February 28, 2024

Photo by Dalle-E OpenAI

Freedom Debt Relief is a debt settlement company that was founded in 2002 and is headquartered in San Mateo, California. The company offers debt relief services to consumers who are struggling with unsecured debt, such as credit card debt, personal loans, and medical bills. Freedom Debt Relief has helped more than 600,000 clients resolve their debt, and they claim to have saved their clients over $10 billion.

How Does Freedom Debt Relief Work?

The process of working with Freedom Debt Relief starts with a free debt evaluation. During this evaluation, a debt consultant will review your financial situation and help determine if debt settlement is a good option for you. If it is, you will be enrolled in the program and assigned a dedicated debt specialist who will work with you throughout the process.

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Here is a step-by-step breakdown of how the process works:

1. Enrollment

Once you are enrolled in the program, you will begin making monthly deposits into a designated account that is set up for you. This money will be used to pay off your debt once a settlement has been reached.

2. Negotiation

Your debt specialist will negotiate with your creditors to try and settle your debt for less than what you owe. This is where the company’s expertise in the field comes into play, and their knowledge of debt negotiation can be a valuable asset for clients. After a settlement has been reached, the funds in your designated account will be used to pay off the debt.

3. Payment

Once a settlement has been reached and the funds have been transferred, Freedom Debt Relief will consider the debt to be paid in full. However, it is important to note that this process can take several months or even years, and during this time, your credit score may take a hit. It is also possible that your creditors may take legal action against you, although Freedom Debt Relief will work to prevent this from happening.

4. Graduation

Once all of your enrolled debts have been settled, you will graduate from the Freedom Debt Relief program. At this point, you should be debt-free or at least significantly closer to being debt-free. Your credit score may take some time to recover, but as long as you make responsible financial decisions going forward, it should improve over time.

FAQs About Freedom Debt Relief

Q: How much does Freedom Debt Relief cost?

A: Freedom Debt Relief charges a fee based on the amount of debt that is enrolled in the program. The fee can range from 15% to 25% of the total debt that is enrolled, depending on the state where you live. However, the company only charges this fee once they have successfully settled one of your debts, so you don’t have to pay anything upfront.

Q: Can I enroll in the program if I am behind on my payments?

A: Yes, you can still enroll in the Freedom Debt Relief program even if you are behind on your payments. However, you will need to continue to make payments into your designated account while the debt settlement process is ongoing.

Q: Will working with Freedom Debt Relief hurt my credit score?

A: The debt settlement process can have a negative impact on your credit score, as it involves negotiating to settle your debts for less than what you owe. However, Freedom Debt Relief works to minimize the impact on your credit score by providing credit counseling and education to their clients.

Q: What types of debt can Freedom Debt Relief help with?

A: Freedom Debt Relief can help with unsecured debts, such as credit card debt, personal loans, medical bills, and certain types of business debt. However, the company cannot help with secured debts, such as mortgages and auto loans.

Q: How long does it take to complete the debt settlement process?

A: The debt settlement process can take several months or even years, depending on how much debt you have and how quickly the negotiations with your creditors progress. Freedom Debt Relief cannot provide a specific timeline for how long the process will take, as every client’s situation is different.

Conclusion

Freedom Debt Relief is a reputable debt settlement company that has helped hundreds of thousands of clients get out of debt. Their process involves working with a dedicated debt specialist to negotiate with creditors and settle debts for less than what is owed. While the debt settlement process can have a negative impact on your credit score, Freedom Debt Relief works to minimize this impact through credit education and counseling. If you are struggling with unsecured debt and are looking for a way to get back on track financially, Freedom Debt Relief may be worth considering.

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Article Summary:

Freedom Debt Relief is a debt settlement company specializing in debt relief services for consumers struggling with unsecured debt, such as credit card debt, personal loans, and medical bills. The company has helped more than 600,000 clients resolve their debt and claim to have saved their clients over $10bn. The process of working with the firm involves a free debt evaluation, enrollment, negotiation, payment, and graduation. The debt settlement process can have a negative impact on credit scores, and the duration of the process varies, but Freedom Debt Relief works to minimize the impact through credit counseling and education.

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