Is US Debt Relief real? (2024)

Is US Debt Relief real?

Is National Debt Relief Legit? National Debt Relief is a legitimate company that has helped hundreds of thousands of people negotiate their debts. The company's debt coaches are certified through the International Association of Professional Debt Arbitrators (IAPDA).

Is the debt relief program legitimate?

Some debt relief companies are scams, and even the legit ones are risky and expensive. Some creditors refuse to work with debt relief companies, and even when it's successful, debt relief can do major harm to your credit and raise your income tax bill.

Does the US government have a debt relief program?

Unfortunately, there is no such thing as a government-sponsored program for credit card debt relief. In fact, if you receive a solicitation that touts a government program to get you out of debt, you may want to think twice about working with that company.

Is the National Debt Relief company legit?

National Debt Relief, founded in 2009, is a reputable debt relief company with solid experience and dedication to securing results for customers, helping them settle debt for less than they owe. Its approach to customer service shows its commitment to customer experience and satisfaction.

Does debt relief really exist?

There are also debt relief companies that will negotiate for you. This, however, typically involves paying a fee to the company that's helping you to get loan relief or credit card debt relief. Also, keep in mind that you typically need to be past due before a creditor will consider settling a debt.

Will debt relief hurt my credit?

Debt relief won't hurt your credit alone. However, closing your oldest accounts can drastically lower your standing. Debt relief and debt settlement options don't hurt your credit score on their own.

Can I still use my credit card after debt settlement?

Paying off your credit card, whether it's with a debt consolidation loan or not, does not actually cancel the card. While it does bring your balance down to zero, the card will still be open and active.

Can credit card debt be forgiven?

Most credit card companies won't provide forgiveness for all of your credit card debt. But they will occasionally accept a smaller amount to settle the balance due and forgive the rest.

What is the downside of national debt relief?

Pros & Cons of debt settlement with National Debt Relief

However, debt settlement does go on your credit report. It won't leave as severe a mark as a bankruptcy would, but it will stain your report for seven years. Anytime you escape debt for less than you owe, there likely will be repercussions.

How long does debt relief stay on your credit report?

As with most other negative credit report entries, settled accounts stay on your credit reports for seven years.

Can I buy a house after debt consolidation?

Debt settlement could saddle you with more financial problems, like lower credit scores and a bill from the IRS, both of which could make it harder to qualify for a mortgage. Ultimately you can still get a mortgage after debt settlement, but you have to approach the process with some strategy and caution.

What is the debt hardship elimination program?

In a hardship program, credit card companies agree to lower their interest rates and waive fees to help those going through a financial hardship afford credit card payments.

Do I get my money back if I cancel National Debt Relief?

You won't be charged any penalties or cancellation fees, and you'll have your money back. Now that you're back on the drawing board, you can consider other ways of resolving your debt.

How to pay off $10,000 credit card debt?

Can debt relief take your house?

Your home provides security to the lender that you would pay back the debt. If you owe money for most other debts like credit cards and medical bills, you (usually) did not sign a security agreement. So, the creditors cannot seize your home to pay the debt.

How do I rebuild my credit after debt settlement?

Is it better to settle a debt or pay in full?

Summary: Ultimately, it's better to pay off a debt in full than settle. This will look better on your credit report and help you avoid a lawsuit. If you can't afford to pay off your debt fully, debt settlement is still a good option.

What is credit card forgiveness?

Credit card debt forgiveness is when some or all of a borrower's credit card debt is considered canceled and is no longer required to be paid. Credit card debt forgiveness is uncommon, but other solutions exist for managing debt. Debt relief and debt consolidation loans are other options to reduce your debts.

How bad does freedom debt relief affect your credit?

According to data from Freedom Debt Relief, your credit score is likely to drop substantially during the first few months of your debt relief program. But after that first six months, credit scores trend higher.

How can I pay off my credit card debt if I have no money?

Are banks really writing off credit card debt?

Typically, a credit card company will write off a debt when it considers it uncollectable. In most cases, this happens after you have not made any payments for at least six months. However, each creditor has a different process for determining whether a debt is uncollectable.

How do I get my credit card debt deleted?

You can ask the creditor — either the original creditor or a debt collector — for what's called a “goodwill deletion.” Write the collector a goodwill letter explaining your circ*mstances and why you would like the debt removed, such as if you're about to apply for a mortgage.

Why not to do debt relief?

Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Unless the debt settlement company settles all or most of your debts, the built-up penalties and fees on the unsettled debts may wipe out any savings the debt settlement company achieves on the debts it settles.

How much does it cost to get debt relief?

These fees will typically range from 15% to 25% of the total enrolled debt — but can also vary based on the company you choose to work with. It's crucial to weigh the potential savings against the fees incurred — and consider the potential impact on your credit score — before making a decision.

How many people have used national debt relief?

They have helped over 500,000 people pay off their debt, gain financial independence and get a fresh start. Debt relief is the core of National Debt Relief's signature solution.