People thinking about signing up for the Freedom Debt Relief program normally look for specific Freedom Debt Relief reviews before making a decision on joining. It’s important to have completed a thorough investigation of any debt relief management company before committing to a program. Customer reviews are often a determining factor in the buying process and selecting a debt relief and management company is no different.
Freedom Debt Relief – Company Overview
Freedom Debt Relief is a debt settlement company headquartered in San Mateo, California. Founded in 2002, the company has served over 100,000 clients and employs over 600 people. Freedom Debt Relief is considered one of the largest debt relief companies in the United States. They are a member of The Association of Debt Settlement Companies and the International Association of Professional Debt Arbitrators. Their parent company is Freedom Financial Network.
What is Debt Relief and Management?
Debt relief or debt management can be a consolidation or a negotiation of a person’s financial debt. Creditors often accept reduced balances in exchange for timely payments. Sometimes balances can be reduced more than fifty percent of the original. The debt settlement companies will either consolidate or settle these payments into one lump sum payment or smaller monthly payments. The programs usually take anywhere from two to four years to complete. While the debtor’s credit will take a negative impact, it is far better than filing for bankruptcy or to stop paying creditors.
Freedom Debt Relief Reviews – Pros of the Company
1. The company has been in business for ten years and is continually growing.
2. They have settled over $100 million dollars in debts per year and served more than 100,000 clients
3. They have a well-capitalized strong parent company
4. The company belongs to an extensive array of consumer organizations such as the Better Business Bureau, The Association of Settlement Companies, and the United States Organizations for Bankruptcy Alternatives.
5. They have won a number of awards such as Best Places to Work in Phoenix, Best Places to Work in San Francisco, Entrepreneurs of the Year by Ernest and Young, and made the Fast 100 list by Entrepreneur Magazine.
6. Their debt consultants are all certified under the International Association of Professional Debt Arbitrators and BSI business certified.
Freedom Debt Relief Reviews – Cons of the Company
1. The company experiences a high number of complaints. Many companies in this industry get plenty of negative reviews. However, given Freedom Debt Relief’s time in the business coupled with the large number of clients they have served, more reviews are to be expected.
2. While standard with similar companies, their fees are high. Few people know that a certain degree of debt relief can be reached without a debt settlement company.
3. The program causes a negative impact on credit scores. Because debtors do not pay their creditors during the program, the debtors will experience a hit on their credit report. In exchange, the company will help negotiate a lump sum payment.
Positive’s
The summary of these reviews were compiled from twenty-five reviewers. The following are the most common comments.
1. The company is solid and reputable with experience and many affiliations that tend to get clients a little more favorable results.
2. The customer service representatives were always kind and polite.
3. There is an online account management system.
4. Online application is easy to complete and they offer free consultations.
5. Forms are provided to send to creditors for debt negotiations.
6. After enrolling in the program, most collection calls will stop.
Negative’s
The summary of these reviews were compiled from twenty-five reviewers. The following are the most common comments.
1. Most of the negotiations are completed by the debtor, not the company.
2. If a credit file goes to court, the company does not assist the client.
3. Fees are too high.
4. The debtor’s credit score takes a hit.The monthly transfer for a lump sum payment is given to the company to hold instead of paying creditors.
5. There is no money-back guarantee or refunds if clients are dissatisfied.
6. A number of reviewers felt the company did not help them and they are still in debt.
While it may seem there are more negative aspects to Freedom Debt Relief reviews than one would like, a prospective client should consult directly with each company to find what is best suited for their situation. Often times, only the dissatisfied clients speak out so take everything with a grain of salt. The most important aspect is the companies long history, BBB rating and open door policy.