In your search for an established and reputable debt settlement company, you keep coming across the name National Debt Relief. You’ve learned that it’s accredited, handles a wide array of debt, and gets great customer reviews. But can you trust National Debt Relief? Read on.
What’s Debt Relief?
Just so we’re clear, it’s when you pay a company to make deals with each of your creditors to let you make a one-time payment in full for less than what you owe to resolve your debt. Such creditors – mainly credit card issuers – usually go along because they know they’ve lost out if you file bankruptcy.
How Does it Work?
At National Debt Relief and most other legit settlement agencies, you’ll be asked after you enroll to make monthly deposits into a dedicated escrow-type account that you control. Once you’ve saved enough cash – the amount will be based on your income and other factors – the company will attempt to negotiate settlements with each of your creditors. The settlements will be paid from your account.
At National and top competitor Freedom Debt Relief, the program usually lasts between 24 and 48 months. You’ll likely get your first settlement within a few months, however.
Can You Tell Me More About National?
Well, the company has been around since 2009 – a veritable lifetime in this age of suspect fly-by-night firms that soon succumb to their malfeasance.
Also, National Debt Relief is highly accredited: it’s a member of the American Fair Credit Council and the International Association of Professional Debt Arbitrators. Again, more in this industry than some others, accreditation is key. Trust is important.
Do Customers Like National?
In fact, National Debt Relief has overall excellent customer reviews. The BBB gives it an A+ rating, and TrustPilot and Consumer Affairs give National ratings of 4.7/5 and 4.9/5, respectively.
This should tell you that, overwhelmingly, this is a program you can trust. Check out actual National Debt Relief reviews for even more assurance.
What Kind of Debt Does National Debt Relief Accept?
It accepts several different kinds of unsecured debt including credit cards, retail cards, medical bills, business, cellular phone, gas cards, personal loans, repo balances, and some judgments. It does not deal with secured debt – debt attached to collateral such as a car or house.
Whatever kind of unsecured debt you have, it needs to come to at least $7,500.
Will National Debt Relief Hurt My Credit?
No, National Debt Relief won’t, but the “process” of debt relief will knock your scores down — temporarily. Once your accounts are settled, and your spending is under control, your scores will begin to rebound.
And remember, your scores haven’t been great in quite some time.
How Much are National Debt Relief’s Fees?
National will charge you, upon each settlement, between 15% and 25%, and you’ll end up saving around 30% of the original debt.
Another reason you know you can trust National is that it is transparent about its fee structure and is willing to answer any questions at any time about it. The company will also never ask you for fees upfront — before it has settled a single account. Doing otherwise is illegal, by the way, but many scam companies try it.
Must I Pay Taxes on Unforgiven Debt?
The answer typically is yes, the Internal Revenue Service generally considers any forgiven debt over $600. However, you may be exempt if you’re insolvent. It’s worth checking in to.
Now that you know you can trust National Debt Relief, what are you waiting for? Get going on your debt today.
