Is Freedom Debt Relief a Good Company?

Are you looking to use debt settlement to help you climb out of that dark, dank financial hole you’ve been in for quite some time? Well, when it comes to choosing a company to help you, Freedom Debt Relief (FDR) is the nation’s largest such company and a field pioneer. 


But is Freedom Debt Relief a good company? 


Yes, but don’t take our word for it – read on and see.


What is Debt Settlement? 

Let’s start there. It’s the practice of hiring a settlement company such as Freedom Debt Relief to negotiate with your creditors to let you pay less than what you owe to satisfy your balance. It’s also a way to avoid the last resort of bankruptcy, which would stain your credit for up to a decade.


What is Freedom Debt Relief?

FDR has been in business since 2002 – nearly 20 years. To qualify for assistance, you will need at least $7,500 in unsecured debt — accounts that aren’t attached to collateral. A typical Freedom Debt Relief customer debt load is more than $25,000. 


Freedom Debt Relief is also accredited – important at a time when scams are rampant – by the American Fair Credit Council, which it helped found, as well as the International Association of Professional Debt Arbitrators. 


How Does it Work?

Freedom will ask you to deposit funds monthly into a federally backed savings-type account that you control. Once you’ve saved a sufficient amount, the company’s negotiators will enter into talks with your creditors – typically credit card issuers – to get your debts settled. After each account is resolved, the creditor will be paid from that account.


Most customers see their first settlement within six months of enrolling, but the timing hinges on your monthly deposits, your debt load, and how many accounts you enroll. Typically, most customers’ debts are cleared within two to five years, the average being three years and 10 months.


Want to learn more? Check out Freedom Debt Reviews – How Does it Work?


Will it Hurt My Credit?

In the long run, debt relief will wind up helping you. In the near- to mid-term, the process of debt settlement will temporarily depress your credit rating, but let’s face it, your scores haven’t been great for a long time now anyway if debt settlement is a viable strategy. Once you’ve completed the program and your spending is under control, your scores will rebound, AND you’ll be debt free.


How Much Does It Cost?

Freedom Debt Relief charges between 18% and 25% of enrolled debt, depending upon your enrolled debt amount and state of residence. The average fee is 21.5%. For example, if FDR settles a $5,000 account for three grand, you’d pay Freedom between $900 and $1,250.


Again, one of the things that sets Freedom Debt Relief apart from scam companies is its transparency: the company will explain fees to you before you enroll. What’s more, once you start the program, those fees will never increase. 


Another sign of legitimacy is that Freedom Debt Relief will never ask you for payment before it has successfully done work for you, which is what federal law dictates, by the way.


So, is Freedom Debt Relief a good company? 


Well, it has helped more than 650,000people get out of debt and, in so doing, reclaim their peace of mind. The company has resolved more than $10 billion in unsecured debt.since its inception 


That’s billion with a “B.” 

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