Is National Debt Relief a legit company? (2024)

Is National Debt Relief a legit company?

Yes, National Debt Relief is a legitimate company accredited by the Better Business Bureau and currently holds an A+ rating. It also has IAPDA (International Association of Professional Debt Arbitrators) accreditations for all of its arbitrators and an AFCC (American Fair Credit Council) membership.

What are the cons of national debt relief?

Is National Debt Relief legit?

Minimum debt requirement: National Debt Relief requires a minimum of $7,500 in unsecured debt to qualify. Customer experience: The company has an A+ rating from the Better Business Bureau, with about 275 customer complaints closed in the past three years.

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 national debt relief a form of bankruptcies?

Bankruptcy is a legal path where you file in court and work with a trustee to discharge or pay back some debts. Debt relief includes various programs or plans to get you out of debt without declaring bankruptcy. Either path can be right for you, but it is important to understand debt relief's pros and cons.

How bad does national debt relief hurt your credit?

When you use a debt settlement company like National Debt Relief, you can expect a credit drop by as much as 100 points; however, the company states that if you're able to settle your debts, the credit impact is about half of what it would be if you were to declare bankruptcy.

Does debt relief ruin credit?

Debt relief services may have a negative impact on your credit score, but that impact may not be as big as you think — and in some cases, it can help your credit. How these services impact your credit depends on the debt relief option you choose.

How quickly does national debt relief work?

National Debt Relief negotiates with creditors to reduce the amount of debt you owe. The program usually takes 24 to 48 months to complete, depending on your debt and ability to save. Customers have access to an online portal to approve settlements and monitor their progress.

What happens if I cancel my national debt relief?

For example, the National Debt Relief allows you to cancel the program at any time if they're unable to settle the debt or you aren't satisfied with their services. You won't be charged any penalties or cancellation fees, and you'll have your money back.

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.

Does debt relief need to be paid back?

And, depending on the program, you may be able to get your interest rate lowered or have certain fees waived. Under the terms of a debt management plan, while you may receive more favorable interest rates or relief from fees, you still repay the entire principal amount owed.

Is it a good idea to consolidate debt?

If you're overwhelmed by multiple debts, debt consolidation might be a good option. This is particularly true if you can land a lower interest rate than the average rate you're paying on your current debts. The lower your rate, the greater your savings.

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.

How much does it cost to get debt relief?

While debt settlement can potentially help you save a significant amount of money, the associated costs should not be overlooked. These fees will typically range from 15% to 25% of the total enrolled debt — but can also vary based on the company you choose to work with.

How long does debt settlement stay on your credit report?

Similar to Chapter 7 bankruptcy, debt settlement can stay on your credit report for up to seven years. While this may seem like a long time, the impact of this event on your credit report will lessen over time.

Can I buy a house after debt settlement?

Yes, you can buy a home after debt settlement. You'll just have to meet the lender's requirements to qualify for a mortgage. Unfortunately, that could be harder after you settle debt.

Can I get a credit card after debt settlement?

A secured credit card is the easiest type of credit card to get after debt settlement. Keeping credit card balances low and paying on time will help raise your credit score. Many credit card issuers offer second chance cards and credit building cards.

How can I get debt relief without ruining my credit?

Though a debt consolidation loan is a great choice for some, you also have other options. Creating a debt management plan, taking advantage of a credit card balance transfer or overhauling your budget are other ways to consolidate your debt with minimal hurt to your credit.

How to get out of $10,000 credit card debt?

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.

How many people use national debt relief?

About The Company. Since 2009, we've successfully helped more than 550,000 people get out of debt, reclaim their independence and get their life back on track.

Does national debt relief affect tax return?

The IRS considers any debt cancelation of $600 or more as additional income — and taxable — even if you didn't actually receive any money.

Can you pay off a debt relief program early?

Debt management plans (DMP) are flexible. This means you may be able to pay off a DMP early. You can do this by increasing monthly payments or paying a lump sum.

Can you get out of a debt relief contract?

A debt management plan can help make it easier to pay down credit card debt, often with lower interest rates and monthly payments—and it can keep debt collectors off your back. But if the plan is no longer working for you or you find a different way to accomplish your goal, you can cancel the plan at any time.

Can debt relief take your house?

In most cases, a lien cannot be put on your home for an outstanding debt. However, there are a few exceptions where a creditor can force the sale of your home: Federal, state, counties, and municipalities attempting to collect on past due property taxes.