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May 21, 2018
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Home > Debt Relief Programs > Detailed Reviews |
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LendingTree is one of the most recognized names in the personal loan market. They connect borrowers with a wide variety of lenders that can meet their debt relief needs with loans ranging from $1,000 to $35,000. As a connection service rather than a direct debt relief lender, the loan products that LendingTree offers and their terms and conditions naturally vary with each individual lender. One advantage of using LendingTree is the ability to survey multiple lenders' debt relief offers without having to disclose one's personal information to those lenders. You only have to make yourself known when you've made the decision to apply for the loan that best fits your debt relief needs. Borrowers can also use offers obtained on LendingTree to negotiate directly with lenders; LendingTree provides customers with lenders' direct contact information for that very purpose. If you choose to research debt loans using LendingTree, be aware that you will need to provide your credit score, which is used by lenders to determine if they would like to compete for your business. Even if you have a low credit score, you may still receive loan offers, because LendingTree works with such a large variety of lenders. One thing to note is that LendingTree's main website takes you to the page for entering your information to get started in the loan process. Other than that, there is very little information on that page. We were able to determine that entering your personal information will not impact your credit report or your credit score, although we would have liked to see that fact clearly spelled out on LendingTree's landing page. With a solid A+ rating from the Better Business Bureau, reliable history, and its ability to connect debt relief borrowers with a wide range of potential lenders, we give LendingTree good marks.
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CAREONE DEBT RELIEF SERVICESSM
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National Debt Relief specializes in creating custom financial solutions for customers with $7,500 or more in unsecured debt. They take a proven, thoughtful approach in developing their personalized debt relief plans, and have helped over 100,000 customers get out of debt since 2009.
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Cost: |
A setup fee to cover the expense of the account activation and a monthly service fee. These fees are dependent on the state in which you live, but do not exceed $50 per month. |
CareOne Debt Relief ServicesSM is actually a single face for a group of debt relief providers. They work to match you up with the best debt relief option that fits your particular needs. Working with debt loads as low as $2,500, CareOneSM providers offer an array of debt-fighting solutions.
To become a CareOneSM provider, companies must meet rigorous professional standards, such as provide access to account information 24 x 7; provide monthly statements to customers where appropriate, and meet high customer service expectations.
Filling out the online application at the CareOneSM website is a simple exercise. You enter some personal information about yourself (name, address, phone), and then some information about your current outstanding debt. There is no commitment on your part for filling out the form; it simply gives CareOneSM providers the information they need to find an appropriate debt program to assist you. After reviewing your free debt analysis, you may elect to enroll in a debt relief plan online or call to speak with an associate.
Enrolling online at the CareOneSM website gives you access to the following:
- Free Debt Relief Analysis. Review your debt and understand your options for debt relief.
- Online community featuring debt experts.
- Free educational resources.
The CareOneSM website is TrustE certified. This helps ensure safe online business practices and privacy considerations. The website is also very professional and easy to navigate. If you have a total debt load from $2,500 and up, CareOneSM providers are an excellent choice.
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LENDINGCLUB
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Cost: |
The current loan rates at LendingClub range from 5.99% to 35.89% |
For those looking for debt relief, traditional debt consolidation loans may not be the most affordable option. Other solutions, such as a personal loan, may be cheaper in the long run. LendingClub is a top leader in the social lending market and facilitates personal loans. A social lender simply means that individuals can provide the financing for personal loans. LendingClub's role is to bring together borrowers and lenders via a sophisticated and secure website. Without a bank in the mix, borrowers are typically able to get a lower interest rate on their personal loan.
LendingClub currently holds an "A" Better Business Bureau rating and helps facilitate thousands of loans for happy customers and lenders each month. Shoppers can expect a loan rate between 5.99% and 35.89%. Best APR is available to borrowers with excellent credit.
To see if a lender is available for your needs is easy. You simply input the amount you want to borrow, what the loan is for, and your credit score, contact information, and income level. LendingClub then validates this information before presenting you with the loan terms available. Once you choose a loan, personal lenders have a few days to fund your request. Borrowers with a better credit rating typically have an easier time attracting those lenders. In the end, not all customers have lenders that are willing to work with them.
If questions come up, you can speak to a LendingClub representative for assistance. Like any peer-to-peer lending company, a fee is built into the loan in order to cover costs. Also, you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms.
If you're looking for an affordable debt relief plan that involves a personal loan between $1,000 and $40,000, LendingClub may be a solution that works better for your financial situation over traditional debt relief options.
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AMERICAN DEBT ENDERS
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Cost: |
Fees vary based on the amount of debt and type of program selected. All fees are explained at the time of consultation. |
American Debt Enders is a New York based company that started in 2007. They offer free, no obligation, credit counseling to identify the best way to improve your financial situation. Some of their specific services include debt settlement, debt consolidation, and credit repair. The American Debt Enders website offers easy-to-read information that educates you about your options, including the pros and cons of each program they offer.
If it's identified during the free credit counseling session that debt settlement is the best route for you, they require at least $10,000 in unsecured debt. The American Debt Enders debt settlement program is FTC compliant. You will enjoy full attorney representation should you get sued by any creditors prior to settlement - at no additional cost. A quick settlement process usually occurs because creditors want to reach an agreement for cash.
For those with debts totaling $5,000 or more, the debt consolidation program at American Debt Enders may be an option. Debt consolidation services negotiate lower interest rates and payments for each unsecured loan to have your credit cards paid off in approximately 5 years.
American Debt Enders is a no-nonsense company that does a good job of both educating the consumer and identifying viable solutions to assist those that have accumulated too much debt. We appreciated the informative website and the helpful nature of the credit counselors we spoke with. If you're struggling with unmanageable debt, American Debt Enders offers programs that are worth considering.
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ACCREDITED DEBT RELIEF
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Cost: |
Varies by lender |
Accredited Debt Relief is a reputable company that helps customers reduce their debt obligations by matching them with partner services. Just by looking at their "Proven Results" page, it's easy to see the advantages of working with ADR. For example, their customers with debts owed to Bank of America were able to reach settlements that saved them anywhere from 52-80% of the original amounts owed. Similar results are listed for clients of HSBC, The Home Depot, Sears, and many other businesses. According to the fine print at the bottom of the page, Accredited Debt Relief tells clients to expect to pay up to 75% of their enrolled debt balance, which includes any fees charged by ADR's debt relief partners, over the course of two to four years.
To get started with Accredited Debt Relief, you'll need to enter your first and last name, email address, state of residence, phone number, and the amount of debt you're looking to manage (from $1 to over $100,000). You'll receive a call from one of ADR's representatives, and you are asked to have a recent copy of your credit scores and credit reports on hand to prepare for the discussion. You can get that information for free on the page after you enter the information described above, by clicking on the “Get My Free Credit Scores Now” button. During the phone call, the debt specialist will go through your credit profile, to get a feel for your situation and help you to understand the available options.
We were impressed by the overwhelming number of customer reviews that described Accredited Debt Relief's representatives as kind, knowledgeable, and patient. Although they do eventually wind up handing you over to a partner company at some point during the process, since ADR is not a relief company in itself, it's good to know that people are in good hands from the start. Their A+ rating with the Better Business Bureau is further evidence that they deliver what they promise.
Our main reason for not giving Accredited Debt Relief a score higher than 3.5 stars was a lack of information on their website. Most of their higher-ranked competitors provide details as to the average fees charged - either by themselves or by the debt relief companies with which they partner - so that prospective clients can get an idea of those rates before making that first contact. Also, the ADR site says in multiple places that they operate in "most states", but that their service is "not available in all states and [their] fees may vary from state to state". It would save customers time if they knew in advance that their state is not one of those covered by Accredited Debt Relief's services.
Overall, Accredited Debt Relief demonstrates a great track record for quality customer service as they connect people with debt relief services.
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ONEMAIN FINANCIAL
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Cost: |
Varies |
OneMain Financial is a big name in the consumer loan market and has been business since 1920. They offer debt relief loans and mortgages to consumers and have earned an A+ rating from the Better Business Bureau.
OneMain earns high marks for their reliable history and their current BBB rating, but they miss the mark with website friendliness. Their current interest rates and respective fees are difficult to find within their website, making it hard to identify if OneMain is worth your consideration. Customers must speak to a customer service representatives at OneMain to identify the basic information that most companies are willing to provide on their website.
Customer feedback of experiences at OneMain frequently reported high interest rates, hidden fees, and mandatory loan insurance. Some customers identified a 25%-38% loan rate before additiional fees were added in.
For those looking for a debt relief loan, OneMain will lend money to those with lower credit ratings and no collateral. However, the cost seems to be a high interest rate and spotty customer service. This company appears strong and solvent, so it is a legitimate lending source. Our concerns cenetered around the cost associated with borrowing money from OneMain, and whether that would ultimately help or hinder customers efforts to improve their financial situation.
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SAVVY MONEY
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Cost: |
$14.95 monthly fee |
Savvy Money is unlike most debt relief companies. After asking some simple questions it determines online what direction you need to take to pay off your debt.
The process of assisting customers at Savvy Money is pretty simple. You identify your current payment history, and whether you can afford to pay more, the minimum, or less. You identify how much you owe in credit card debt, car loans, mortgage payments, and more. Almost instantly a plan is "built" for you. The plan shows you how much interest you'll save, your total monthly payments and when your debt will be paid off. If you're currently unable to make your minimum payment, the website will direct you to a debt settlement company called Freedom Debt Relief.
For those that can afford the minimum monthly payment, Savvy Money promises a no-nonsense online program that guides you on how much, when, and where to make your monthly payments. Essentially, you pay off the highest interest rate cards first.
When we entered some test information, they lumped in our mortgage payments and we were a little surprised to see that we wouldn't be debt free for another 18 years. However, with credit card debt being our biggest concern, we recalculated by removing our mortgage information to give us more of a feel of when we could anticipate being free of credit card payments.
The charge for the program is $14.95 per month and includes online access to a colorful, easy to read payment guide to help you with getting on top of your outstanding debt.
Savvy Money has a different approach than the standard debt settlement option for improving your finances without damaging your credit. The online calculator was interesting to use but ultimately the advice it gave was pretty simple. Is it worth $14.95 per month? It may be worthwhile to check out and see what their suggestions are. If you do sign up for their service, you can cancel within 7 days.
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FRANKLIN DEBT RELIEF
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Cost: |
Typically 20% on enrolled debt but can vary |
Franklin Debt Relief is located in Chicago, Illinois and was incorporated in 2006. They work with clients that have unmanageable unsecured debt but do not specify the minimum requirement. The website is user friendly and informative despite some unprofessional typos. Franklin Debt Relief focuses on debt settlement services and does a good job of outlining the different lingo and terminology often used in the practice of debt relief.
To initiate the debt analysis process with Franklin a customer must simply complete a quick questionnaire and await a call. Another option is to gather statements and records of unsecured debt and call Franklin directly to speak to someone. If you agree with the debt settlement plan, which is outlined by Franklin, you will be asked to stop making payments to creditors and forward all moneys to them to be placed in a trust account. They in turn will accumulate the cash and wait for the creditors to become anxious to settle your debt. In the meantime, interest and penalties occur on any of your outstanding debt, and Franklin Debt Relief takes their cut from your monthly payment.
One of our concerns with Franklin is their customer service team. In our first call we spoke with someone outside of the USA that seemed to not only have trouble speaking and understanding English but had trouble with the company policies. It was a little unsettling that Franklin Debt Relief outsources their customer service team to individuals that may or may not be on the up and up with our highly sensitive financial information.
Overall, we liked the information on the site but found the lack of details to be a little unsettling. We also couldn't confirm what states Franklin works with and had some concerns with their customer service team. As such, we suggest you choose a company that is more upfront about all aspects of settling your debt.
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DEBT CONSOLIDATION CARE
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Cost: |
25% of enrolled debt |
Debt Consolidation Care has a lot of debt relief information to share but unfortunately does so in a disorganized and unprofessional and outdated manner. After much research we found that Debt Consolidation Care is a Nevada based company in business since 2004. They specialize in debt settlement and debt consolidation.
Debt Consolidation Care says they work to lower your monthly payments, reduce interest rates, waive late fees, reduce collection calls, help customers and avoid bankruptcy. The website discusses the background of the owner as someone enrolled in law school to better understand laws pertaining to debt relief. This was a bit unsettling as we would prefer to work with those that are experts and have completed the necessary education to avoid potential lawsuits.
Debt Consolidation Care also offers forums and poor quality videos to help consumers become more informed about their debt relief options. We found the videos to be unprofessional.
To start the process with Debt Consolidation Care you must provide your name, phone number, email, and unsecured debt number. Once submitted you can anticipate a phone call from someone to discuss the actual program available at Debt Consolidation. At the time of our review we attempted to get assistance via the Live Chat but no operators were available to assist. We also noted that the BBB provides an A rating for this company but doesn't list it as a debt settlement provider. We thought this was a bit strange and along with the lack of a transparent pricing structure, minimum debt requirement and the states Debt Consolidation Care survives proved to be disappointing.
We couldn't find any reason to work with Debt Consolidation Care. We were disappointed with their busy website, the expertise of the owner, cost disclosures, and program highlights. We would recommend you choose a higher ranked company that is more educational and informative.
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FAST TRACK DEBT RELIEF
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Cost: |
Vague and unknown |
Fast Track has been in business since 1998 and offers a single service, for business or personal debt, known as their debt settlement service. This Florida based company offers a bright attractive website but we had trouble finding the nuts and bolts of what they actually provide and what fees we could expect to pay.
Fast Track Debt Relief says they work to settle unsecured debt within 36 months. Our first concern was the length of time that may mean creditors would be harassing us while payment were not being made. Most of the program details are provided through a debt expert that will call to discuss your personal situation. To get started you must provide your name, phone numbers, email, amount of debt, location and whether you own a home or not. After waiting up to 24 hours you will receive a phone call - which may or may not be at a time that is convenient for you to discuss your situation and their program.
Similar to other programs, Fast Track asks that you stop making payments and direct those funds each month to an account with them where your funds will build for settlement negotiations and also to pay their expenses. We found numerous counts of Fast Track unsuccessfully being able to negotiate down debts but still taking thousands of dollars in fees. We would have liked to have seen more of a guarantee or customer satisfaction policy. We also found several results of customer service staff that weren't helpful at Fast Track, and were unable to answer pressing questions.
Overall, the single service offering at Fast Track Debt Relief will most likely not fit everyone's needs. They unfortunately lack the forthcoming information we like to see with debt relief companies where a lot of trust in placed in making positive efforts toward improving someone's finances.
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What To Do When You Find Yourself Deeply in DebtIf debt is mounting and you continually find yourself struggling every month, it may be time to seek debt relief. An important part of selecting the best way to eliminate your debt is to realize when it's time to ask for help. Debt consolidation and debt settlement programs are both very popular ways to help consumers get out of debt in a short period of time, but are they right for you? Neither of these programs are available for people who are simply tired of paying their bills, but they are available to those who are already late with payments, have bills in collections or have had a sudden change in their income. There are a number of non-profit organizations currently offering debt management services, which include both debt consolidation and debt settlement. Some companies may offer both, while others may specialize in one or the other. In order to be eligible for either of these programs, you must be able to show that there is not sufficient income to pay your bills as they currently require. If this sounds like your situation, debt relief may be just a phone call away. If you are receiving calls from your creditor's collections department, speak with them openly and honestly regarding your situation. Once you have signed up with a debt management company specializing in either debt consolidation or debt settlement, inform your creditor(s) of the name and telephone number of the company. In most cases, this will stop the collection calls while the creditor verifies the information that you provided. By explaining the fact that you are working with a company who will be submitting a proposal on your behalf, most creditors will accept this information as your good faith desire to repay your debts. As the telephone begins to stop ringing, you will gain some much needed relief from the stress associated with being constantly reminded of your financial woes. When a debt management company sends your proposed new monthly payments, interest rates and/or debt settlement offers, the creditor(s) will either accept or deny the offer. Within weeks, you will be informed of their decision and will have the ability to call the debt management agency to remain updated with creditor's responses. After 1-3 months of consecutive payments made through a debt relief agency, most creditors will begin to list your account as current with credit reporting agencies. It is recommended that consumers check their credit report periodically in order to maintain the accuracy of the content and to prevent them from being a victim of identity theft. Each year, you are entitled to receive a free copy of your credit report from each of the three credit reporting agencies, including Equifax, TransUnion and Experian. If you enroll in a debt consolidation or debt settlement program, it's a good idea to check your credit report prior to enrollment and then again after six months. When you compare the two timeframes, you will likely see a great improvement as creditors begin to receive their payments and update your credit reports accordingly. If any of the information is inaccurate, you can file a dispute with the credit reporting agency and get the corrected version updated in a short amount of time. Dealing with debt is not an easy task. In fact, it can be a very exhausting experience. Once you have faced your finances and made an important step toward eliminating your debt, your life will begin to improve right along with your credit score.
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