You’ve decided that debt settlement is the solution you need to finally take care of that stressful, burdensome debt load. You’ll get a clean slate, and you’ll get to avoid bankruptcy, too boot.
Your task now is to choose a debt settlement company -- an undertaking that’s particularly important in an industry that has more than its share of scams. You’ve been hearing about an accredited, experienced company called Freedom Debt Relief (FDR), but you aren’t sure how it works. You also wonder, is Freedom Debt Relief effective? It is -- but read on.
Debt Settlement
With this financial strategy, also called debt relief, you’ll hire a company such as Freedom Debt Relief to negotiate with your creditors to get them to accept just a portion of your balance to have your obligations marked as “settled” on your credit reports.
Most creditors – typically credit card issuers – are amenable because they already know you’re in financial trouble. They also know that if they turn you down, you’re liable to file bankruptcy, and that such a filing may very well yield them nothing.
Tell Me About Freedom Debt Relief
Freedom Debt Relief is a 20-year-old company – a lifetime in this era of fly-by-night “enterprises” – that has served some 650,000 clients and resolved more than $10 billion in debt. Does Freedom Debt Relief work? You have your answers right there.
Is FDR Accredited?
It is, which is a very important part of its profile. The company belongs to the International Association of Professional Debt Arbitrators and helped found the American Fair Credit Council. As we say, such accreditation is what you want in a debt relief space that’s home to plenty of fraudsters.
What Debts are Acceptable?
You’ll need to have at least $15,000 in debt that’s unsecured, meaning it’s not moored to collateral such as a house, vehicle, or other asset. FDR commonly accepts credit cards, medical bills, and personal loans. If you’re unsure whether you’re eligible, Freedom Debt Relief provides an online evaluation tool.
What’s the FDR Process Like?
If your debt load qualifies, you’ll go over your situation with a www.FreedomDebtRelief.com consultant, who will establish a customized plan. Then, instead of paying your creditors directly, you’ll put the funds each month into a savings account that you control. In the interim, your FDR negotiators will be working with your creditors. Once you’ve saved enough, settlements can be struck, and your creditors will be paid from your account.
All your debts will likely be settled between two and four years, and you’ll be able to track your progress online via a dashboard that’s available at any hour of the day or night.
How Much Does FDR Cost?
It depends on the state in which you reside, but in the main, Freedom Debt Relief’s fees will range from between 15-25 percent of your debt savings. Note that you do not pay a cent until your first debt is settled, in accordance with federal law. And once you’ve signed with the program, there will be no surprise fees.
What About My Credit?
It is true that the process of debt settlement will hurt your scores, which have been depressed for some time anyway, right? Once your debts are settled you can start rebuilding your credit. An FDR study shows that most customers’ credit scores recovered in 24 to 45 months.
So, is Freedom Debt Relief effective? Well, 20 years in, 650,000 clients can’t be wrong. While you certainly can’t satisfy everyone, FDR has a long, stellar track record you can rely on.
