Accredited Debt Examination – Forbes Advisor
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Accredited Debt Relief is a company that helps people get out of debt. It offers various services including debt consolidation, debt resolution and credit counseling. When you enroll in Accredited Debt Relief, a certified debt specialist will work with you to create a customized plan that fits your needs and budget. Accredited Debt Relief says it has helped thousands of people reduce their debt by up to 50%.
But is Accredited Debt Relief the right company for you? Here’s a closer look.
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What is Accredited Debt Relief?
Accredited Debt Relief is a debt relief company founded in 2011. It helps people get out of debt by negotiating with its creditors to reduce the total amount they owe.
The company, currently rated A+ by the Better Business Bureau (BBB), says it has helped over 200,000 people solve over $1 billion in debt. If you’re struggling with debt, Accredited Debt Relief may be able to help you get back on track.
What Types of Debts Can You Pay Off?
Accredited Debt Relief only helps pay off unsecured debt—debt that has no collateral attached. These include:
- credit card debt
- medical bills
- Personal and Payday Loans
- Private Student Loans
If you have any form of unsecured debt not mentioned above, you can chat with a debt relief specialist during your free consultation to see if they qualify for enrollment. Accredited Debt Relief’s website says it does not pay off government student loans or secured debt, including mortgages and auto loans.
How Does Accredited Debt Relief Work?
Expect to go through these steps when you enroll in the Accredited Debt Relief program:
- Sign up for a free consultation on the Accredited Debt Relief website.
- Meet with a certified debt specialist to review your financial situation and create a customized plan based on your goals, monthly budget, and allowable debt. Your plan might include consolidating debt, securing lower interest rates, or reducing the amount of principal owed.
- Open an FDIC-insured savings account and make monthly deposits based on your customized plan.
- Wait while your assigned debt specialist works with your creditors to adjust your loan terms.
- If the specialist successfully comes to an agreement, he will contact you for approval and use the money in your special account to repay the loan.
- The specialist repeats this process until all of your debts are either settled or deemed ineligible.
The entire debt relief process can take anywhere from one to four years, and it can take six to nine months before you see your first settlement. So don’t expect quick results.
How to sign up for Accredited Debt Relief
If you have at least $10,000 in unsecured debt, you may be eligible for the services of Accredited Debt Relief. Call to start the process 800-497-1965or follow these steps to fill out the form online:
- Visit the Accredited Debt Relief website.
- Click Get Started.
- Enter the current debt amount.
- Provide your name, phone number, email address and country of residence, then click to receive your quote.
- Wait for a debt relief specialist to get in touch with you.
Once you have completed your call, you can decide whether to proceed based on your specialist’s recommendations.
Note that Accredited Debt Relief serves residents of 31 states and Washington, DC. Visit the company’s website for an updated list of states where residents can register.
What Fees Does Accredited Debt Relief Charge?
Accredited Debt Relief operates on a “merit-based” structure, meaning you only pay a fee if the company successfully reduces your debt. This fee ranges from 15% to 25% of your total outstanding debt.
Let’s say you have $20,000 in registered debt and Accredited Debt Relief successfully pays off a quarter of that—that’s $5,000. If the company charges a 15% fee, you could end up owing $3,000 (15% of $20,000). If the fee is 25%, you may owe up to $5,000 (25% of $20,000).
The company deducts this fee from your dedicated account once you and your creditors have agreed on a new settlement that is less than your debt and you have made at least one payment on it. If the company is unable to pay off a particular debt, they will remove it from your dedicated account and adjust your fees accordingly.
Accredited Debt Relief Pros and Cons
Here’s a quick look at the best and worst aspects of Accredited Debt Relief.
- With a free consultation, you can decide if it’s right for you
- Pay only if the company successfully reduces your debt
- A+ accreditation with BBB and overwhelmingly positive customer reviews
- Can negotiate more favorable terms or persuade creditors to accept lump sum settlements
- Must have at least $10,000 in unsecured debt to qualify
- Not available in every state
- No online portal or mobile app to track your progress
- The fee is based on the total enrolled debt at the start of the program – not the amount saved
Will using accredited debt relief affect my credit score?
There’s a good chance your credit score will drop once you start using a debt relief company, including Accredited Debt Relief. That’s because you’re usually advised to stop making payments on your registered debt while it’s being negotiated. This can temporarily take a toll on your credit rating, make some of your debts collectible and, in extreme cases, lead to lawsuits.
But over time, if Accredited Debt Relief is successful in reducing the total amount of your debt, your credit score should improve again as you pay off debt and make payments on time.
Accredited Debt Relief has good customer reviews on the BBB website and on Trustpilot.
- BBB: The company has an accreditation rating of A+ based on its long history of operation and willingness to resolve customer complaints. It also has an impressive customer rating of 4.81 out of 5. This is based on around 240 reviews, with most customers saying the team is helpful, patient and professional.
- Trust Pilot: Accredited Debt Relief has a rating of 4.9 stars out of 5 on Trustpilot, based on more than 4,175 reviews. According to the site, 89% of people rated Accredited Debt Relief as “Excellent”, 9% rated it as “Great” or “Average” and less than 3% rated it as “Poor” or “Poor”.
How to contact approved debt relief
There are two ways to contact Accredited Debt Relief Customer Service if you encounter problems.
- E-mail [email protected]
- Phone call 877-201-2548 weekdays from 5:00 a.m. to 9:00 p.m. Pacific Time and weekends from 5:00 a.m. to 4:00 p.m. Pacific Time.
Accredited Debt Relief is best for anyone who has at least $10,000 in unsecured debt — think credit cards, medical bills, and payday loans — and wants to reduce the total amount they owe. However, fees range from 15% to 25% of the total amount declared, and the services are unavailable in at least 19 states.
If you’re undecided about Accredited Debt Relief, see how it compares to the best debt relief companies before you make a decision.
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Frequently Asked Questions (FAQs)
Is Accredited Debt Relief a legitimate company?
Yes. Accredited Debt Relief is a legitimate business that helps struggling individuals and families reduce the amount of their unsecured debt. The company has an A+ BBB rating and thousands of positive customer reviews online.
Is Accredited Debt Relief the same as Beyond Finance?
Yes, Accredited Debt Relief is a division of Beyond Finance that is an accredited member of the American Fair Credit Council (AFCC).
How do I cancel approved debt relief?
You can opt out of the Accredited Debt Relief program at any time by contacting your debt specialist. You get back all the money in your dedicated account, minus any fees you owe.
Is Accredited Debt Relief Right For Me?
You can sign up for a free consultation with Accredited Debt Relief if you have at least $10,000 in unsecured debt and are struggling to make payments, have accounts in debt collection, or feel that money stress is affecting your quality of life.