If you’re struggling with debt, you may have come across TurboDebt as a potential solution. However, with so many debt relief companies out there, it can be difficult to determine which ones are legitimate and which ones are scams. In this review, we’ll take a closer look at TurboDebt to help you decide whether or not it’s a trustworthy option for managing your debt. Read on to learn more about the company’s services, reputation, and customer feedback.
It has been reported that Americans can be in debt from anywhere between $20,803 to $146,164. Many people are in so much debt due to their student loans and mortgages, and with high interest rates, it can be a challenging task to figure out how they will be able to pay off what they owe.
If you are looking to bring your debt to zero, one of your options is to settle it. This involves paying less than the full amount you owe in order to have the debt cleared. You can either handle the process yourself, or employ the services of a debt settlement firm. This type of company will offer the creditors one lump sum payment in exchange for writing off the debt.
What is TurboDebt?
TurboDebt is a debt settlement service provider that can assist you in getting out of debt. They offer effective debt relief solutions to help you become free of debt in the quickest time possible. The experts at TurboDebt can also help you find methods to stay debt-free and develop a plan to start building wealth.
How does TurboDebt operate?
In order to start using TurboDebt, visit the company’s website. You will find a button which will allow you to receive a complimentary consultation.
If you hit the free advice button, you will be redirected to a different page where you can select the amount of debt you owe. You can choose a number ranging from $1,000 to $100,000 or higher.
The subsequent step is to disclose your monthly earnings to TurboDebt. Even if your salary varies, you just need to indicate if it is higher or lower than $1,500.
After selecting your domicile, it is important to understand that the region may influence the cost and availability of TurboDebt’s services. Additionally, TurboDebt necessitates you to declare your age range.
Once you have gone through the steps, TurboDebt will determine if you qualify for 1 or more debt plans. For this, you will have to enter your name, email address, and contact number. Subsequently, you can anticipate to be contacted by TurboDebt and its associates through email, phone call, or text.
How much does TurboDebt cost?
Obtaining a consultation and figuring out potential savings with TurboDebt is free of charge. However, once you opt for a debt consolidation or debt relief program, you may be subject to certain fees and costs. These may include:
When you use the services of debt settlement companies, you can expect to pay a program fee. This cost is to cover the expenses associated with managing your account and providing you with advice. The amount of this fee will vary depending on the company you choose.
As an example, TurboDebt’s partner Beyond Finance states on their website that their program fees are dependent on the debt amount at the start of the program. The fees range from 15% to 25% of the enrolled debt.
Before being approved for a debt settlement program, you must save a certain amount of money. Generally, this amount should cover a portion of your debt. Beyond Finance’s requirement is that the total saved should be between 40-50% of the total debt.
Original creditor fees
Starting the debt settlement journey is something that shouldn’t be ignored, as payments to your original creditors must be taken into account. Your existing debt could grow during this period due to extra interest and fines being added.
Although it may not affect your finances right away, it is important to remember that debt settlement can have a negative effect on your credit score. Missing payments, as well as debts sold to collection agencies, will be reported on your credit report and stay there for up to seven years. It can take a while to rebuild your credit in this situation.
TurboDebt’s notable features
Starting off with TurboDebt, you will begin the process of debt settlement through strategic planning. They will assess your finances to view the most effective solution. After that, they will create a plan to help you become debt-free in a timely manner.
If you’re aiming to avoid owing money, you may have to alter your spending habits after using a debt settlement plan. TurboDebt provides guidance to assist you in determining what is essential and to create a solid financial future.
TurboDebt’s experts can help you make the switch from being weighed down by debt to becoming more financially secure. They can formulate a plan and a reasonable way to achieve your goals.
Debt relief programs
TurboDebt can help you decide on the most suitable debt resolution plan for you. Currently, they offer three choices:
- Turbo Debt Consolidation. Turbo Debt Consolidation is a process of gathering multiple debt payments into one, making it easier to manage and pay off debt quicker. This tactic is commonly used for high-interest debt, like credit card debt, with minimal negative effect on your credit score.
- Turbo Debt Settlement. Debt negotiation or resolution is an option that works to solve unmet financial obligations to creditors. Generally, creditors will agree to a single payment that covers a portion of the overall debt, with the remainder being written off. To be eligible for this program, you must have a certain amount of savings, but it may be beneficial in reducing debt quickly.
- Turbo Debt Validation. TurboDebt can help you take advantage of your right to question any debt or ask a debt collector for written verification of a debt. This can help you comprehend all the debts you owe and how much is owed for each. If the debt does not belong to you or has inaccurate details, TurboDebt will help you contest it.
Who should use TurboDebt?
People who are struggling with debt
If you are tired of attempting to make your minimum payments each month, TurboDebt could be the perfect answer for you. You must fulfill the criteria for the program, but it might be a potential way to save money on your debts in the future.
People who want to avoid filing for bankruptcy
If you wish to keep your financial problems under wraps and not have to surrender any of your possessions, debt settlement might be a preferable alternative to filing for Chapter 7 bankruptcy. But, it’s wise to be aware of the potential drawbacks associated with this route.
People who don’t want to attempt debt settlement on their own
You don’t have to engage with a debt settlement business, but it can make the process easier. When you work with an organization like TurboDebt, you can rely on the experts there to handle negotiations with creditors for you.
Who shouldn’t use TurboDebt?
People who don’t want to pay the program fees
Using a debt settlement company may be easier for you, but it will cost you money. If you don’t like spending money on things you can do yourself, TurboDebt may not be suitable for you.
People who can keep up with their debt
If you have the funds to make the minimum payments but are trying to take care of your debt on your own, it is advisable to explore other alternatives to debt settlement. One such option is to join a debt management plan with a credit counseling organization. This service is usually either low-cost or free, provided by non-profit and government organizations. There are plans out there that may even help you get lower interest rates and waive late fees, paving the way for a debt free life.
People who want to finance a major purchase
If you are looking to secure a mortgage or car loan, it is wise to explore alternative solutions to manage your debt. Having debt can adversely impact your credit score, and debt settlement will only worsen the situation. Thus, if you wish to maintain a high credit score and secure the best terms and rates for your loan, debt settlement is likely not the ideal choice.
Pros and Cons
- TurboDebt can help you get out of debt and create strategies for future financial prosperity.
- Working with debt settlement companies, for example TurboDebt, could possibly reduce the amount of debt you need to settle.
- TurboDebt can help you pick the debt relief option that is most suitable for your needs.
- Using TurboDebt’s services comes with a cost, which can be burdensome if you are already struggling to pay off your debt.
- TurboDebt does not provide extensive information regarding which organizations they will send your information to.
- If you choose to go with a debt settlement option, you will no longer make your minimum payments. This could lead to a negative effect on your credit score, accompanied by potential irritating phone calls and letters from debt collectors.
TurboDebt vs. other debt settlement companies
|Depends on the servicer TurboDebt matches you with
|Debt settlement, debt validation, debt consolidation, financial advice
|National Debt Relief
|About 15%-25% of your total enrolled debt
|Debt relief solution, access to debt consolidation loans via partner lenders, credit counseling services and bankruptcy referrals
|Freedom Debt Relief
|About 15%-25% of your total enrolled debt
|Debt relief via debt negotiations, financial advice
What kind of debts does TurboDebt consider?
Debt settlement services are only available to address unsecured debt, such as those related to credit cards, student loans, medical bills, unpaid rent and utility payments. Secured debt, which is backed by assets like a house or vehicle, cannot be addressed through this approach. If monthly payments are not made on secured debt, the lender is able to take ownership of the associated item rather than sending the debt to a collections agency.
What is TurboDebt Recovery?
TurboDebt Recover is a debt collection company. If you are looking for a way out of debt, TurboDebt Recovery, located in Columbus, Ohio, is not the answer.
Are debt settlement companies a scam?
It is unfortunate that some debt consolidation services are not trustworthy. Usually, these scams ask for a large sum up front, but will not provide any help for reducing debt. To avoid being taken advantage of these multiple debt programs, make sure to check the reliability of the organization before you agree to their services.
So, is TurboDebt legit?
If you need assistance with your monetary obligations, TurboDebt is the perfect place to start. All you need is to answer a few queries on their website and you will get a free initial consultation. After you provide your details, TurboDebt and its collaborators will communicate with you to explore how they can aid you in finding successful debt relief options and processes.
Aside from debt resolution, TurboDebt offers services to help you plan for your economic situation. Their experts are available to help you come up with a strategy to avoid future debt and give advice if you are unsure how to manage your finances.
Though TurboDebt may be advantageous to many, it may not be the best choice for everyone. If you don’t want to pay to use the debt settlement process, you may want to try and address your debt without help. In some cases, you may want to look into other options, such as filing for chapter 7 bankruptcy or consulting a credit counseling service.