Are there any legit debt relief programs? (2024)

Are there any legit debt relief programs?

Best for large debts: National Debt Relief

If you're buried under significant debt, National Debt Relief is a reputable debt relief company that can help you find financial relief. Since 2009, they've helped over 600,000 clients get out of debt for debt amounts of up to $100,000 and more.

Is there really a federal debt relief program?

How to qualify: National Debt Relief works with consumers who have at least $7,500 in unsecured debt from credit cards, personal loans and lines of credit, medical bills, business debts and private student loan debts. There is no cap on the amount of debt a consumer can have in order to work with National Debt Relief.

How trustworthy is accredited debt relief?

Accredited Debt Relief is a legitimate company helping struggling individuals and families reduce the amount of unsecured debt they owe. The company has an A+ rating with the BBB and thousands of positive customer reviews online.

How do I know if a debt relief company is legit?

They Ask for Fees Upfront

This is the most obvious sign of a debt relief scam. If the person/company offers to help get rid of your debt but first you have to pay them a fee, they're probably lying to you. Cut off contact and file a complaint with us.

Is debt hardship relief legit?

This scam works precisely as its name implies. Scammers contact individuals struggling with debt and offer aid from a government agency named the Financial Hardship Department. The aim is to extract protected information like your driver's license or Social Security Number and steal your identity.

What is the most reliable debt relief company?

Has the Biden debt relief been approved?

The Biden-Harris Administration has fought tirelessly to provide borrowers the relief they have earned. In total, the Administration has now approved debt cancellation for nearly 3.9 million hard-working Americans totaling almost $138 billion in relief.

What is the downside to debt relief?

Cons of debt settlement

Creditors are not legally required to settle for less than you owe. Stopping payments on your bills (as most debt relief companies suggest) will damage your credit score. Debt settlement companies can charge fees. If over $600 is settled, the IRS will view this debt as a taxable income.

What is the National Debt Relief Hardship Program?

National Debt Relief creates a personalized debt plan for you based on your budget and financial situation. You make one payment each month into your secured savings account. National Debt Relief negotiates with your creditors to reach a settlement agreement.

Is Freedom Debt Relief legit?

Freedom Debt Relief is accredited by the Better Business Bureau and has an A+ rating. according to the organization. Based on customer reviews, the company earns 4.3 out of 5 stars. There were 359 total customer complaints lodged in the past three years, with 105 complaints closed in the last 12 months.

How long does debt relief stay on your credit report?

As with most other negative credit report entries, settled accounts stay on your credit reports for seven years.

Do you have to close your credit cards with accredited debt relief?

Debt relief through a debt management plan

Your credit card accounts will be closed and, in most cases, you'll have to live without credit cards until you complete the plan. (Many people do not complete them.)

Is the hardship program legit?

Is the Financial Hardship Program Legitimate? There is no official United States government agency or organization called the “Financial Hardship Department.” But with credit card debt reaching an all-time high of $930 billion, unrelenting scammers want you to believe that such an entity exists [*].

Does Americor really work?

Yes! With an average 5-star satisfactory customer rating, Americor's debt relief services have a positive reputation.

Is debt relief the same as debt forgiveness?

Debt relief refers to measures to reduce or refinance debt in order to make it easier for the borrower to repay it. Options for debt relief include forgiving a portion of the debt, lowering the interest rate, stretching payments over a longer period, or consolidating multiple debts into a single, lower-interest one.

How can I get rid of my credit card debt without paying?

Bankruptcy is your best option for getting rid of debt without paying.

Can you do a hardship withdrawal to pay off debt?

There are a few situations where it makes sense to tap your 401(k) to get rid of personal debt. All of them fall into the category of hardship withdrawals, which are designated for “immediate and heavy” financial needs. Examples include: A down payment for buying a permanent residence.

Is National financial Hardship legit?

The Financial Hardship Department email is a scam with one goal – to infect your device with malware and steal your personal and financial information. The email claims to be from a government agency or organization that offers financial assistance to those in need.

What is the number one debt relief program?

National Debt Relief is the best overall debt settlement company, according to our research. We looked at 40 different debt relief companies and rated them on important factors like fee structure, customer satisfaction ratings, services offered, and more.

What is the best program to get out of debt?

Who can help me clear my debt?

An alternative to a debt settlement company is a non-profit consumer credit counseling service. These non-profits can attempt to work with you and your creditors to develop a debt management plan that you can afford, and that can help get you out of debt.

What is the public loan forgiveness program?

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

What is the loan forgiveness program?

Public Service Loan Forgiveness (PSLF) PSLF allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years), while working for a qualifying public service employer.

How do I know if I qualify for loan forgiveness?

Those who have been on repayment plans, hold federal direct loans or federal family education loans and have completed 20 or 25 years of qualifying months are eligible for forgiveness, depending on when the loans were originated, the type of loan borrowed and the specific type of plan.

How bad is settling a credit card debt?

Debt settlement can eliminate outstanding obligations, but it can negatively impact your credit score. Stronger credit scores may be more significantly impacted by a debt settlement. The best type of debt to settle is a single large obligation that is one to three years past due.