News: Freedom Debt Relief, headquartered in Arizona, has garnered acclaim as a reputable debt reduction company. Customers have lauded their services for successfully reducing debt over time. With a substantial client base of over 850,000 individuals and an impressive track record of eliminating $15 billion in debt, it has emerged as a trusted choice for those grappling with debt-related challenges.
How it Works
Founded in 2002, Freedom Debt Relief operates by engaging in negotiations with creditors to reach settlements for amounts less than the outstanding debt. While providing a range of debt relief solutions, its primary emphasis lies in debt settlement. The company boasts an esteemed A+ rating from the Better Business Bureau (BBB) and an impeccable record of addressing 100% of customer complaints lodged with the BBB.
Types of Debts Covered
Freedom Debt Relief specializes in helping individuals pay off unsecured debts such as credit card debt, store card debt, unsecured personal debt, and medical costs. However, it does not cover secured debts like mortgages or auto loans, which require collateral. Federal student loans are also not included.
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Key Details
- Established in: 2002
- Company purpose: Debt settlement
- Types of debts covered: Unsecured debts
- Minimum debt required: $7,500
- FDR rates: Average of 21% of debt
- Timeframe: 2-4 years
Advantages
- Lower minimum debt requirement: Freedom Debt Relief has a lower minimum debt requirement compared to some competitors, making it accessible to more individuals. They also offer legal counsel as part of their services.
- Online account dashboard: Customers have access to an online dashboard where they can track their progress and authorize settlements.
- Faster debt payoff: With Freedom Debt Relief, you may be able to pay off your debts more quickly. The program’s monthly payments are often lower than what you were previously paying your creditors.
- Reimbursement guarantee: If the total cost of the settlement program exceeds your total debt, Freedom Debt Relief will reimburse you for the difference, up to 100% of your expenses.
Drawbacks
- Impact on credit record: Choosing debt settlement with Freedom Debt Relief will impact your credit record for a period of seven years, as it will show that you did not fully repay your loans.
- Cancellation requirements: To terminate your subscription with Freedom Debt Relief, you must provide written notice of your cancellation.
- Potential financial deterioration: If you do not complete the program, your financial situation may worsen. Freedom Debt Relief charges fees, averaging at 21.5% of the loan, which can lead to accruing more interest over time. Additionally, your creditors are not obligated to approve the settlement plan.
Freedom Debt Relief stands as a prominent player in the United States’ debt settlement landscape, providing support to individuals navigating financial challenges. While it has earned a reputation for reliability in the industry, it is imperative to undertake a thorough assessment of both the benefits and potential drawbacks before determining if it aligns with your specific financial circumstances. Deliberately scrutinizing your options and carefully weighing the advantages and disadvantages is essential before arriving at a decision.
FAQs
Q: How can I learn more about the program or determine if I qualify for debt settlement with Freedom Debt Relief?
A: To learn more about the program or determine if you qualify, you can fill out an online form or contact Freedom Debt Relief directly.
Q: Is the savings account insured by the FDIC?
A: Yes, the designated savings account used for paying settlements is insured by the FDIC.
Q: What happens if I don’t complete the program?
A: If you do not complete the program, your financial situation may worsen. Freedom Debt Relief charges fees, and your creditors are not obligated to approve the settlement plan.
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