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- 1 Here’s a look at Freedom Debt Relief vs. National Debt Relief.
- 2 Freedom Debt Relief
- 3 National Debt Relief
- 3.1 Key Similarities Between the Two:
- 3.2 Key Differences Between the Two:
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Last Updated on July 16, 2021 by Editor Futurescope
Sure, they’re both debt settlement companies, but there are key differences between the two. If you’re trying to figure out which one would best help you get out from under your financial burden, look no farther.
Here’s a look at Freedom Debt Relief vs. National Debt Relief.
Debt settlement companies help you avoid bankruptcy by negotiating with your creditors to satisfy your debts – usually from credit cards – for less than what you owe. Many companies can help you achieve this. Two of the best known are Freedom Debt Relief and National Debt Relief.
Where the Two Companies are Similar
They both are accredited and well established. Further, they have similar fee structures and the same minimum debt balance —$7,500 — requirements.
Freedom Debt Relief
Freedom Debt Relief will bill you between 15% and 25% of your enrolled debt and handles credit card, store charge card and payday loan debt, plus private student loans. It can help with unsecured debt such as medical bills and personal loans too. It won’t, however, deal with secured debt — although it may be able to assist with certain business accounts.
Here’s how Freedom works:
- One of its certified debt consultants will assess your debt issue.
- After you’ve enrolled in the program, you’ll put money in an escrow-like account that you control.
- After you’ve saved enough cash, the company’s experienced experts will seek to get your debt load reduced.
- After your debt is settled, Freedom will pay your creditors from your savings account. You’ll then pay the company for its services.
National Debt Relief
To settle your debt, you’ll pay National between 15% and 25% of the amount of debt you enroll. As with all debt relief companies, however, it’s illegal to attempt to collect until your debt is resolved.
Like most settlement companies, National doesn’t accept secured debts such as mortgages or auto loans. It may be able to handle certain business debt, and it does accept private student loan debt.
This is what happens when you work with National Debt Relief:
- You’ll have a free initial consultation with a certified specialist who will determine your program eligibility by assessing your financial situation.
- You’ll deposit cash monthly into a dedicated savings account from which your settlement payments will be derived.
- Once you have saved a sufficient amount, National Debt Relief will go to your creditors and attempt to negotiate a reduced total balance. Creditors are motivated to cooperate since they know they could get nothing if you file for bankruptcy protection.
- You’re shielded from creditor phone calls while you’re in the program.
- After two to four years your creditors will get a one-time payment in full to settle your debt, and you’ll pay National for its services.
Key Similarities Between the Two:
When considering Freedom Debt Relief vs National Debt Relief, note that both companies have high rates of success, and the International Association of Professional Debt Arbitrators as well as the American Fair Credit Council accredit both firms. In an industry that has its share of bad actors, both companies follow the law by not charging until debts are settled.
Key Differences Between the Two:
- Customer service. Freedom’s average customer rating is a stellar 4.58 out of five, compared with 4.19 for National.
- Fees. Each company charges between 15% and 25% of the total debt enrolled. That leaves a lot of wiggle room that will depend on your situation.
- States where there’s service. Freedom is in 38 states, while National Debt Relief is in 42. So, your state of residence may dictate which company you use.
- Longevity. Freedom Debt Relief has been around since 2002 – seven years before National Debt Relief.
When it comes to Freedom Debt Relief vs. National Debt Relief, Freedom gets the edge based on customer service and length of time in business. You don’t want relative novices handling your business, and you want to be sure to be treated with dignity and respect.