Freedom debt solutions reviews8/15/2023 ![]() ![]() Take the time to research your options before making a decision. The best way to avoid a scam is to be an educated consumer. There are many companies offering programs for getting out of debt, and some of them are scams. Is Freedom Debt Relief legit?ĭebt is a huge problem many Americans are struggling with US consumers have over $1.4 trillion in outstanding debt as of 2020. Is Freedom Debt Relief Available in Your State?įreedom Debt Relief is currently available to residents of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Idaho, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, Washington DC, Wisconsin, Guam, Puerto Rico, and American Samoa. Speak to your debt consultant about keeping open at least one credit card for emergency use. They not that you might be able to hold on to a low balance card (less than $500 credit line) for emergencies. Check with your debt consultant about this service for more information.Ĭan I keep my credit card?: Freedom Debt Relief, like other debt settlement companies, has trouble negotiate with creditors if you maintain some of your credit cards. Freedom Debt Relief is not licensed to practice law however, to help you in cases of lawsuits, they engaged a network of attorneys, the Legal Partner Network, that specializes in resolving debt litigation cases. ![]() However, they provide tools and guidance to help you deal with collectors and avoid harassment. Will creditors harass me?: Freedom Debt Relief notes that most of their clients will experience collection calls. Always speak to a certified tax preparer or a CPA about taxes. In the case of insolvency, the IRS has special rules that may exempt you from paying taxes. They note that “If getting out of debt is more important to you than the likelihood that your score will be negatively impacted, our program could help you resolve your debt faster and for less-without declaring bankruptcy.”ĭo I need to pay taxes on unforgiven debt?: You need to report any forgiven debt over $600. However, since you stop making payments to your creditors, the program will negatively affect your credit score. Here are some of the most frequently asked questions people ask Freedom Debt Relief:ĭoes the program lower my credit score?: The Freedom Debt Relief debt settlement program is not based on your credit score. Important Considerations: While not unique to Freedom Debt Relief, these are essential things to keep in mind when looking for a debt settlement company. They evaluate that you will pay about 50% of your original debt and save about 25% of your original debt. Estimated savings vary, depending on the amount you owe, the speed at which you make your deposits, and your creditors. No upfront fees: Like other reputable debt settlement companies, Freedom Debt Relief does not take any upfront fees.Ĭompetitive fees and results: Freedom Debt Relief has competitive fees of about 15-25% of your enrolled debt, depending on your state of residence. They are also certified by the International Association of Professional Debt Arbitrators.įree consultation: They offer a free debt consultation program to review your financial situation and see if you are a good match for their program. Top accreditation: The industry group, The American Fair Credit Council (AFCC), accredits Freedom Debt Relief. Freedom Debt Relief also does some private student loans and business loans on a case-by-case basis. Like other debt settlement companies, they do not handle secured debt, including mortgages and auto loans. They can help with credit cards, personal loans, store cards, and medical bills. Negotiate most unsecured debt: Freedom Debt Relief has a minimum enrollment of $7,500. They operate in 41 states and offer services through phone consultations. ![]() Freedom Debt Relief: Top Featuresįreedom Debt Relief offers a debt settlement program to help consumers in financial hardship negotiate debts with their creditors.Įstablished company: Freedom Debt Relief was founded in 2002. ![]() Clients regularly receive an added benefit of a monthly payment that is smaller than the monthly minimum amounts required by their creditors. To accomplish this, they negotiate with creditors to resolve their clients’ debts for a discount. Freedom Debt Relief is a leader in the debt settlement industry they have settled over $15 Billion in debt for over 850,000 consumers. ![]()
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