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Freedom debt relief dashboard client9/25/2023 ![]() The goal is to save up enough money to negotiate a lump sum settlement with creditors. In the debt settlement process, clients are asked to set aside a specific amount of money each month in a dedicated savings account. Read the full Freedom Debt Relief review.ĭebt relief companies usually work to resolve debts through a process called debt settlement, which involves negotiating with creditors to reduce the amount of debt owed, often by 40% to 60% of the outstanding balance. In 2019, Freedom Debt Relief settled a lawsuit with the CFPB related to debt relief practices agreeing to pay $20 million restitution to affected clients and a $5 million fine. It's worth noting the company's previous litigation with the CFPB. The business is guided by the Freedom Debt Relief Promise which includes a guaranteed refund if client fees are higher than the program cost. ![]() Freedom Debt Relief has a large team of debt relief experts including debt negotiators, consultants, customer service representatives, and other employees. The dashboard also provides access to educational videos and monthly newsletters. Through Freedom Debt Relief's program dashboard, clients can quickly and easily manage their account-add new debts, approve settlement offers, manage deposits, and more. Since 2002, Freedom Debt Relief has helped over 850,000 clients, settled more than 4 million accounts, and resolved over $15 billion in debt. To create our list of the best debt relief companies, we researched eight leading companies and considered 19 different criteria in four areas: reputation and stability, customer experience, services, and costs and fees.įreedom Debt Relief has offices in Arizona and California and is a founding member of the American Fair Credit Council, the leading national association of debt settlement companies. They're experienced, have highly rated customer satisfaction scores, are members of industry trade organizations (such as being accredited by the American Fair Credit Council) and have not faced adverse action from the Consumer Financial Protection Bureau or have complaints lodged with the Federal Trade Commission. The best debt relief companies charge fees that are reasonable and have a strong reputation. Despite the risks, debt relief can be the right option in some situations. Debt relief comes with costs, may damage your credit score, may show up as you paying less than owed for original debt on your credit report, and may not stop collection efforts. Results aren't guaranteed and there are some risks of going this route. Debt relief companies help people pay off debt by negotiating with creditors to reduce the amount owed. If you're struggling with repaying debt-and you've ruled out other options, like deciding to choose a balance transfer credit card to consolidate unsecured debts-working with a debt relief or debt settlement company may be a solution.
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