Is National Debt Relief a scam? That’s what Nathan, a reader of this blog, wants to know. I can understand why he might be skeptical.
After all, there are a lot of companies out there that promise to help you get out of debt but don’t deliver. Is National Debt Relief one of those companies?
I’m glad you asked. Let’s take a closer look at National Debt Relief and find out.
National Debt Relief Overview
So Is National Debt Relief a scam? No, it is not a scam. National Debt Relief is a legitimate debt relief company that can help you get out of debt.
The company has been in business since 2009 and is one of the largest debt relief companies in the United States. National Debt Relief charges a fee for the total enrolled debt.
The company is accredited by the Better Business Bureau (BBB) and has an A+ rating with the BBB.
National Debt Relief offer services such as credit counseling, debt consolidation, and debt settlement.
National Debt Relief Soft Credit Pull
When you contact National Debt Relief, they will perform a soft credit pull to determine if you are eligible for their services. This will not affect your credit score.
There are pros and cons to using National Debt Relief.
The pros include:
- The company has been in business for a long time and has a lot of experience helping people get out of debt.
- They have a good track record, with a BBB rating of A+.
- They have a satisfaction guarantee, which means you can cancel the program at any time if you are not satisfied.
The cons include:
- It can take up to four years to complete the program.
- Your credit score will be impacted negatively while you are in the program.
- There is a fee to join the program.
It is important to weigh the pros and cons of working with National Debt Relief before deciding if they are the right option for you. If you are struggling with debt, they may be able to help you get relief from your debts.
However, there are some risks associated with using their services, so it is important to understand what those risks are before making a decision.
Can I get my money back from National Debt Relief?
If the company can’t settle the debt or you aren’t pleased with their services, they have a satisfaction guarantee. You won’t be charged any fines or cancellation costs, and you’ll have your money back.
How to qualify for National Debt Relief
To qualify for National Debt Relief, you must have at least $7,500 in unsecured debt.
This includes credit card debt, personal loans, and medical bills.
You must also be able to afford the monthly payment they require and have no history of bankruptcy or settlement within the past two years.
How National Debt Relief’s debt settlement process works
Once you enroll in the program, National Debt Relief will negotiate with your creditors to reduce your debt by up to 50%. They will also create a monthly payment plan that you can afford.
Once your debts have been negotiated down, you will then make one monthly payment to National Debt Relief who will distribute the money among your creditors.
This process can take up to four years to complete.
National Debt Relief at a glance
- The company has been in business for 10 years
- BBB rating of A+
- Satisfaction Guarantee
- The fee to join is $699
Risks of debt settlement
Debt settlement can be risky for a number of reasons
Your score will drop significantly.
When you settle your debts, your credit score will take a serious hit. This could make it difficult to borrow money in the future or even get a job.
Debt collectors or creditors may still contact you
Even after you’ve settled your debts, you may still receive calls or letters from your creditors or debt collectors. This can be frustrating and overwhelming, especially if you’re already struggling financially.
Fees and interest continue to add up
If you settle your debts, you’ll still have to pay interest and fees on the amount that’s forgiven. This can add up quickly, making it even more difficult to afford debt relief.
The forgiven debt may be considered taxable income
If the total amount of forgiven debt is more than $600, that forgiven debt may be considered taxable income. This could mean that you’ll have to pay taxes on the amount that was forgiven.
National Debt Relief vs. other Alternatives
National Debt Relief is a good option for people who are not delinquent on their debt but are close to fallen behind making only the minimum payments.
There are other options available for people who find themselves in debt. These include different ways to pay off debt, as well as debt relief programs.
Debt management plan: A debt management plan is a type of debt relief option that can help you get your debt under control. With a DMP, you create a budget and send your payments to the credit counseling agency. The agency will then distribute your payments to your creditors.
Debt consolidation: Debt consolidation is another type of debt relief option. With debt consolidation, you take out a loan to pay off your debts. This loan will have a lower interest rate than your original debts, which can help you save money.
Bankruptcy: Bankruptcy is the most extreme type of debt relief option. If you file for bankruptcy, the court will discharge (or forgive) your debts. This will allow you to start fresh financially.
DIY Debt Settlement: If you’re unable to get debt relief through any of the options above, you may be able to negotiate a settlement with your creditors yourself. This involves negotiating with your creditors to get them to agree to reduce the amount you owe.
When it comes to your money, don’t trust just anyone. Make sure you do your research before signing up for any debt relief program. National Debt Relief is one of the most reputable companies in the industry, and they have a proven track record of helping people get out of debt.
If you’re ready to take control of your finances and get started on the road to financial freedom, call National Debt Relief today. Their experts can help you develop a plan that’s right for your unique situation, and they’ll be with you every step of the way as you work to become debt-free. Don’t wait another day – Call National Debt Relief now!