- What happens if I stop paying Freedom Debt Relief?
- Does freedom debt relief hurt your credit?
- Is Freedom Debt Relief a good idea?
- Can I cancel my debt consolidation?
- Can I get a credit card while on a debt management plan?
- How long does debt settlement stay on your credit report?
- How do I get out of credit card debt without ruining my credit?
- What percentage will creditors settle for?
- How much does freedom debt relief charge?
- Has anyone used National Debt Relief?
- What are the negatives of a debt management plan?
- How do I get my money back from a debt settlement company?
- Can creditors refuse a debt management plan?
- Do I have to include all debts in a debt management plan?
- Can I buy a house while on a debt management plan?
If you would like to cancel, please call the Client toll-free number at 1-800-655-6303 to determine the best option for ending your service.
Please note that Freedom Debt Relief does not offer a money back guarantee.
What happens if I stop paying Freedom Debt Relief?
When you stop paying your creditors, there’s a chance that they may sue you in an attempt to collect what you owe them. This is why Freedom Debt Relief offers its clients an optional subscription to the National Litigation Law Group (NLLG) when they enroll.
Does freedom debt relief hurt your credit?
The truth: Debt settlement can hurt your credit score almost as much as bankruptcy. Although asking for a settlement on your own won’t hurt your credit score, succeeding in getting a settlement – or skipping payments as some settlement companies advise – definitely will.
Is Freedom Debt Relief a good idea?
BOTTOM LINE. Freedom Debt Relief is a good match for those with $15,000 or more in debt. Although fees can be up to 25% of the settlement amount, it’s usually a good move to eliminate debt through debt settlement.
Can I cancel my debt consolidation?
Debt settlement services are sometimes advertised as “debt settlement”, “debt management”, “debt arrangement”, “debt reduction”, or “debt consolidation”. The rules for cancelling contracts with these companies are the same: You can cancel the contract at any time within 10 days after you receive a copy of it.
Can I get a credit card while on a debt management plan?
The goal of the program is simple: no more debt. Using a credit card while you’re on a DMP makes it harder to accomplish that goal. While you’re on a DMP, cash is king. That said, depending on the circumstances you may be allowed to keep an emergency credit card (not included on your DMP) open in case of emergencies.
How long does debt settlement stay on your credit report?
How do I get out of credit card debt without ruining my credit?
To help make things easier, here are some tips that you need to remember.
- Identify the root cause. Consolidating debt will only restructure your payments so you will find it easier to completely pay off what you owe.
- Do not give in to a false sense of complacency.
- Stop borrowing money.
- Create a new budget plan.
What percentage will creditors settle for?
Aim for 50% or less.
It might take some time to get there, but most unsecured creditors will settle for around 30 to 50% of the debt. Therefore, you should start with a lower offer—around 15%—and negotiate from there.
How much does freedom debt relief charge?
Freedom Debt Relief charges a fee typically ranging from 18% to 25% of the total debt in the program. Your fee depends on the amount of debt and your state of residence.
Has anyone used National Debt Relief?
Yes, National Debt Relief is a legit company. It’s been accredited with the BBB since 2013 and has an A+ rating based on factors like transparency and time in business. It has over 90 complaints filed against it with the BBB as of March 2018 and earns an average 4 out of 5 stars based on 340 customer reviews.
What are the negatives of a debt management plan?
Disadvantages of a debt management plan include:
- your debts must be repaid in full – they will not be written off.
- creditors don’t have to enter into a debt management plan and may still contact you asking for immediate repayment.
- mortgages and other ‘secured’ debts are not covered by a debt management plan.
How do I get my money back from a debt settlement company?
A Reasonable Refund Request Process
- The Consumer Financial Protection Bureau.
- Your State Attorney General’s office.
- The Attorney General’s office for the state where the company is located.
- Your local Better Business Bureau.
- Any local consumer affairs office your local county government might have.
Can creditors refuse a debt management plan?
Yes. Creditors are not obliged to accept a debt solution but they could accept a Debt Management Plan if they feel this is the best way for them to recover the money owed to them. You will have to put forward a firm and fair offer of payment to your creditors and outline how much you can afford to pay back each month.
Do I have to include all debts in a debt management plan?
A Debt Management Plan (DMP) is an informal agreement with your creditors. As such there is no legal reason why you have to include all of your debts. You can leave one or more out if you want and continue paying it as normal. Having said that if you do the ones which are are included might not then accept the Plan.
Can I buy a house while on a debt management plan?
It won’t be impossible to get a mortgage during your DMP, but it’ll be harder and you may not get the best deal. Once your DMP is finished and your debts paid off, your credit file will steadily improve and you should find it easier to get a mortgage. We have a specialist team that can offer you free mortgage advice.