Are you struggling to make your monthly payments? Are you drowning in debt? Are you close to considering bankruptcy? If you are seeking to lower your monthly payment and resolve your debt in the least possible time with a flexible and proven program, a debt negotiation program might be the right solution for you.
Debt settlement is when a company negotiates with your creditors on your behalf to reduce the amount you’ll pay. The rest of the debt is typically forgiven. If you already know that debt settlement is for you, take a look at the best debt settlement companies of 2020 that came out on top during my research.
The Top Debt Settlement Companies for 2020
Freedom Debt Relief
National Debt Relief
It sounds like a sweet deal, but debt settlement is a very serious step you shouldn’t take without a full understanding of the process. If you need help understanding what debt settlement is and whether it’s right for you, I provide a detailed guide later in this post.
If you’re drowning in debt, you’re hardly alone. The average US household credit card debt among indebted households is $15,216.
Read on to discover why I chose these companies as the best debt settlement companies. I’ll also discuss whether debt settlement is the right choice for you, what you need to know about the process and its risks, alternatives to debt settlement, and how to avoid scams.
The Best Debt Settlement Companies:
CuraDebt is a debt-settlement service with an impressive savings average: 40% after fees. It also will consider working with business debt on top of other major unsecured debt. It offers a customer-service bonus with online chat, a nice perk for potential clients who may not want to call right away. It is accredited with the AFCC and IAPDA, but not the BBB. CuraDebt has recently improved its website to be more transparent, but it could still be better organized.
CuraDebt’s services are available in 37 states. You’re out of luck in Colorado, Connecticut, Georgia, Idaho, Illinois, Kansas, North Dakota, New Hampshire, South Carolina, Vermont, Washington, Wisconsin, and West Virginia.
Who It’s Best For: CuraDebt says it will work with as little as $5,000 in debt in certain circumstances, so if you have a smaller amount of debt, it might be worth a look. Incorporated in 2000, CuraDebt is also one of the more established debt-consolidation companies.
Who Should Pass: If you put a lot of stock in Better Business Bureau accreditation, note that CuraDebt doesn’t have it (though it does have an “A+” rating). And CuraDebt won’t be an option if you live in the 13 states where it doesn’t do business. Unlike Freedom Debt Relief, which has enrolled more than 500,000 clients since 2002, CuraDebt states that they have only counseled 180,000 clients.
2. American Debt Ender
American Debt Enders provides you with a Debt Management Program, also know as Debt Consolidation that will allow you to fulfill your responsibilities and pay your credit cards and usecured debts in full. ADE’s goal through this program is to lower high interest rates, simplify your life by consolidating all credit card payments into one single monthly payment, stop over the limit and late fees, and eliminate credit card debt in less than 5 years.
Besides the free consultation and personal debt analysis, ADE will conduct a thorough debt consolidation analysis in order to look at your income and expenses and your ability to succeed if you choose this debt relief option.
As one of the BEST companies and highly rated by us, ADE is committed to helping people regain stability and live a debt free life. American Debt Enders provides consumers with a variety of financial solutions that will allow them to resolve their situation by choosing the approach that better fits consumer’s needs. American Debt Enders will guide the client to choose a non-profit Debt Consolidation, Debt Settlement, Credit Restoration or Bankruptcy, depending on hardship, income availability, credit history, and most importantly your goals. ADE is a counseling and enrollment company that operates as a contractual affiliate and provides one of the BEST credit counseling expertise. American Debt Enders’ Credit Counselors have the experience and tools to provide you with guidance about the programs available to you and will recommend your the best debt relief option according to your situation.
American Debt Enders is not a direct provider of services as the programs offered are backed up by Attorneys. This company provides services for a profit, however, all their counseling consultations are FREE, and you are not obligated or pushed to make a hasty decision. Your situation will be analyzed in order to recommend the appropriate course of action and upon your decision, and keeping in mind that your financial situation is a time sensitive issue, help you enroll in on of the following programs: debt settlement, non-profit debt consolidation, credit restoration, or bankruptcy program. All consultations, and enrollment into the different programs can be done over the phone. After your application is submitted it will be reviewed by an underwriter, who will verify that you are qualified for the program you selected.
Cost: You get a clearly written agreement which fully explains American Debt Enders’ fees and services depending on the program you choose..
Since 2007, American Debt Enders has assisted customers with finding the solution to all their needs in one place by referring them to reputable debt organizations that assist with the following services:
- Debt consolidation
- Professional consultations
- A non-profit debt consolidation program
- Federal and private student loan relief
- A free FDCPA violations program to recover money from FDCPA violations
- A unique debt dispute program with full legal protection and credit restoration
- Solutions for medical bills, business debt, unsecured loans, credit cards, collections, repossessions, student debt, IRS tax debt, and payday loan debt relief.
3. Debt Consolidation Care
If you’re looking for guidance through the process of consolidating and eliminating your debt, Debt Consolidation Care has the resources and the coaches to set you on the right path. The company will help you evaluate your financial situation and assist you with figuring out the best plan for handling your debt. Their website offers a treasure trove of information for those who are beginning the process of dealing with their debt. When using the services of Debt Consolidation Care, you’ll never feel alone in your debt journey because their website allows you to interact with people going through the exact same thing.
To start the application process, complete the form on the Debt Consolidation Website . The form requires minimal information and is easy to fill out. You’re asked to provide your name, an email address, your debt amount, and a phone number that you can be reached at.
After filling out the form, a financial coach contacts you for a free consultation in order to review your overall financial situation. The financial coach will discuss the best plan for your debt repayment with you. Your introductory session begins when you and your financial coach list all your creditors, debts, and interests. With this information, the financial coach will help you prepare a monthly budget plan.
Once you’ve established a budget plan, your financial coach connects you with a client relationship manager who works to help you resolve your debt. The client relationship manager will speak with your creditors in order to negotiate your debt repayment. They may be able to help reduce the number of collection calls you receive.
Debt Consolidation Care offers counseling for individuals who have debt. The company provides resources and guidance for debt consolidation and other debt services. They can even speak with creditors in order to stop collection calls.
Signing up with Debt Consolidation Care is easy and requires little time and information. After providing your information via a form on the website, you’re contacted by a financial coach who will help you evaluate your financial situation.
Along with financial coaches and client relationship managers, the company connects you to a forum of other people who have gone through or are currently going through the process of repaying their debts. You’re able to navigate your debt repayment with the guidance of professionals and the advice of people who have been in your situation. The company provides great services for individuals looking to educate themselves on the best ways to get out of debt.
4.Freedom Debt Relief
As the largest debt settlement company in the nation, Freedom Debt Relief has enrolled over 600,000 clients in their program. They are one of the most experienced debt relief companies out there, having settled over $10 billion in debt since 2002. The company’s website clearly outlines the benefits of the Freedom Debt Relief program and provides reviews and testimonials from satisfied clients. With an affordable debt relief program that could significantly reduce what you owe, an online Client Dashboard where you can track your progress through their program, and customer service available every day of the week, Freedom Debt Relief is a leader in the debt settlement industry. The company is accredited and a founding member of the American Fair Credit Council, member of the platinum International Association of Professional Debt Arbitrators member and all of its Debt Consultants are IADPA certified.
Freedom Debt Relief is available in more than 30 states, including: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Idaho, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin. It is also available in Washington, D.C., Guam, Puerto Rico, and American Samoa.
Who It’s Best For: If you’re dealing with over $10,000 in personal loan, medical, credit card debt, or certain private student loans, Freedom Debt Relief could be the right option for you. Since Freedom Debt Relief has a longer relationship with most lenders and debt collectors, they could get better settlements than most other companies.
Who Should Pass: Mortgages, auto loans, and federal student loans do not qualify for the Freedom Debt Relief program. Freedom Debt Relief is not available in Connecticut, Georgia, Hawaii, Illinois, Kansas, Maine, Mississippi, New Hampshire, New Jersey, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, Vermont, Washington, West Virginia, or Wyoming.
5. National Debt Relief
A lot of debt settlement companies’ websites are short on specifics. It’s not hard to figure out why: They want you to call so they can hook you with a hard sell. But National Debt Relief does a pretty good job telling you what you can expect from debt settlement. The site details what kinds of debt qualify, how much you need to enroll, the fee you can expect to pay (20%), and the average savings after fees (30%). The company works with a wider range of debt than most. National Debt Relief also has an A+ rating with the BBB, and is accredited with the AFCC and IAPDA.
National Debt Relief is available in an impressive 41 states. One turnoff: A long list of state-specific links made it more difficult than necessary to determine exactly where the company provides settlement services. (You’re out of luck in Connecticut, Georgia, Kansas, Maine, New Hampshire, South Carolina, Oregon, Vermont, and West Virginia.)
Who It’s Best For: If you have some more niche types of debt — for instance, unsecured business debt — National Debt Relief may still be able to help. It even considers cases involving student loans on a case-by-case basis. The enrollment minimum is also relatively low at $7,500.
Who Should Pass: If you’re wary of newer companies, note that National Debt Relief is less established than some of its competitors, having been established in 2009. Its average debt reduction is also a bit lower than that of some competitors. If you want to go with a more experienced company, Freedom Debt Relief may be a better option for you.
We recommend Curadebt Relief, While searching for other reviews, we found this company to be a well-respected consolidation company that doesn’t attempt to mislead their clients. The variety of debt management programs available gives consumers more options in regards to how they want to pay their debt off. The cheaper service fees is a huge plus as is their excellent customer service, and their credit restoration program.
If you would like to include your experience using this company then send us your review today below:
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Yakub Abdulazeez, Is a blogger and Internet marketer with over 5 years of experience in online business. I’m also a licensed and practising medical doctor.
My aim with this blog is to help as many as I can to realize their dreams of setting up successful online businesses and make more money.