National Debt Relief
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Freedom Debt Relief
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JG Wentworth Debt Relief
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CountryWide Debt Relief
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CreditAssociates
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New Era Debt Solutions
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Elite Financial Services, Inc.
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Total Financial Freedom LLC
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Money Management International
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Accelerated Financial Services
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When you fall on hard financial times, it can be overwhelming to find a reputable company to help. Regarding debt relief and settlement, you need a company that won’t take advantage of your vulnerable situation and will guide you through the entire process.
If you are struggling to get out from under a mound of debt, now is the time to start researching debt settlement companies. Not all debts are eligible for settlement, but those that are include:
Boston has specifically correlated student loan debt with negatively affecting homeownership opportunities. If you find yourself behind on student loan payments and it’s hindering your ability to purchase a home, debt settlement may be right for you.
There are a variety of considerations when choosing a debt relief company. Debt amount is a large factor because some companies don’t work with low debts. Additionally, you may want to work with a company offering more than just debt relief services. Some feature counseling and mentoring services, too, which can help maintain debt-free living after settlements are reached.
“When it comes to debt relief, be sure to do your research,” says Paw Vej, COO at Financer.com. “Many scams are designed to take advantage of people in need.”
Vej says red flags include refusing to provide detailed information on services, high-pressure sales and sudden price or service availability changes. Asking friends and family for recommendations, reading online reviews and researching debt relief companies are great ways to ensure you’re not going to be ripped off. The Federal Trade Commission regulates debt relief companies. Additionally, the American Fair Credit Council and International Association of Professional Debt Arbitrators offer accreditations and advocate for fair debt settlement procedures.
If you’re looking for Boston debt relief, there are a few options. These include:
Most debt relief company fees range from 15 to 27 percent*. One benefit of debt relief is that companies legally can’t charge you fees until debts are settled. This typically means no upfront fees are required, and many companies offer free financial assessments before you commit to a debt relief program. Fees will typically be charged based on the total amount of debt in the settlement. Some companies offer referral bonuses to lower your costs.
Company | Debt amount | Minimum fees* | Term |
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National Debt Relief | Min. $7,500 | 15-25 percent | 24-48 months |
Freedom Debt Relief | Min. $7,500 | 15-25 percent | 24-48 months |
CreditAssociates | Min. $10,000 | Flat performance-based | 24-36 months |
CountryWide Debt Relief | Min. $10,000 | Undisclosed | 24-60 months |
JG Wentworth | Min. $10,000 | 18-25 percent | 24-48 months |
New Era Debt Solutions | No minimum | 23 percent | 24-48 months |
Total Financial Freedom | Min. $5,000 | Undisclosed | 18-36 months |
Accelerated Financial Services | Min. $10,000 | 25 percent | 36 months |
There are several things to consider when it comes to the cost of debt settlement. The biggest is the debt amount. You will pay higher fees on higher amounts. However, many debt settlement companies are transparent with fees in the beginning so there are no surprises.
In addition to debt amount, interest rates will affect your overall cost. During the settlement negotiation process, you will likely still be responsible for making debt payments. The longer it takes to reach a settlement agreement, the more interest you are responsible for.
Another cost factor is settlement length. Programs can take anywhere from 18 to 60 months to fully settle debts. Throughout this time, you set money aside to pay settlement amounts. As the settlements are reached, the money you’ve set aside is used to pay. It is not always a quick process, but after you’ve completed the program, you’ll be on your way to being debt free. Boston had around $3.5 billion in household credit card debt in the first quarter of 2022, so being debt free may be an important goal for you to work toward.
National Debt Relief |
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National Debt Relief offers free consultations for its debt settlement program to those with a minimum of $7,500 in debt. When working with National Debt Relief, you set aside a monthly payment into a dedicated account and the monthly amount is built around your budget. As funds are deposited, National Debt Relief negotiates with creditors to reduce balances. Once an agreement is reached, you’ll pay off the negotiated amount and National Debt Relief’s fees, ranging from 15-25 percent. National Debt Relief also connects you with credit counseling services, bankruptcy referrals, credit counseling services, consolidation loans and other financial services. |
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Freedom Debt Relief |
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Freedom Debt Relief requires a minimum of $7,500 in debt for debt settlement services. It starts with a risk-free consultation. Settlements can take 24 to 48 months to complete, and settlement fees range from 15-25 percent. Freedom Debt Relief is a founding member of the American Fair Credit Council and a platinum member of the International Association of Professional Debt Arbitrators. |
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JG Wentworth Debt Relief |
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JG Wentworth Debt Relief strictly works with unsecured debts. This includes credit card debts, some private student loans, personal loans, store card debt and more. On average, it takes around 24-48 months to pay off settled debts with JG Wentworth. Clients save around 51 percent on their total debt balance on average. JG Wentworth fees are calculated into the monthly lump sum payment upfront. You can also enroll in legal insurance for an additional monthly fee. This secures coverage if a creditor takes any legal action against you. |
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CountryWide Debt Relief |
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CountryWide Debt Relief helps reduce debt in around 24-60 months. Approval is guaranteed for those with at least $10,000 in debt, who are able to afford a minimum monthly payment of 1.5 percent of the total credit card debt or $250 (whichever is greater) and whose status of payment no more than 60 days delinquent. If you don’t meet these criteria, you may still be eligible to work with CountryWide Debt Relief. You can fill out an application online to begin the process. |
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CreditAssociates |
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Credit Associates offers free consultations and a $2,000 money-back guarantee. You pay nothing until your debt is settled, then performance-based fees start. Credit Associates can help you even if you have bad or no credit. Typically, Credit Associates can complete your debt relief program in about 36 months or less. |
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New Era Debt Solutions |
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New Era Debt Solutions does not require a debt minimum for settlement services. You must make a $300 minimum monthly payment into an account that will be used for debt settlements. Additionally, you must face financial hardship, like job loss or divorce, to be eligible for settlement services. New Era Debt Solutions’ programs take 24-48 months to complete. Once debts are settled, a 23 percent fee for the debt amount will be charged. This fee is included in the monthly deposits. |
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Elite Financial Services, Inc. |
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Elite Financial Services offers debt settlement programs that run around 12-36 months. Once enrolled, you have 24/7 access to a portal that monitors deposits and payments. It recommends that all credit cards with a balance of $500 or more be considered for settlement program enrollment. All team members are certified by the IAPDA. Elite Financial Services has an office at 100 Cummings Center, Ste. 141A, Beverly, MA 01915. |
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Total Financial Freedom LLC |
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Total Financial Freedom (TFF) works with those with $5,000 of debt or more. Debt settlement programs take around 18-36 months to complete. TFF works on unsecured loans, which include medical bills, gas cards, overdue rent, personal loans, repossessions and credit cards. There are no prepayment penalties with TFF, and a free consultation is available to start. Total Financial Freedom is located at 13 Pauline St., Ste. C, Winthrop, MA 02152. |
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Money Management International |
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Money Management International (MMI) offers free debt and budget counseling services. This includes repaying credit card debt, balancing income and expenses, avoiding foreclosure, buying a home, bankruptcy and much more. MMI is a non-profit organization, and it offers counseling sessions lasting from 45-60 minutes. It also offers debt management plans, contacting creditors on your behalf to make and manage payments. |
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Accelerated Financial Services |
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Accelerated Financial Services (AFS) offers debt settlement programs that typically take around 36 months to complete. Generally, you need to have $10,000 in debt to work with AFS, although there are some exceptions that take this down to $5,000. AFS charges 25 percent of the debt enrolled when settlements are reached. You can lower that fee by referring others who enroll in AFS services. Consultations are risk-free. Accelerated Financial Services is located at 199 Rosewood Dr., Ste. 360, Danvers, MA 01923. |
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