Here’s the Freedom Debt Relief termination policy. You can cancel your debt relief program with Freedom Debt Relief at any time without penalty. Simply call a representative or log in to your account and request to cancel.
Freedom Debt Relief is a debt settlement company in the U.S. that helps qualifying candidates settle delinquent accounts. There is no guarantee that debt settlement will work, but it can result in paying off debts for less than you owe and is worth looking into, especially if filing for bankruptcy is your only other option.
In This Article
- How Debt Settlement Works
- Settling Your Debt with Freedom Debt Relief
- Other Debt Settlement Companies
How Debt Settlement Works
Debt settlement, also called debt relief or debt negotiation, is the process of settling delinquent accounts for less than you owe. Debt settlement applies to unsecured debt, meaning debt that has no asset tied to it. Mortgages and car loans are not eligible for debt settlement because the creditor can repossess the property or vehicle. Debt settlement typically applies to credit card debt, medical bills, and personal loans.
Many people turn to debt settlement as an alternative to filing for bankruptcy. But, it is important to note that like bankruptcy, debt settlement can severely damage your credit score. There is also no guarantee that debt settlement will work, as creditors are not obligated to negotiate or accept a settlement. However, many creditors would rather get something instead of nothing.
If you have missed several payments, you can attempt to negotiate debt settlement deals on your own, but most people turn to a debt settlement company for help.
Settling Your Debt with Freedom Debt Relief
Freedom Debt Relief is a debt settlement company. Through its debt relief program, Freedom Debt Relief will contact your creditors and attempt to negotiate a payment amount that will settle your debts. The cost of services vary depending on where you live, the amount of debt you owe, and your creditors — but you can expect fees to range between 18 and 25 percent of the amount of debt you owe.
Creating a Debt Settlement Plan
In order to qualify for Freedom Debt Relief’s debt settlement program, you must be a U.S. citizen with at least $7,500 in unsecured debt. This includes credit card bills, medical bills, and personal loans. Mortgages, car loans, and student loans do not qualify. You will also need to agree to a soft credit check. A soft credit check is a look into your background and credit history that does not affect your credit score.
You can get a free evaluation of your debt situation and a summary of what services Freedom Debt Relief may be able to offer you by calling a Freedom Debt Relief representative at (800) 230-1553. You can also use the debt estimate tool on Freedom Debt Relief’s website.
If you decide to work with Freedom Debt Relief, the company will help you open a savings account to start putting monthly payments into instead of making payments on your debts. Once there is a sufficient amount in the savings account to consider a settlement offer, Freedom Debt Relief will begin negotiating with your creditors on your behalf.
Can You Cancel Freedom Debt Relief?
You can cancel your debt settlement program at any time without penalty. We confirmed this information with a Freedom Debt Relief client representative over the phone and via email correspondence with the customer service department. To cancel, call a Freedom Debt Relief representative at (800) 655-6303. You can also log in to your client dashboard and request to cancel.
Other Debt Settlement Companies
Freedom Debt Relief is a legitimate debt settlement company and a member of the International Association of Professional Debt Arbitrators. When researching debt settlement companies, watch out for upfront fees and unrealistic guarantees. The following are some other legitimate debt settlement firms:
When faced with a large amount of unsecured debt, your options may be to file for bankruptcy or seek debt settlement. Freedom Debt Relief is a debt settlement company that helps U.S. clients with at least $7,500 in unsecured debt. The program requires you to stop making monthly payments on your bills and instead put money into a savings account for a potential settlement. When there are sufficient funds in the account, Freedom Debt Relief will attempt to negotiate a deal with your creditors. Can you cancel Freedom Debt Relief? If you decide you’d like to cancel your debt settlement program with Freedom Debt Relief, you can do so at any time without penalty by calling a representative or by logging in to your account and requesting to cancel. For more information about getting out of debt, see our article: How to Pay off Debt with No Money.