Loans and DebtReviews

Freedom Debt Relief Review: Debt Settlement

, Editor | Updated October 17, 2018
My3cents Rating: 4.5/5.0

With the overall Americans’ debt recently reaching $13 trillion, it isn’t difficult to imagine that a lot of people are overwhelmed and looking for options. If you’ve lost a job, gone through a divorce, or had a medical emergency, you can quickly find yourself drowning in debt with very few options.

Fortunately, this doesn’t mean the only way to gain any relief is through a bankruptcy court. Freedom Debt Relief is a debt consolidation and debt settlement service that can help you get a hold of your debt and back on your feet. With over a decade of experience helping consumers pay down and get out of debt, it’s one of the most-trusted debt service available.

Because the company was founded in 2002, it’s a bit more well-known and established than others. With Freedom Debt Relief, you get assistance with debt consolidation and debt settlement you can trust. If you’re burdened with unmanageable debt, you might want to consider the assistance of Freedom Debt Relief.

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Freedom Debt Relief Eligibility Criteria

Like other debt settlement options, you’ll need to be eligible to qualify for services. In order to qualify for debt consolidation with Freedom Debt Relief, you’ll need at least $7,500 in unsecured debt, and owe more than $500 on each account you want to include. Unlike other debt consolidation companies, however, this one covers more states – currently 33. So, while you might not be in a state that qualifies for assistance with other companies, you might with Freedom Debt Relief.

What are the Costs and Fees?

There are no upfront fees, but there is usually a fee to open the account for your payments. This fee is typically a $9.95 set up fee and then about $9.95 per month. Freedom Debt Relief will negotiate with your creditors to agree on a lump sum of money you’ve saved with the company to settle. This can typically be as much as a 45 percent reduction, which would result in fees ranging from 15 to 25 percent of your debt.

What is the Application Process?

You can apply for Freedom Debt Relief quickly and easily online. You’ll need to fill in your personal information including, name, address, phone number, and an estimate of the debt yo have to pay off. Once you qualify, you will receive information on setting up your payment account and taking the next steps for settling your debt. You will also speak with a representative who will help you determine the best path, explain the process, and pull your credit report – it’s a soft pull, so it won’t harm your score.

Our Review: The Deep Dive

There are a lot of similarities between Freedom Debt Relief and other companies that offer debt settlement services. Because the company has been around since 2002 and is available in more states than others, it has become a trusted leader in the industry.

Some of the benefits of Freedom Debt Relief services include its availability in 33 states and has high customer satisfaction ratings. It is also accredited with the AFCC and the IAPDA. Further, the company offers a money-back guarantee, if you are not satisfied.

However, one of the biggest benefits for consumers is the close one-on-one communication you have with a representative. In fact, many customers are able to work with one person throughout the process. Freedom Debt Relief is also known for having one of the best dashboards available, allowing you to constantly keep track of what’s going on with your debt.

Freedom Debt Relief Pros & Cons
Pros Cons
Founded in 2002 - trusted leader Varying fees – up to 20% of debt
Available in 33 states - more than others Past negative reviews and complaints
No upfront fees Lengthy process
Accredited with the AFCC and IAPDA
Money-back guarantee
Close one-on-one customer assistance

The drawbacks with Freedom Debt Relief are along the same lines as what you’d expect with similar services. For instance, the fees can vary. Although there are no upfront fees, you could end up paying as much as 20 percent for debt settlement. And, this is in addition to the amount you actually pay the creditor. Also, Freedom Debt Relief has had its share of negative reviews and complaints regarding the fees and the long process for debt relief. Consumers don’t always feel as though they’ve gotten their money’s worth, especially in the amount of time it takes to get there.

Bottom Line

Like other debt settlement and debt consolidation services, Freedom Debt Relief has its pros and cons. If you are looking for a way to gain control of your debt without bankruptcy, and you don’t have much money on hand to get started, this is likely one of the best options available. However, this doesn’t mean you’ll experience a debt-free life immediately. It will take time, and in the end, it will cost you. Just make sure you are aware of all of the details before you get started.

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The information we provide and the analysis we share is always free. So, how do we survive? We get compensated by our partners, which may sometimes influence the products or services we review and the order in which they appear. Our suggestions and guidance are unbiased and are based only on our thorough research.