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Freedomdebt.com - Do consumers review them as a good company?

Submitted by on Thu, 07/31/2008 - 23:22
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freedomdebt.com is the company any good or what?


I am also a client of Freedomdebt...I haven't seen any progress with them and won't for at while. I have a large debt $42,000. The first 10months you are paying attorney fees so your not saving anything untill afterwards. You have to have enough money saved before you can start settlements.

True you can do this yourself, but you have to have a thick skin and nerves of steel to deal with the credit companies. They are nasty. Once I got 20 calls in one day, leaving nasty voicemails! All those have pretty much stopped, I hope to see progress soon. I will post again when I know wether I have screwed myself or not!


Submitted by on Mon, 07/20/2009 - 08:30

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My credit is in good standing right now, but my monthly payments are getting higher and higher and I feel as though I am getting no where! My income has been reduced and I feel like I may start to have trouble keeping up the payments they way they stand now. How can I maintain my credit score and settle out or reduce my debt? Any suggestions out there?


Submitted by on Tue, 07/28/2009 - 17:05

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Your credit will take a hit anytime you settle out, because you have to be at least 120 or so days delinquent before they will even think about talking settlement. If you don't want to do settlements first try talking to the creditors about about lower rates. Let them know that their rates are making it difficult to make payments and could lead to non-payment. They want their money and so hopfully they will work with you.


Submitted by devintom on Wed, 07/29/2009 - 09:14

devintom

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HSBC offered me a settlement of half my bill ($3,800) after being overdue only 45 days, and they made the offer. They stretched it out into 6 payments - their offer. Each creditor is different, but I see no reason why you wouldn't want to settle yourself and save the fee. Plus you will know what's going on with your account; not what you're told. The settlement company you go with today might not exist 6 months from now.


Submitted by aubrey on Tue, 09/29/2009 - 09:23

aubrey

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If you have one or two accounts, and have the money to pay a lump sum, you might want to try to negotiate on your own. If you have several accounts, better let a professional do it. Even if you pay a fee, you still might save more than if you did it on your own, and a lot less headache. I hear a lot of good things about freedom and they have been around for a while, I think they are a very safe choice considering all the bad compaines that are out there


Submitted by on Fri, 11/06/2009 - 22:38

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Quote:

Originally Posted by Anonymous
Freedomdebt.com has a "D" rating from BBB


D is the best rating the BBB will give any debt negotiation/settlement company. I'm an IT professional and have about $23k worth of debt and so far, the best I've found is freedomdebt.com as far as BBB ratings and complaints are concerned. I was looking at freedomdebtrelief.com, but they have quite a few complaints, most settled, but more importantly, they have legal action pending on them from CA. If I go with freedomdebt.com, I'll try to post some info about my progress and how well their services have worked.


Submitted by on Mon, 11/23/2009 - 06:34

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I looked at the BBB report, how the heck does the BBB give freedomdebt.com a D rating. They have been in business since 2002 and report only 1 one RESLOVED complaint. It says in the report it is because of the type of business so I guess the BBB discriminates against businesses it doesn't approve of. I've heard the BBB gives you a higher rating if you pay them too, sounds like a form of extortion to me.

I think when looking at a company, don't just look at the rating, look how many complaints they have and most importantly, did they reslove them.


Submitted by on Sat, 12/05/2009 - 17:52

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I can't believe the BBB gives them a "D" rating when they have only 1 complaint, that is crazy. There are no other negative information on the report except the BBB doesn't approve the industry they operate in. Furthermore, their mere one complaint was resloved.

Another thing I think is misleading about the BBB is people look at the number of complaints, this is obioulsy a pretty big company so their record is almost perfect, but a company that has 1000 clients and has 5 complaints is clearly alot worse than a company that has 100,000 clients and 20 compliants for example.

Anyway, I consulted with them and was going to use their service but a relative offered to loan me money to pay off my debt. I couldnt make the payments at 20%-29% interest the credit card companys jacked my rates and were charging me and I almost fell behind. The credit card companys need to quit raping people


Submitted by on Sat, 12/12/2009 - 18:12

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I called them and their plan took 80% of the money for the 1st 6 months and 35% months 7-24, SO it would be hard to pay anything off within the 1st year


Submitted by on Sat, 12/12/2009 - 19:21

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Plan to go with Freedomdebt.com:

I just had a free analysis of my credit card debt (34K) and budget/income with FreedomDebt. Afterwards, everything was explained to me including some of the verbage on the contract and strategy for avoiding nuisance calls from creditors (change phone number). I was impressed by the fact that my debt can be eliminated in 36 months at $671.00/monthly, this includes 12% legal fees, etc.

Several days ago, I went for credit counselling with Clearpoint Credit Counselling. They offered me a 5 year plan at $975.00/monthly, the interest rates were negotiated down to 9%.

A BK is completely out of the question since I may change employers in 2-3 years.

If you have been a client with FreedomDebt.com, what was it like rebuilding your credit afterwards? I like the approach of FreedomDebt.com settling with 3rd party for cents on the dollar, I am concerned about the ramifications of having a debtor not being paid for 12 months maybe more, and the effects on the credit rating.


Submitted by on Thu, 02/04/2010 - 10:35

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DGK,
Being concerned about the credit rating is a bit of a diversion.
Your credit report only truly begins to improve after the majority/all accounts are reported as zero balance owed.

I suggest your concern is better focused on getting through a 36 month program without getting sued.
Risk of litigation when going the settlement route is quite real.
The risk increases exponentially after 12 months of nonpayment.


Submitted by on Thu, 02/04/2010 - 10:57

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Quote:

Originally Posted by program length concerns
DGK,
Being concerned about the credit rating is a bit of a diversion.
Your credit report only truly begins to improve after the majority/all accounts are reported as zero balance owed.

I suggest your concern is better focused on getting through a 36 month program without getting sued.
Risk of litigation when going the settlement route is quite real.
The risk increases exponentially after 12 months of nonpayment.

To guest reply in #65: Thank you so much for letting me know what to be aware of. -DGK


Submitted by on Thu, 02/04/2010 - 15:51

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The risk of a suit is real, but very rare. Freedom explained that under 2% of accounts persue legal action and if they do, they almost always make arrangments with the account. They either focus on and settle that account first- though it might be 60% rather than 40% or set up a payment plan reslove it. I liked an analogy they used that if you are sick and take a medication, it could have a side affect, but it's unlikely. The only way for most people to pay debt off with no pain and no side affect is to win the lottery LOL. Thanks Obama for giving the banks a bail out and not us hard working Americans struggling- All we get is higher interest rates from the credit cards and more taxes! FreedomDebt.com is the way to go other than BK or consolidation. I wish I had the money to just pay off my debt but I was stupid and spent all of my savings and even withdrew my 401K to make min payments which was all interest. I wish I knew about this program long ago. I don't trust the BBB because they charge compaines for a better rating, but I checked their report and I was impressed they have only 1 complaint that they resloved. Some of their competitors have several hundered complaints so there are obvioulsy some good guys and some bad guys out there so watch out!


Submitted by on Fri, 02/19/2010 - 19:41

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Quote:

Originally Posted by Anonymous
I am a current client of freedomdebt.com. They are not a scam, if they were, they wouldnt be featured on all the news shows around the country that they are on. They have been around for a while and their reputation is very good. I heard of them on a national news show where they are frequent guests. I wanted to keep my credit report good, but just couldn't pay my debt off and this was the best option. They just settled a cap 1 account that was about 8000 for under 3000 dollars!. They also settled a small MNBA account I had for less than half of what I owed. I do still get some calls from creditors, but most have stopped. I think I will be completly out of debt in another 20 or so months, what a relief!

Just read your message. Now think about it. Anyone can have a TV show if they pay for it. Its a no brainer. Just because this company can afford to be on TV does not automatically make them creditable. Also they require a ton or personal info that is no necessary . I have no one calling me about my bills. But I am over my head in debt. I would never send anyone such sensitive information about my credit cards , Unless I first do my homework on the company in question. I have been scammed before from companies who are on TV and sell their books , then I get a phone call and they suddenly want a lot of money to do what they claimed the book said it could do for $29. There is No secret information that only those with money can obtain.


Submitted by on Tue, 03/30/2010 - 17:16

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I checked out freedom after seeing them featured on a couple TV shows and their spokesperson was very informative. After resaerching, I found out they have been around since 2002 and virtually no complaints. I checked with some of their competitors that I have run commercials on TV and when I called, I got transfered to another company. I found out they are just marketing companies selling the calls to shoddy debt help companys. Most of these companys had only been in business a few months! I am going with freedom, their fees are lower than the competitors too because the other companies charged monthly fees and settlement fees in addition to 15% of the total debt. I guess that's one reason they have such a good track record.


Submitted by on Fri, 04/02/2010 - 11:15

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