There are many different types of debt relief companies out there and it’s important to make sure you select the right one for you. You want to make sure you choose one that has good reviews and that can actually help you. The more information you have, the easier it is to choose the best debt relief company for your needs. There are many debt relief services that provide different debt relief options. So how does debt relief work?
Accredited Debt Relief
If you are looking for debt relief, there are a few options to choose from. Some companies are aimed at certain credit scores, while others may be geared toward a particular income level. You should consider the type of debt you have, your financial situation, and the costs of each option before making a decision.
In addition, you should also look at online review sites. The Better Business Bureau (BBB) is a good place to start. It can help you determine if a company is legitimate and whether it is a scam.
Another site you can check is the FTC. They maintain a list of banned companies and individuals.
Accredited Debt Relief has an A+ rating with the BBB and is accredited with the American Fair Credit Council. The debt settlement firm offers free consultations.
The Accredited Debt Relief debt reduction program is built around 12 to 48 monthly payments. Each month, the client makes a deposit into a savings account designated for the program. These funds are used to pay off the debts.
Don’t miss a payment
Once the program is completed, the client should be debt-free. However, if the client misses a payment, the contract can be canceled.
In order to enroll, a customer must have a minimum of $7,500 in unsecured debt. This means that you must have at least one unsecured form of debt, such as credit cards, student loans, and medical bills.
Depending on the program, the cost of debt relief can range from $1500 to $2,500. Most of the companies charge a percentage of the total debt. Performance-based fees are usually 10-15% of the total amount enrolled.
In some cases, a customer is required to have an escrow account. The funds in the account are held by the settlement firm until the client is able to settle the debt.
Pacific Debt, Inc.
Pacific Debt is a debt settlement company that specializes in credit card debt, medical bills, and payday loans. The company is accredited by the Better Business Bureau.
Founded in 2002, Pacific Debt focuses on consumer debt. It holds a number of accreditations, including the International Association of Professional Debt Arbitrators (IAPDA) and the American Fair Credit Council (AFCC).
Pacific Debt is located in San Diego, California. The company offers a free consultation to determine if it’s a good fit for you. You’ll also receive an enrollment packet. Your account manager will call you to discuss the program and get you started.
A certified debt counselor will evaluate your financial situation and decide if you qualify for relief services. If you’re a good fit, you’ll be given a payment plan.
Multiple programs
There are two major programs offered by Pacific Debt: a settlement program and a management program. With the settlement program, the customer deposits money into a special account. This money is then used to negotiate lower settlements with creditors. Once the creditors agree to the lower settlement, you’ll start making monthly payments to the account.
Pacific Debt’s management program requires you to make monthly payments to the account and holds the funds in an escrow account. When the funds are available, the creditor is paid. In this case, the customer can save about 15% of the total debt.
Depending on the size of the debt, it can take as little as 24 to 48 months to finish the program. Customers can also check online to track their progress.
Pacific Debt offers a money back guarantee. However, it’s not the best choice for everyone.
Freedom Debt Relief
The best debt relief companies offer free financial education, transparent pricing, and good customer service. These companies are accredited by leading professional associations and will work with you to negotiate lower debt balances.
The first step in debt settlement is to make a list of your debts. Then, you need to make a comparison of your total amount. To settle your debt, you will need to pay a percentage of the total amount. This usually ranges from 15% to 25%.
Debt management plans involve a series of steps, including a credit-settlement solution, financial education, and guidance. These services are often accompanied by a new financial product, which can reduce your monthly payments.
When you get a free consultation, a certified debt consultant will talk with you about your goals and help you determine a debt-management plan. You may also receive financial guidance from your counselor.
Freedom Debt Relief is a well-established company with over six hundred thousand active clients. They specialize in debt settlement and offer custom solutions for various types of business and unsecured debts.
The company is affiliated with non-profit credit counselors, who will help you find a solution to your debt problems. For instance, Freedom Debt Relief can settle private student loans. However, the company doesn’t settle mortgage or auto loans.
Transparent pricing
Freedom Debt Relief is also very transparent about their prices. There are no hidden fees and the company never collects fees before settling debts.
Some debt relief companies will only work with certain types of debts, such as credit cards. Others will work with a variety of debts, such as medical bills or private student loans.
Before enrolling in a debt relief program, check with the Better Business Bureau to ensure you are dealing with a legitimate company. It’s also a good idea to check with the FTC to find out if a company is banned from the debt relief industry.
DMB Financial
DMB Financial is a debt relief company that has a lot to offer consumers who are suffering from heavy credit card debt. They also provide assistance with medical bills and payday loans. The company offers a low monthly payment for a credit card debt consolidation program.
Many of their clients report that DMB has helped them reduce their debts, get out of debt, and restructure their payments. However, there are plenty of negative reviews on the web about their practices. These reviews may not be helpful, since the best way to tell if a company delivers on its promises is to read reviews that detail the actual work it does.
Great customer service
One of the best things about DMB is the customer service. Their representatives are available during office hours Monday through Thursday, and on Saturdays between 9 AM and 1 PM EST. In addition, they provide a free consultation. During this consultation, a counselor will talk with you about your debt and answer any questions you may have.
While DMB is a good company, they are lacking in transparency. There is no money-back guarantee on their site, and they don’t disclose any fees upfront.
If you are considering working with DMB, it’s important to learn more about the process. This includes asking about cancellation policies. It’s also important to ask about the minimum debt requirement. Typically, a firm will require you to have at least a few thousand dollars in unsecured debt. Ideally, you should have at least $7,500 in unsecured debt.
Before deciding on a debt relief firm, it’s a good idea to compare DMB to the competition. The more information you have about the company, the easier it will be to decide if they’re a good fit for your situation.
RescueOne Financial
Rescue One Financial is a debt relief company that offers a wide variety of services. They offer credit counseling, settlement, and debt consolidation. In addition, they work with clients to find the best financial plan for them.
The company has been in business for over ten years. It is accredited by the Better Business Bureau and the American Fair Credit Council. There are many different features on the Rescue One Financial website that make it easy for you to manage your finances.
For example, the Rescue One Financial website says that there are no fees up front. This can be good news for those who are worried about having to pay a fee. However, this does not mean that they will not charge you once they have gotten your accounts settled.
If you need help reducing your payments, the company can negotiate a lower interest rate for you. This can be helpful for those who struggle to make their payments each month. Another benefit of the program is that it lowers your overall balance.
Aside from negotiating with your creditors, the company will help you create a payment plan that fits your budget. They also offer a repayment plan that can help you get out of debt faster.
They have a large staff of professionals, including debt resolution specialists, collection managers, and financial consultants. Additionally, they are members of the American Fair Credit Council and the International Association of Professional Debt Arbitrators.
Rescue One Financial has helped a lot of people get out of debt. In fact, they have resolved over $5 billion in debt. That number makes them one of the best debt relief companies in the United States.
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