I recently signed up with FDR to pay off my $40k credit card debt. I recently went through a divorce and am a single mother of two children. I have accumulated a great deal of debt since I am unable to assist them. I would welcome any success stories and advise on how to work with this organization. Regards
I spent FIVE YEARS working with National Debt Relief. I may still owe 80k, or about 80% of my initial debt, and I’m thinking of declaring bankruptcy. These debt settlement firms’ fees are the worst aspect of them. As soon as you get to a settlement with a creditor, they begin collecting. They get between twenty and thirty percent of each creditor’s amount that you owe. I wish you further success.
I apologize for what occurred to you. Since my credit is already poor, I was not approved for a debt consolidation loan. It is the reason I’m thinking of going this way. I put in more than fifty hours a week at work and pay the minimum of $1200 on my credit cards. I just don’t feel like I’m moving forward, and I think this is my only option short of declaring bankruptcy.
Being bankrupt is not a sign of humiliation or death. It’s a fresh start where you may go on with your life free from the weight of debt. I would advise scheduling a free session to talk with a bankruptcy lawyer. Positive things about debt relief services have never been said to me. It is possible to start anew and regain that time instead of working more than fifty hours a week to meet minimum requirements. I’m not sure if you’re eligible for BK, but here’s an idea. Wishing you luck!
Salutations for the afternoon. My Freedom Debt Relief program ended in April. took roughly three years. I have no issues; my credit is becoming better every month. Please don’t hesitate to ask me questions. For me, it was a satisfying experience.
From the look of things, they have been in the company for twenty years, so you should be in good hands. The only thing that comes to mind is that you should be ready for the possibility that your credit score will decline before rising.
You’re right; while I was on a debt relief plan, my credit did initially decline. But as soon as I paid off my first account, it began to rise once more. I paid off all of my debt in about three years, and my credit score is now far higher than it was when I first began the program.
This. After every account was “in settlement,” my score started to slowly rise back to where it had started. I eventually obtained a personal loan to complete the program after I improved my financial circumstances (among other reasons, I wanted a creditor lawsuit settled beyond the payment settlement as soon as possible, just in case). After receiving that personal loan, I paid off all of my debts and saw a sharp increase in my credit score.
Although there don’t appear to be any negative marks on my credit, I have no idea how large lenders (for example, those that offer mortgages or vehicles) will evaluate my credit history.
This is your chance to put some money aside for an emergency savings account. Once you have that, apply any additional funds even a few hundred dollars here and there to the debt. It builds up, particularly when you make consistent payments. By doing this, you’ll be able to resolve your accounts more quickly and begin the process of repairing your credit.
I choose to go with InCharge instead of Freedom. It has been really beneficial! Like you, I am a single mother who fell behind in everything. My credit score was about 520 when I started working with them, and I was five months overdue on my payments. It is 692 now. I’m quite glad I did that.