Aeron RuparFacing financial debt can feel like an uphill struggle, and in the search for a way out, many wonder: Is National Debt Relief legit? This question is on the minds of countless people looking for a way to escape financial trouble.
In the discussion that follows, we’ll explore the legitimacy and effectiveness of this debt relief company to determine if it truly offers a path to financial freedom or if it poses risks along the way.
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Founded in 2009, National Debt Relief is a for-profit company that helps individuals manage and resolve their financial debts. According to its official website, it’s one of the largest debt relief firms in the U.S., assisting over 500,000 clients.
National Debt Relief specializes in debt negotiation, debt settlement, and resolution. This process involves working with creditors to agree on a reduced debt amount, ultimately canceling any remaining balance once the negotiated amount is paid.
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National Debt Relief has a solid reputation for helping many individuals through debt negotiation. Its debt coaches are certified by the International Association of Professional Debt Arbitrators (IAPDA), and the company is a member of the American Fair Credit Council (AFCC), which adds to its credibility.
National Debt Relief negotiates with your creditors to help settle your debts for less than the full amount owed, aiming to help you become debt-free more quickly.
Here’s how the process works:
This process continues until all the debts you’ve enrolled with National Debt Relief are resolved. On average, it takes clients 24 to 48 months to become debt-free if they follow the repayment plan.
For these services, you will pay a fee to National Debt Relief. These fees are included in the deposits you make into your savings account and vary by state, typically ranging from 15% to 25% of your total enrolled debt, similar to what other debt relief companies charge.
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If you’re considering debt relief services, you can start with National Debt Relief online or by phone. Here’s how:
National Debt Relief’s method focuses on helping you pay off your debt faster rather than just making minimum payments across multiple debts.
National Debt Relief can help with several types of debt, including:
If you need to catch up on a different kind of loan, like a mortgage, it’s best to contact your lender directly to discuss possible ways to get back on track. If National Debt Relief’s plan isn’t the right fit for you, they can refer you to credit counseling, debt consolidation, or bankruptcy services.
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Here are some pros and cons of National Debt Relief:
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As part of the debt relief program, you’ll need to stop paying your creditors and instead focus on making monthly deposits into your secure savings account. The longer your creditors go without payments, the more likely they might be to negotiate.
Since payment history accounts for 35% of your FICO credit score, joining a program with National Debt Relief could negatively impact your credit score. However, how much it affects you depends on whether you’re currently up to date with your bills.
If you’re already several months behind, a few more late payments may not significantly worsen your credit score, which may have dropped considerably. While late payments can stay on your credit report for up to seven years, their impact lessens over time.
On the other hand, if you’re still current with your payments, even one late payment could significantly lower your score.
In such cases, consider other options like a debt management plan or debt consolidation, which typically have a less severe effect on your credit. National Debt Relief notes that many clients with low credit scores often complete the program with improved credit.
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To help answer your question, we’ve thoroughly reviewed online user feedback about National Debt Relief, focusing on the experiences of real people who have used the service. We aim to provide a trustworthy evaluation of the company’s legitimacy and effectiveness.
These reviews come from Trustpilot users.
National Debt Relief has a 4.7-star rating from 37,614 reviews on Trustpilot, suggesting that most customers are happy with the service.
Some complaints highlight that while the website is useful for tracking debt reduction, its usability could be improved. Extended negotiations with creditors can harm clients’ credit scores, and better communication with creditors could help prevent such credit issues.
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The company states that most clients who enroll with National Debt Relief are still catching up on their debts. Instead, they have kept up with minimum payments or are close to falling behind. For those in this situation, there are other options available for managing and relieving debt:
National Debt Relief offers solutions to help people reduce or settle their debts for less than they owe. As a middleman between clients and creditors, the company negotiates settlement agreements to help clients achieve debt relief more efficiently.
National Debt Relief charges fees ranging from 15% to 25% of your total enrolled debt, depending on your location. During the negotiation process, these fees are included in your monthly payments into a secure savings account.
National Debt Relief doesn’t handle negotiations for tax debts owed to the IRS or state revenue agencies. If you owe back taxes, you can consider setting up a payment plan directly with the IRS or consult a tax attorney to find the best way to address your unpaid tax obligations.
You have at least $10,000 in debt, you may qualify for a debt management plan with National Debt Relief. Eligible debts include credit card balances, medical bills, personal loans, lines of credit, and certain types of business or student debt.
You can contact a National Debt Relief customer service agent by calling 800-300-9550. The customer service hours are:
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National Debt Relief is a reputable company that helps individuals manage and reduce their debts. However, like any financial service, consumers need to do their homework, check reviews, and clearly understand the terms and conditions to determine if National Debt Relief fits their needs.
While the company has successfully helped many clients lower their debts, the results can vary based on personal circumstances, so it’s wise to carefully consider whether their services are the best option for you.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
