Freedom debt relief reviews and BBB ranking

There are two types of loans. When you have pledged collateral to take the loan, it is called a secured loan. Most of the debt collectors will not bother you in case of a secured loan. The unsecured loans are hard to handle. Some companies can help you get rid of your loan in multiple ways. Freedom Debt Relief service is one of these.

 

 

What ie debt relief service

A service that can help you get rid of your debt by dealing with the lender company or the bank. There are many ways these companies can help you. They can handle the communication with the lender and help you decrease the amount. They are going to negotiate with the lender so you can get a discount on the payments.

 

 

How freedom debt relief works

It is one of the top relieving companies that can help you with payments. They have a peculiar way of dealing with the lenders. They will ask you to open a savings account with them. You have to deposit a certain amount of money every month to the savings account. They will ask you to stop the monthly payment to the lender. After a specific time, the bank will ask you to give a sum of money to settle the loan. At this point, they will enter into this negotiation. They will help you negotiate a better deal by reducing your loan from 20 % to 35%. They will also handle the lender communication when you are not paying the monthly installments.

 

 

Eligibility

All types of loans are not eligible for these services. The amount must be more than 7500 dollars. It should be an unsecured loan as they do not deal with the secured type of loans.

 

 

The time required for settlement

As you are not paying the monthly installments, the bank or the other lender is going to take notice of this issue. They will ask you to start the monthly installments again. As you are working with the freedom relief, you are going to transfer the calls to them. They usually settle the case within six months. In some cases, it may take more than a year.

 

 

Benefits of the service

There are a lot of benefits of using their services. You can reduce your unsecured loans, protect yourself from collectors, and have peace of mind.

 

 

Reduce your unsecured loan

Unsecured type of debt can be a problem for you if you do not know how to handle it. By using this way, you can reduce your loan from 20 % to 35%. If you have an amount of 10000 dollars, you can expect to pay back from 6500 dollars to 8000 dollars. It can be an excellent way to get rid of lenders when you have difficulty paying the money back.

 

 

Less disturbance

When you contact them to help you with your payments, they will help you in many ways. You can ask them to handle the communication between you and the lender. Whenever the collector contacts you to ask about payment, they will answer the phone and talk with them.

 

 

Peace of mind

As you know that a professional company is handling your case, you can have peace of mind. You are not going to pay the fees unless the company settles the dispute as per the agreement. It is excellent as you only have to pay when you get the benefit.

 

 

Drawbacks of the service

Nothing is perfect in this world. As there are many benefits of getting this service, there are also some drawbacks that you should know when you want to choose the service. You may not get huge benefits because you have to pay fees or face lawsuits. You also have to pay tax on the money you saved. You can find the details of these disadvantages here.

 

 

Heavy fees

The biggest problem with this way is the fees. You may have to pay up to 18% fees. If the loan amount was 10000 dollars, you may need to pay 1800 dollars for the services. If you save 20% and the company asks you to pay 18%, it will be a problem for you.

 

 

Unclear policies of the company

There are many other ways of getting rid of the debt. When you are dealing with this issue, you need to understand all the policies. Some of the policies are not clear so you can get into a trap. The company may settle the deal with the lender and charge you fees without your consent. They were sued in the past for these kinds of actions.

 

 

Lawsuits

You may have to face lawsuits because you are not paying the installments on time. It can be a problem as you may have to pay extra to the lender at the end. Lawsuits are going to cost you a lot as the service cannot help you in some cases.

 

 

Taxes

We all know that you cannot avoid taxes. According to law, the money that is saved on the loans is taxable. If you have saved $1000, you may have to pay up to $300 in texas. You will not save much after paying the taxes.

 

 

BBB ranking

They claim that their services are accredited by the Better Business Bureau. Many customers are writing reviews about the company on BBB. There are more than 2000 reviews regarding them on BBB.

 

 

 

Conclusion

If you want to get rid of debt, it is better to improve your spending habits. There are many ways to convert your bad credit into good credit. If you use a service like Freedom Debt Relief service, you should be careful as it can ruin your credit history. The issue is going to show in your credit history for up to 7 years. If these problems are not concerning for you, you can select the company and let them help you get rid of the problems caused by the collectors. You must understand every aspect of the deal before making the final decision.