Is Freedom Debt Relief legit? (2024)

Is Freedom Debt Relief legit?

Freedom Debt Relief is a legitimate company that was founded in 2002 and is a founding member of the American Fair Credit Council. It's also a member of the International Association of Professional Debt Arbitrators.

How reliable is Freedom Debt Relief?

Is Freedom Debt Relief Reputable? Freedom Debt Relief has an A+ rating with the Better Business Bureau. Freedom Debt Relief is accredited by the American Fair Credit Council and the International Association of Professional Debt Arbitrators.

Are there any legit debt relief programs?

Accredited Debt Relief is a good choice for those who need additional support with their debt — the company includes financial therapy services for those who enroll in the program. Standout benefits: Accredited has an A+ rating from the BBB, and has worked with over 300,000 clients.

Is it good to do a debt relief program?

Debt relief plans can help make your payments more manageable, but they're not right for everyone. It's important for you to understand how each plan or program works and how debt relief can affect your finances.

Can I remove a debt from Freedom Debt Relief?

You may also withdraw that debt from your program at any time before it is settled with no charge or penalty to you.

What is the downside of Freedom Debt Relief?

How Will Freedom Debt Relief Affect My Credit? Debt relief can negatively affect credit scores because creditors typically aren't willing to negotiate until you're behind on payments. Payment history carries the most weight for FICO score calculations, so if you're paying late or not at all, your score can take a hit.

How long does Freedom Debt Relief ruin your credit?

Paying off your debt in this way might seem more important, but the damage to your credit score can last for years. Settled debts also stay on your credit report for up to seven years and impact your future access to credit.

How to pay off $10,000 credit card debt?

What is the best debt relief program?

Will debt relief hurt my credit?

Debt relief won't hurt your credit alone. However, closing your oldest accounts can drastically lower your standing. Debt relief and debt settlement options don't hurt your credit score on their own.

Can I still use my credit card after debt settlement?

Paying off your credit card, whether it's with a debt consolidation loan or not, does not actually cancel the card. While it does bring your balance down to zero, the card will still be open and active.

Can I buy a house after debt settlement?

How Long After a Debt Settlement Can You Buy a House? There's no set timeline for how long it takes to get a mortgage after debt settlement. Your ability to qualify for a mortgage will depend on how well you meet the lender's requirements on the issues raised above (credit score, DTI, employment and down payment).

What is the best debt relief company to work with?

What happens if I drop out of a debt relief program?

If you drop out of the program for any reason, you lose all the concessions creditors made for you on interest rate reduction and elimination of penalties for late fees, etc. You will be asked to close all credit card accounts while in the program, although some agencies may allow one card for emergency use.

Can debt relief take your house?

Your home provides security to the lender that you would pay back the debt. If you owe money for most other debts like credit cards and medical bills, you (usually) did not sign a security agreement. So, the creditors cannot seize your home to pay the debt.

How can I get debt relief without ruining my credit?

Why do Republicans want to stop debt relief?

Bob Good (R-Va.), who is sponsoring the House measure, said it was part of “a multipronged attack” that Republicans are pursuing against Biden's student debt policies which they view as too expensive for taxpayers and unfair to Americans who didn't attend college or already paid off their loans.

Which is better freedom debt or national debt relief?

National Debt Relief is a Better Business Bureau (BBB) Accredited Business with an A+ rating. It has an average customer satisfaction rating of 4.67 out of 5. Freedom Debt Relief is also a BBB accredited with an A+ rating. Its average customer rating is 4.46 out of 5 (both as of Sept.

Does debt relief affect your taxes?

Depending on the rest of your financial status, when you have a settled debt for less than the full amount owed, you may owe taxes on the money that was forgiven. The IRS considers any debt cancelation of $600 or more as additional income — and taxable — even if you didn't actually receive any money.

Is it better to settle a debt or pay in full?

If you can afford to pay off a debt, it is generally a much better solution than settling because your credit score will improve, not decline.

How do I get rid of $30 K in credit card debt?

How long will it take to pay off $20000 in credit card debt?

It will take 47 months to pay off $20,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

How long will it take to pay off $50,000 in debt?

Paying off $50,000 in debt can take anywhere from three to seven years. How much you pay in interest over the life of the loan will depend on how long your loan term is.

What is the success rate of debt relief?

Completion rates vary between companies depending upon a number of factors, including client qualification requirements, quality of client services and the ability to meet client expectations regarding final settlement of their debts. Completion rates range from 35% to 60%, with the average around 45% to 50%.

Who can help me clear my debt?

Find an accredited, non-profit credit counselor in your area by contacting the National Foundation for Credit Counseling at 1-800-388-2227 or www.nfcc.org. Consider a debt management plan if recommended by a non-profit credit counselor.