Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None
TASC Members: Yes
BBB Complaints: 1
In Business Since: December 2002
Freedom Debt is a San Antonio, TX based debt settlement company. Freedom debt charges a standard 15% of your total debt amount with no other fees. The company has 1 complaint in the last 36 month with the Better Business Bureau (the complaint is unresolved). The BBB has awarded them a D rating.
Freedom Debt has been in business since late 2002 and are members of TASC. They also allow clients to save money in their own bank accounts, something which is relatively rare in the industry. They claim to have a client base of over 60,000. One BBB complaint for a company this large is pretty impressive but the complaint is listed as unresolved, which is not a good sign. They might be able to provide more information on that incident.
Money back guarantee: Minus fees.
Stop creditor calls: Will send cease and desist to creditors.
Make monthly payment to creditors: No
Can I get sued while on program: Yes.
Tax Consequences: Consult a CPA.
Credit Impact: There will be a negative credit impact.
Where do they hold money: At your own bank.
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This company does everything they say they are going to do, and they are always available by phone or email. I am pleased so far and I have been in the program 10 months and 1 creditor account has been settled with other one in process.