but doesn’t tell you to cease communications with them
  • It offers a subscription to the National Litigation Law Group service that provides certain legal representation if you need it
  • It provides you with a realistic estimate of when you can expect to become debt-free
  • It develops a bespoke relief plan for you that suits your needs and financial goals
  • It spends time understanding your unique needs to make sure it’s the best solution for you

Is Freedom Debt Relief a reputable company? Well, it didn’t become the largest debt settlement company in the nation by ripping folks off. While no debt relief company can guarantee that it can reduce a customer’s debt with a creditor, FDR’s long history of negotiations with so many top creditors is real and gives it a leg up over the competition.



Friday, November 20, 2020

The 2020 Quick Guide To Solve Debt Quickly




Struggling with debt has reached epidemic levels in America. According to recent data, there is massive growth in consumers' ratio approaching credit card companies to declare a debt settlement. 

The majority of these consumers have been facing many problems because of non-response from their credit card companies, making them more pessimistic about trusting banks and lenders.

Where To Turn?


Today, the U.S. economy has a severe problem, with millions of families facing many issues due to their increased dependency on lines of credit. However, they are facing financial issues and a lot of mental and physical stress, due to which they have resorted to bankruptcy

With this, it is a common practice among consumers to choose debt settlement programs because this process of debt elimination can help them avoid many problems in the future.




Now, if you consider these facts, you will see a clear picture. Debt settlement programs are a legitimate solution to these issues, and consumers can easily avoid many financial problems, such as having precious personal items repossessed. 

These programs help consumers consolidate their loans into a single loan amount that can be manageable and paid down quickly, which can be done by approaching a legitimate relief service.

Who to Trust?


First of all, do your homework and know which companies are sincere and yet another parasite out for your blood. That might be dramatic, but it's shocking how many of these companies prey on struggling families and individuals.

Not only will a lot of credit card or lending companies refuse to negotiate or settle a debt with you, but a lot are also unwilling to deal with individual debt relief companies as well. This is because of their dubious dealings in the past. 

It's crucial that you study up on these companies. Read any reviews you can online, look them up in the Better Business Bureau, and ask any friends or colleagues if they have dealt with any companies like this in the past.

There are also simple red flags to look out for. Like promises or "guarantees." Debt settlement companies can't promise to settle all of your debt for a certain reduced percentage (no one can). There is no "new government program available" that helps bail people out of their credit card debt. 



It would help if you also were wary of any company charging fees before they settle any of your obligations. This is important because you shouldn't have to pay anything until you reach a deal that you agree to. They also can't stop all debt collection phone calls or lawsuits. And a reputable debt collection company will never tell you to stop communicating with all your creditors.

What Can Debt Relief Companies Do For Me?


Once you do settle (so to speak) on a company you know you can trust, they can help you sort out exactly what you need and don't need depending on your specific situation. They should know which loans or debts should be tackled and which should be left alone (for now).

When consolidating what you owe, a company may be able to get your interest waived altogether, reducing your principal balance, having monthly payments reduced into a single payment that you can manage, and only have you pay off a fraction of the total amount you owe.

While some drawbacks can include your credit score is affected and possibly getting approved for credit in the future, the positives most likely outweigh these. You can avoid filing for bankruptcy and the looming prospect of repossession. Not only that, but did you know it also costs you money to file for bankruptcy? 

You can save thousands or tens of thousands of dollars that you otherwise would have had to pay not only in your balance but in interest, and you also get the added benefit of ending those harassing phone calls and emails every month or every few weeks.

The burden of debt settlement can be a long and scary road, but these are things you can do and avoid to make the journey easier. Remember that your debt does not define you, and you can always take your debt back into your hands and settle it the way you need to.





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