New Era Debt Solutions Review: Is It Legit Or A Scam?

Debt settlement may be a good option for you depending on your financial situation. You can work with a company like New Era Debt Solutions, which has over 20 years of experience and has settled over $250 million in debt. They advertise their services at neweradebtsolutions.com.

Overview Of New Era Debt Solutions

New Era Debt Solutions is a company that specializes in helping people get out of debt. They have a variety of programs and services that can help you get your finances back on track. After doing some research to find out more about this company and what they offer. Here are some of the things that have been found:

• Results from this program may vary depending on an individual’s ability to save funds and successfully complete all program terms.
• The program does not assume or pay any debts, nor provide tax or legal advice. 
• It’s not available in all states.
• The company charges performance-based fees.
• The company also works as a Debt Relief referral service.

New Era Debt Solutions: What Is It?

New Era Debt Solutions is a debt relief company that specializes in helping people settle their debts. They have a team of financial experts, attorneys, and support staff who work with each individual to create a plan to reduce their debt and get them back on track. New Era Debt Solutions has been operational since 1999 and is located in Camarillo, CA. You can reach their staff by calling (805) 532-9000.

The Better Business Bureau has given them an A+ rating, meaning they’re a reputable and trustworthy company. They’ve been accredited since 2001, have 100 customer reviews on average, and have only had 4 complaints in the past 3 years.

How Does This Company Work?

The Debt Settlement program from New Era Debt Solutions is designed to help you pay off your debts for less than the full amount that you owe. This is different from other methods, such as Credit Counseling or Consolidation Loans, which don’t reduce the total amount of money that you owe.

Debt settlement is a process where you negotiate with your creditors to pay less than the full amount you owe. This can be an attractive option for people who are struggling to make ends meet and are facing the possibility of bankruptcy. Creditors may be willing to accept a lower payment to close out an account, rather than lose the entire amount in a bankruptcy proceeding.

Qualifying Process

As you work to get your finances in order, it’s important to be aware of the different options available to you. One option that may be a good fit for you is a debt settlement program through New Era Debt Solutions. Here are a few key indicators that can help you determine whether you may qualify for such a program.

• Debt settlement can be a good option for people who are struggling to pay their bills and don’t want to declare bankruptcy. It’s not a free lunch, but it can help you work out an agreement with your creditors and avoid a financial disaster.
• When you’re in over your head with debts, it can be tough to know what to do. But for many people, going through a settlement process is the quickest and most affordable way out. Your level of commitment to staying the course, even when things get tough, is key to success. Debt settlement can be a great way to get back on your feet financially. It can help you pay off your debts faster than any other option, and it can give you the peace of mind that comes with being debt-free.
• Debt settlement can be a great option for those with a lot of unsecured debts, such as high-interest rates, late fees, and other penalties. With this strategy, you can usually get deeper discounts on your debts than with other types of negotiation. This makes it worth considering for anyone struggling to pay off their credit card debts.
• Debt settlement programs can help you get out of debt by setting aside money each month to pay off your creditors. A good rule of thumb is to set aside 1.5% of your total owed. For example, on a $30,000 unsecured credit card balance, you would need to put away $450 monthly in order to have the program completed within three years’ time.

New Era Debt Solutions BBB Reviews

With an A+ rating from Better Business Bureau 100 customer reviews, and 4 complaints closed in the last 3 years. This company has been accredited since 2001 and has an A+ rating from the Better Business Bureau.

Here are some reviews:

Ruby M 10/24/2022

I was with New Era Solutions for two years and they have helped me every step of the way. They are fantastic!

Cierra A 10/19/2022

I love New Era Debt Solutions because they did everything they could to make sure I was successful. Months when I was short or couldn’t make it they adjusted my payments. They kept me up-to-date with any new activity and settlements. They were so easy to work with. They were always very responsive. I would recommend them to anyone struggling to get back on track financially.

Helen J 10/09/2022

I would use them again if I needed to. Very professional with you and with the companies while settling your debt. They keep you informed of your progress every month. A-1

Initial Complaint 05/09/2022

Complaint Type: Billing/Collection Issues.

I contracted a new era for debt consolidation. They promised around 40% of my debt I would have to pay back in the end. Right now I’m around 70% and have had my check garnished, paid back the largest creditor on my own in full (100% plus fees and interest accrued for years) had multiple court visits where I was unprepared and had no knowledge of what to say or how to prepare and was practicing left to the wolves. I feel like I have been completely scammed in this process and yet they continue to come up with more fees and less transparency.

FAQs

How Much Does New Era Debt Solutions Charge?

The amount of money you need to become debt-free depends on several factors. These include the balances on your credit cards, your ability to make monthly payments into a debt resolution program, how much can be negotiated from your outstanding balance, and any fees charged by the debt resolution company.

At New Era Debt Solutions, they only ever charge performance-based fees. This means that you won’t have to pay any upfront fees, but they also don’t reveal the percentage of their fees anywhere on their site.

Can I Consider Bankruptcy As An Option?

There are many options available when it comes to resolving your debts, and bankruptcy may not be the best choice for everyone. While it can help you get out of financial trouble and back on track, it may not be a miracle solution.

Tax Implications

Debt forgiveness can come with some unexpected tax implications. While it’s not common, there is a chance that forgiven debts could be taxable. Here’s how it works: Creditors are required to report any canceled debts exceeding $600 to the IRS, and the debtor must also report this income on their return.

According to the IRS, you can deduct any canceled debt from your income, so long as the total amount of debt canceled doesn’t exceed the amount by which you were insolvent at the time the debts were canceled. To be considered insolvent, your liabilities must exceed the fair market value of your assets. In other words, you owe more than what you own

While many people believe that those with a high net worth are always able to pay their taxes, this is not always the case. In fact, many debtors who are forgiven their debt end up having to pay taxes on that amount. This is because they typically have a high level of home equity, which can offset the debt and make their net worth positive. However, this is not always the case, and most debtors will not have to pay taxes on the forgiven debt.

Could New Era Debt Solutions Cause Me A Lawsuit?

When you don’t pay a debt, your creditor may have the legal right to sue you. But compared to how often credit collectors threaten lawsuits, actual lawsuits are much less common. Usually, it’s more cost-effective for a creditor to try negotiating a settlement than going to court (where there’s no guarantee of collecting on a judgment).

In a worst-case scenario, you might have to pay off a creditor’s entire outstanding balance. This could happen because of legal action taken by that creditor.

What Is The Impact On My Credit Score?

Debt settlement can be a long and difficult process that can have a negative impact on your credit score. Your credit score may be lowered by up to 100 points at the start of the process, but the effects will lessen over time. Although missing payments can damage your credit score, there are usually other factors that contribute to needing to settle debts. These events can include things like job loss or unexpected expenses.

Can I Cancel Their Services?

Canceling a debt settlement contract with New Era Debt Solutions is easy to do and can be done at any time before you make your first payment. However, once payments have begun, any funds that have been sent to the company are likely to be lost. Therefore, you should contact your bank and cancel any agreement that permits the debt settlement company to take fees directly from your account.

There are a few things you can do to cancel your debt settlement program:

• Your debt settlement agreement is a binding contract between you and your creditors. It’s important to understand that once you sign a debt settlement agreement, both you and your creditors are legally bound to its terms. This means that breaking the agreement early could result in penalty fees. In some cases, however, a debt settlement company may be willing to waive these fees.
• Canceling a debt settlement contract does not happen automatically. You will need to follow the company’s specific cancellation process, which usually involves sending a message with instructions on how to cancel the contract. In most cases, you will continue making your original monthly debt payments until the process is complete.
• You may be required to make a final payment to your debt settlement company in order to exit your contract. Failure to make these payments can result in legal action against you.
• After you finish your debt settlement contract, you need to meet with your creditors. You’ll have to tell them about your plans to repay what you owe, and work out a new payment plan or stick to the original agreement. Any payments you missed or haven’t made yet will have to be paid.

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