It helps debtors manage their debt burden and negotiates with creditors on their behalf. Depending on your situation, it could be a significant drop. Every time you stop paying a creditor, you default on that account. You accumulate late payment fees and interest, and your credit score will go down.
Deleting accounts remain on your credit reports for seven years. However, the decline that you will see after the debt is liquidated is both less jarring and of shorter duration. In general, a debt settlement program will lower your credit score by about half as many points as a bankruptcy. Because the post-liquidation drop is usually smaller, it's considerably easier to start rebuilding your credit after debt settlement than after bankruptcy.
Because your credit rating won't be as severely affected, you'll have more opportunities to get the credit you'll need to start rebuilding your financial life. If you're thinking about National Debt Relief, you can call the phone number 800-300-9550 to talk to a debt relief expert Monday through Friday from 8 a.m. However, using a company like National Debt Relief puts the experts on your side, and this could be an option if you prefer not to contact creditors directly. According to Freedom Debt Relief, it typically takes 24 to 48 months for debt settlement customers to get rid of their enrolled debt.
As you can see in the screenshot above, Trustpilot shows that this reviewer was invited to review Freedom Debt Relief. Before you proceed with debt settlement, it's important to consider all your options for managing your debt in order to find the one that best fits your needs. Freedom works with clients who have credit card debt, medical bills, personal loans, private student loans, and other types of unsecured debt. Freedom Debt Relief is not a lender and does not offer loans for debt consolidation or for any other purpose.
Another user complained that the way Freedom Debt Relief established its repayment program forced him to apply for a loan, a loan offered by a branch of Freedom Debt Relief. Nor is it guaranteed that your creditors will be willing to work with National Debt Relief, so debt collectors may contact you throughout the process or even have a creditor sue you for an unpaid balance. However, National Debt Relief cannot help you with lawsuits, back taxes and debts from the IRS, federal student loans, utility bills, car loans, government loans, government loans, mortgage loans, and other secured debts. People with financial difficulties that make it difficult to pay their debts are often eligible for Freedom Debt Relief.
Instead of negotiating a settlement on your own, you could hire a debt settlement program, such as National Debt Relief, so that you don't have to deal with calls or letters. Even without going through debt settlement, not making debt payments will lower your credit rating. Although bankruptcy immediately becomes a matter of public record and remains open to future employers and lenders to discover, debt settlement is an accepted practice that shows that you did everything you could to pay your debts.