Review of Freedom Debt Relief

Freedom Debt Relief is an accredited debt settlement company based in Arizona that specializes in assisting consumers in eliminating debt through debt reduction. Since 2002, the company has helped over 800,000 customers and repaid more over $15 billion in debt. While debt settlement is not the ideal method of debt elimination, it can be used as a last resort by those who have exhausted other options and wish to avoid bankruptcy.

The Best Characteristics

Could assist you in repaying unsecured obligations such as credit card debt, medical costs, and unsecured personal loans, among others.

In rare instances, credit card debt might be handled for 50% of the amount owed, or even less.

Could assist you in paying off your debt in two to four years

Drawbacks

Charges a fee of between 15% and 25% of the debt, with an average of 21.5 percent.

Debt settlement is available only for unsecured debts.

Typically, debt settlement lowers your credit score.

Freedom Debt Relief Provides Which Debt Settlement Services?

Freedom Debt Relief aids customers in resolving unsecured debts, including but not limited to the following:

Debt incurred via credit cards

Medical expenses

Credit card debt from department stores

Personal loan debt that is not secured

The firm may be able to assist with debt settlement for private education loans and some corporate obligations. It is not available for secured debts such as car loans or mortgages, or for federal student loans.

How Is Freedom Debt Relief Effective?

To learn more about the program, contact a Freedom Debt Relief debt adviser or complete an online form to see whether you are qualified for debt settlement with the firm. Once you begin working with Freedom Debt Relief, you will begin making monthly deposits into a designated account, with the funds reserved for settlement payments. Freedom Debt Relief will negotiate with creditors, and any deal must be approved by you.

What Are the Terms, Fees, and Conditions of Freedom Debt Relief?

Freedom Debt Relief charges a cost that is normally between 15% and 25% of the total debt enrolled in the program, with an average price of 21.5 percent. Your cost is determined by the amount of debt you owe and your place of residency, and you will pay it only when Freedom Debt Relief successfully negotiates your debt. Certain consumers will be able to pay off their loans in as little as two to four years.

How Can You Become Qualified?

According to GAD Capital, If you have at least $7,500 in unsecured debt, you may be qualified for debt settlement with Freedom Debt Relief, while the firm adds that consumers normally have at least $10,000 in unsecured debt. Additionally, consumers must often be behind on their payments in order to settle with a creditor. Freedom Debt Relief often works with individuals who are experiencing financial difficulties and are unable to make the minimum monthly payments on their debts.

Which Credit Score Is Required?

Customers with less-than-perfect credit are welcome to cooperate with Freedom Debt Relief. Debt settlement programs may harm your credit, and resolved charges can remain on your credit record for up to seven years.

Where Does Freedom Debt Relief Carry Out Its Business?

In 22 states, Freedom Debt Relief is licensed.

Is Freedom Debt Relief a Reputable Debt Relief Company?

The Better Business Bureau has given Freedom Debt Relief an A- rating. The American Fair Credit Council and the International Association of Professional Debt Arbitrators both accredit Freedom Debt Relief.

Freedom Debt Relief was the subject of 81 complaints to the Consumer Financial Protection Bureau in 2021. The majority of complaints were directed at the company’s debt collection and credit rehabilitation services. Except for one complaint, the firm responded promptly; 75 were resolved with a response, three with monetary compensation, and three with nonmonetary relief.

In July 2019, Freedom Debt Relief reached a settlement with the Consumer Financial Protection Bureau and agreed to pay $20 million in restitution and a $5 million fine in connection with a lawsuit alleging the company violated several government rules, including by charging excessive fees and misleading customers.

How Is Customer Service at Freedom Debt Relief?

Freedom Debt Relief may be reached at 800-655-6303 for current clients or at 800-230-1553 for non-customers. Monday through Friday, from 8 a.m. to 11 p.m. Eastern Time, and Saturday and Sunday, from 9 a.m. to 9 p.m. Eastern Time. Monday through Thursday, from 8 a.m. to 9 p.m.; Friday, from 8 a.m. to 8 p.m.; and Saturday and Sunday, from 10 a.m. to 8 p.m. Additionally, you may contact [email protected] for a free debt consultation or [email protected] if you are an existing client.

What Are Some of the Online Features of Freedom Debt Relief?

Prospective customers may take an online questionnaire to determine their eligibility for Freedom Debt Relief’s debt settlement program. Additionally, customers may use an online portal to track progress and make payments.

Valerie E. Frazier