Freedom Debt Relief

Freedom Debt Relief is a company that prides itself on getting clients debt reduced. They have a step by step program that goes over what to expect from start to finish of the process. This should be taken into consideration when you are looking to work with a company. They let you know that this is not going to be taken care of over night and it will take some work from you before they are willing to represent you. These are the steps involved in the process:

Step 1: Call or e-mail for a free consultation. Freedom Debt Relief will assess your financial situation and determine your potential for debt reduction.

Step 2: They will work with you to determine the appropriate monthly dollar amount that you plan to save towards a negotiated settlement. This amount is typically significantly less than your current minimum payments, and goes toward paying off your debt (not simply paying credit card interest charges). These funds will be saved every month in a new account that you set up and control.

Step 3: Once you enroll in the “Debt Reduction Program” they will contact your creditors in an attempt to handle future creditor communications. You are requested to avoid using credit while on the program.

Step 4: After funds have accrued to make reasonable offers, Freedom Debt Relief will begin negotiating with your creditors individually. They attempt to reduce debts by at least 50% of your current balances. During the process you will be kept in contact with. It may take several months of you saving money before they are in a position to make settlement offers.

Step 5: Once a settlement is negotiated with a creditor, you will be notified via a “Good News” notification from them.

Step 6: After the account is paid, your creditors may report to the credit rating bureaus that your accounts are “settled in full,” “settled,” “paid,” “paid by settlement”, or “settled for less than the full amount.” You no longer owe on this account and the balance is zero. 

Once the debt is taken care of Freedom Debt Relief claims they can help you get set up with purchasing a home, car, or related financial products. They do not deal with secured debts like mortgages or car loans. Medical bills, credit cards, personal loans, or other forms of unsecured debts is what they deal with.

When you hire Freedom Debt Relief they do not charge any upfront fees. It is charged over a span of 18 months. A retainer fee is paid in the first 3 months and then a service fee over the remaining 15 months. The fees are withdrawn monthly from a account you set up with them. Your creditors are contacted within two weeks and are notified that you have given them Power of Attorney on those accounts and that all calls need to be directed to them. However, the negotiating process does not really start until you have saved up enough money to be taken serious by your creditors.

The company was founded in 2002. They operate out of California and Arizona with over 500 employees. In that shore time period they have helped out over 30,000 customers reduce their debts and advise them on the next steps towards being financially free. Freedom Debt Relief has all the backing to be considered one of the best debt settlement companies out there.

This entry was posted on Friday, May 22nd, 2009 at 8:11 pm and is filed under Reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.