What is Freedom Debt Relief?
Established in 2002, Freedom Debt Relief is the largest debt settlement company in the United States. Their team of over 2,000 trained professionals strives to exceed their clients’ expectations by providing debt reduction and financial education solutions that foster wealth-building and financial freedom. To date, they’ve served over 800,000 consumers to resolve over $10 billion in debt.
How Freedom Debt Relief Works
Freedom Debt Relief makes it easy to get the help you need. Simply reach out to discuss your situation and get a complimentary evaluation with a Certified Debt Consultant. They will review your options with you and calculate how much time and money you could save by enrolling in their debt relief program.
Is Debt Settlement for You?
There are many pros of debt settlement you should be mindful of before deciding if it’s for you. For starters, it expedites the debt-payoff process by having their experts negotiate with your creditors on your behalf to reduce the total amount you owe. This can help you save money and resolve your debts more quickly than other methods. During the process, you will also receive educational resources that teach you how to adopt healthier budgeting and overall money management habits.
However, this program could negatively affect your credit, as it involves letting accounts go past due in order to show financial hardship to your creditors. However, a study of Freedom Debt Relief Graduates shows that the median FICO score declines in the first 6 months of enrollment, and begins a steady recovery process soon thereafter. On average, Freedom Debt Relief Graduates observe higher FICO scores in the two years after graduation when compared to their FICO score at enrollment. So if getting on better financial footing for the long term is more important to you than improving your credit score in the short term, this program could be the right solution. In addition, Freedom Debt Relief offers support to qualified clients through an independent law firm should you face potential legal action from a creditor.
Weigh the benefits and drawbacks to make an informed decision that best suits your needs.
The Freedom Debt Relief Program
How the Freedom Debt Relief Program Works
If you decide debt settlement is right for you, the next step is to find a viable program. Freedom Debt Relief offers a solution that’s worth considering. Here’s how it works:
- Phase 1: Grow the balance in your FDIC-insured dedicated account. These funds will be used to execute your custom debt-payoff plan.
- Phase 2: Freedom Debt Relief negotiates debt settlement offers with your creditors.
- Phase 3: You review, authorize and approve each debt settlement offer.
- Phase 4: The debt settlement offers are executed on your behalf. Once the funds are paid to the creditor, you no longer owe on the account.
What Type of Debt Is the Program For?
The Freedom Debt Relief (FDR) Program covers unsecured debts, including credit card debt, department store debt, personal loans, and medical bills. Unfortunately, the program cannot assist with debts secured by collateral, like auto loans and mortgages, or federal student loan debt lawsuits, tax debt, and utility bills.
How Much Does the Program Cost?
Freedom Debt Relief makes their money by charging a fee on the debts they negotiate for you. The fees range from 15% to 25% of the total debt, depending on where you live and how much debt you enroll. You pay no fees until a debt is negotiated. The fee amount is included in the monthly deposit amount that you agree to before you enroll.
How to Get Started with Freedom Debt Relief
You can get started with Freedom Debt Relief by getting a free debt evaluation. Call 1-800-611-6061 or submit an online inquiry to learn more.