Are you finding it difficult to pay off your debts? Are you stressed out and feeling overwhelmed? If so, you might want to think about looking for assistance from a debt relief company. One of the best-known businesses in this field is Freedom Debt Relief, and in this post, we’ll examine all of their services in detail. We’ll talk about their background, offerings, and costs. We will also go over the advantages and disadvantages of working with Freedom Debt Relief.
The business is a platinum member of the International Association of Professional Debt Arbitrators and an American Fair Credit Council member.
Since it began, Freedom Debt Relief has helped tens of thousands of people get out of debt. The three main services of the company are debt consolidation, debt settlement, credit card debt, and credit counseling. All of these services are intended to assist people in managing their debt and getting their finances in order.
Freedom Debt Relief Pros And Cons
The decision to work with Freedom Debt Relief has both benefits and drawbacks.
- You can pay off debt more quickly.
- Usually cheaper than filing for bankruptcy
- You might be permitted to keep your belongings
- Service to Repair Credit
- Taxes on the forgiven debt can be due.
- It will lower your credit rating.
- You might still owe money.
However, not everyone should use it as a means of debt relief. Before making a choice, be sure to carefully weigh all of your possibilities.
Freedom Debt Relief: What Is It?
An organization called Freedom Debt Relief assists customers in eliminating their credit card debt. They provide services like debt consolidation, credit counseling, and alternatives to bankruptcy. Freedom Debt Relief works with people to come up with a plan that will help them pay off their debts quickly.
When it comes to snatching up debt settlement clients and expanding their market share, Freedom Debt Relief and National Debt Relief are fierce rivals. With consumer regulators, National Debt Relief has a comparatively spotless track record. Freedom Debt, on the other hand, just settled lawsuits with the CFPB for $25 million and the Attorney General of New York for $3.6 million.
What Is The Process Of Freedom Debt Relief?
It is a procedure that aids in helping people escape unsecured debt. To accomplish this, it negotiates with creditors to lower or do away with interest rates, late fees, and other penalties. This enables customers to pay off their debts more quickly by making the monthly payments more manageable. It also helps people raise their credit scores, which makes it easier for them to fix their credit after paying off their debt.
What Is The Process Of The Freedom Debt Relief Program?
It is intended to aid those who are battling unsecured debt. To reduce the amount you owe, the application bargains with your creditors. You can do this by talking to a professional debt consultant at Freedom’s. They will work with you to make a program that meets your needs by combining your debts, accepting one large payment, or lowering the interest rate on your bills. The goal of the program is to help you get out of debt and improve your financial situation.
What Impact Will Freedom Debt Relief Have On Your Credit?
This question’s solution is more complicated than you might imagine. Although Freedom Debt Relief might aid in debt relief, it might also harm your credit rating.
For seven years, the company settlements will be visible on your credit report and may hurt your score. Additionally, your report will show any missed payments you had while enrolled in the program.
If you are having trouble, giving Freedom Debt Relief the chance to pay off your obligations can be a smart choice for you. Before choosing a choice, you should consider the advantages and disadvantages.
What Is The Price Of Freedom Debt Relief?
The short answer is that the average fee for the Freedom Debt Relief program is 20%, however, fees can range from 15% to 25% of your registered debt. So, if you have $20,000 in debt and join the program, you can expect to pay about $4,000 in fees.
Let’s now examine the makeup of those fees and the services they provide. You’ll establish a monthly payment schedule once you sign up for Freedom Debt Relief’s program. The setup charge will be covered by the first month’s payment, and the account balance will be credited by subsequent months’ payments.
View Your Credit Card Relief Options
With your very own unique plan, you can see how much you can save each month and get an idea of how much time and money you will save overall.
Your debt and the costs for the Freedom Debt Relief program make up your account balance. As was already noted, program costs are normally 15–25% of the debt you have registered in, though this might change based on your state of residence and the kind of debt you have.
The program fees include access to our licensed credit counselors, account setup and upkeep, correspondence with your creditors, discussions to lower your interest rates and monthly payments, and negotiations to lower your monthly payments. Therefore, when you pay your program fees every month, you are actually investing in your future financial well-being. You are making an investment in lower monthly payments, cheaper interest rates, and, most significantly, debt relief.
How To Reach Customer Care At Freedom Debt Relief
800-653-1948 is the customer service number. The “Contact Us” option is located at the bottom of their website, freedomdebtrelief.com, which you can also access there. Have your account information on hand when you call customer support so that they can assist you as soon as possible.
How Do I Utilize The Website Freedom Debt Relief?
For those who are seeking debt relief and are battling with unsecured debt, the FreedomDebtRelief.com website is a terrific resource. It offers advice on creating a budget, negotiating with creditors, and getting out of debt. The website also features a forum where visitors can post questions and experiences.
This Is How To Apply It:
Create an account first. Your name, email address, and phone number are among the details you must submit. After creating an account, you can log in and begin browsing the website.
The Debt Freedom Calculator will be one of the first things you see when logging in. You can use this calculator to determine how much debt you have, how much you must pay each month, and how long it will take you to pay it off.
Look at the negotiation tools next. You can use these methods to bargain with your creditors and obtain reduced interest rates.
Check out the resources for budgeting, too, lastly. These tools can assist you in developing a budget that works for you and your family and a full balance debt resolution.
How Can I Use The Dashboard For Freedom Debt Relief?
A dashboard is a fantastic tool for monitoring your progress and debt. Here are some pointers on how to utilize it successfully:
Make a login and password to get started. This will safeguard your information and let you access your account from anywhere.
As soon as you’ve logged in, explore the dashboard. Your existing debts will be presented, along with the total balance and monthly payment for your unsecured personal loans.
Simply click the “Make Payment” button and enter your payment details to make a payment. To ensure that you never forget to make a payment, you can also set up automated payments.
Which businesses does Freedom Debt Relief work with to settle the debt?
With the following businesses, Freedom Debt Relief resolves debts:
- American Express
- Bank Of America
- Capital One
- Discover Card
- GE Money Money (formerly MetLife)
These are some of the biggest American credit card companies. Freedom Debt Relief might be able to assist you in settling your debt if you owe money to one of these businesses.
On Freedom Debt Relief, How Do You Release Your Money?
To release your funds on Freedom Debt Relief, you must complete a few steps. You must first register an account before providing some fundamental details about yourself and your debt. You’ll then be able to determine how much money you may discharge from your debt.
You must next decide how much money you wish to release before selecting a debt settlement program that is within your means. If you have any doubts regarding the procedure or the various payment plans offered, you can also speak with a professional debt adviser.
Finally, after your payment schedule has been established, they will start disbursing your funds so you may start paying down your debt.
Freedom Debt Relief: Does It Work?
This question does not have a straightforward yes or no response. It is a respectable business that has been assisting clients with debt relief for more than 15 years. However, before choosing to employ their services, there are a few things you should be aware of.
First of all, this service is not a quick fix for your debt issues. It will take time and effort, but they will work with you to develop a debt settlement plan to pay off your bills. To notice results, it would be beneficial if you were dedicated to sticking with the regimen.
Second, there are fees associated with using Freedom Debt Relief’s services. Depending on how much debt you have and how much assistance you require, these costs may be expensive.
Thirdly, only unsecured debts, such as credit card obligations, will be accepted by Freedom Debt Relief. You will need to find another solution if you also have other sorts of debt, such as student loans or medical costs.
Fourthly, not all states offer Freedom Debt Relief. You will need to locate another debt reduction strategy if you reside in a state where they are not offered.
Last but not least, keep in mind that debt reduction is not a quick fix. Making the required changes to get out of debt will take time and effort. But make sure you go over any possible tax repercussions and any other queries you might have.
Freedom Debt Relief Review By The BBB
We looked at Freedom Debt Relief BBB reviews to see what customers had to say about this debt relief company.
The reviews are generally favorable, and many users claim that Freedom Debt Relief assisted them in eliminating their debt. Occasionally, there are some complaints.
It was wonderful to speak with someone who didn’t pass judgment on you and was eager to assist you.
I entered the program with a $17,136 debt. After 2.5 years, I received a summary judgment against me for $10,745; my wages are currently being garnished at a rate of $600 per month. So you extol the virtues of this program for me. Most of all, I’m unhappy with their legal team for not standing up for me. FDR has destroyed my credit. Years will be needed to fix it.
I have been receiving bizarre letters and emails from them, and now that I need them, they have declined to me debt relief. When I contact them, they reject me; I was authorized by the other 3 companies, but not by them.
What Businesses Will Not Cooperate With Freedom Debt Relief?
A few businesses out there won’t cooperate with FreedomDebtRelief.com. Make careful to verify in advance to see if the debt relief firm will cooperate with your particular provider if you have credit problems and want to deal with them. Without it, you risk wasting both time and money.
Chase Bank is yet another business that generally avoids doing business with this one. This is probably because they provide internal debt relief services. However, if you already work with Chase or another bank, it would be worthwhile to inquire as to whether they can assist you in getting back on track without the need for a third-party solution like Freedom Debt Relief.
And last, some private lenders might not be eager to cooperate. They frequently like working directly with borrowers, which explains why. It is best to inquire in advance about any limitations the lender may have on who they would work with if you are seeking a private loan.
Make sure all of your creditors can cooperate with Freedom Debt Relief if you’re thinking about utilizing them by conducting your research in advance. If you don’t, you can end up wasting time and money.
How Is Freedom Debt Relief Canceled?
There are a few methods you can use to close your account. You have three options for contacting them: by phone at the toll-free number listed on your billing statement, by email, or by letter. Regardless of the approach you select, make sure to give your name and account number so they can quickly find your file.
Phone cancellation: Dial the customer support number and inform the staff members that you want to close your account. They will handle your cancellation request after getting some more details from you, such as the explanation for the cancellation.
Email cancellations should have the subject “Cancellation Request” and be sent to [email protected] For them to find your file quickly, include your name and account number in the email’s body.
Cancellation via letter: Freedom Debt Relief, LLC can also be contacted via letter at PO Box 25101, Santa Ana, CA 09265-5101. Please remember to provide your name and account number once again so they can find your file simply.
After you cancel your account, Freedom Debt Relief won’t ask you for any more money. Any unpaid balance on your account will still need to be settled according to the terms of your original contract. Be sure to get help from the customer care team at Freedom Debt Relief if you have any questions regarding terminating your account.
Always remember to read the tiny print before enrolling in any debt reduction service. For some people, Freedom Debt Relief might be a good alternative, but it might not be the best choice for you. Before choosing one program over another, do your research and make comparisons.
How Long Does It Take Freedom Debt Relief To Process A Refund?
The form of payment used determines how long it takes to get a refund. Refund processing could take up to two weeks if you made your payment by check. The refund will be processed if you used a credit card within 72 hours of your purchase. Please be aware that only payments made in the same currency as the refund can be refunded.
Lawsuits For Freedom Debt Relief
Freedom Debt Relief Pays $25 Million To The Consumer Financial Protection Bureau To End Legal Battle
The Consumer Financial Protection Bureau (CFPB) stated on July 9, 2019, that its action against Freedom Debt Relief LLC, the biggest supplier of debt settlement services in the country, has been resolved.
The company agreed to pay $20 million in restitution and a $5 million civil money penalty for unfair business practices towards consumers involving improper marketing techniques like deceptive communications like robocalls or texts without consent; high-pressure sales techniques that include making offers sound more lucrative than they are by inflating savings figures on settlement agreements when there is no chance that one will be able to find any relief; and other improper business practices such as improper marketing techniques like misleading communications like robocalls or texts without consent.
In its case, the Bureau claimed that Freedom Debt Relief had broken numerous laws, including the Telemarketing Sales Rule, by collecting upfront fees and neglecting to tell customers of their rights. Additionally, the lawsuit accuses them of lying to clients about the amount of money they would be able to save on interest rates if they negotiated settlements with all of their creditors rather than just one or two at a time. They even allegedly demanded payment in full before resolving any debts!
Freedom Debt Relief Pays The New York State Attorney General $3.6 Million To End The Legal Dispute
After being sued by our office for making false promises in violation of an earlier agreement made with them back when they were operating under different ownership, the New York Attorney General has now secured a victory that will return nearly $3.6 million to thousands of consumers who were misled about the savings they could achieve through Freedom Debt Relief. This victory comes only a few weeks after this same company was sued by our office for making false promises (in 2011).
The AG’s office filed documents today saying that Freedom Debt Relief committed “extensive fraud” by making customers think that a lot was being done to get rid of their credit card debts while giving them little or no information about what happened when they became members.
The following is important information about the Freedom Debt Relief lawsuit:
What is the purpose of the Freedom Debt Relief lawsuit?
In May 2019, the corporation was accused of engaging in misleading business practices and false advertising, according to the lawsuit. According to the lawsuit, the company had claimed to assist customers in lowering their debt by negotiating with creditors, but instead of fulfilling this promise, after enrolling them in its program, it utilized high-pressure sales techniques.
By whom is Freedom Debt Relief being sued?
The Federal Trade Commission (FTC), a federal agency tasked with guarding consumers against unfair or dishonest business practices, filed the action.
What is the total amount of the claim against Freedom Debt Relief?
Millions of dollars are being sought back from Freedom Debt Relief by the FTC. Although the precise sum has not been made public, it is thought to be in the tens of millions of dollars.
For consumers, what does this mean?
You might want to think twice about letting Freedom Debt Relief help you get rid of your debt. If a lawsuit is filed against the business, clients who say they were tricked could ask for millions of dollars back. Additionally, you might want to think about debt consolidation or credit counseling as additional debt-reduction options.
Before selecting a provider, do your research, as there are several different businesses that provide services comparable to those provided by Freedom Debt Relief. Also keep in mind that if a credible organization is offering the programs, you shouldn’t have to pay anything upfront for them.
Is Freedom Debt Relief A Trustworthy Business?
Regarding Freedom Debt Relief, there are a lot of conflicting opinions. Some claim they are excellent at assisting you in getting out of debt, while others claim they are a hoax. What then is the reality?
Sincerely speaking, it actually depends on your circumstances. For some people, Freedom Debt Relief may be a good business, but not for others. Everything simply depends on your own financial situation.
Before you choose Freedom Debt Relief to help you get out of debt, make sure to do a lot of research and talk to a variety of creditors. You may then be certain that Freedom Debt Relief is the best option for you.
Freedom Debt Relief
Freedom Debt Relief
Freedom Debt Relief Summary
The company agreed to pay $20 million in restitution and a $5 million civil money penalty for unfair business practices towards consumers about improper marketing techniques like deceptive communications like robocalls or texts without consent; high-pressure sales techniques that include making offers sound more lucrative than they are by inflating savings figures on settlement agreements when there is no chance that one will be able to find any relief; and other improper business practices such as improper marketing techniques like misleading communications like robocalls or texts without consent.