What You Need to Know About National Debt Relief
Debt relief has helped scores of people get out from under a crush of monthly bills they can no longer handle, and National Debt Relief is one company that can lead the way. Here’s what you need to know about National Debt Relief — as well as the financial strategy.
What is Debt Relief?
With this approach, you hire a company such as National Debt Relief to go to your creditors to see if they can negotiate a settlement whereby you pay only a portion of what you owe to “settle” each debt.
Your creditors will likely work with you since they realize that if they don’t, you’ll probably file bankruptcy, in which case they run the chance of getting nothing.
How Does Debt Relief Work?
You go over your finances over the phone with National, which will set up a plan to help get you out of debt. That plan entails you making monthly deposits to a savings-type account that you control. When you’ve saved enough cash, National Debt’s negotiators will go to each of your creditors to try to strike deals. After each debt is settled – and approved by you – one-time payments in full will come from your account.
Won’t That Hurt My Credit?
The process of debt relief, which calls for you to pay off your creditors, albeit after some time, will cause your credit to dip. However, that’s a temporary situation: once you’re done with the program, your scores will start to rebound. And besides, your credit isn’t great right now anyway.
Another thing to note is that your current credit profile is what will help persuade your creditors to work with you, since the possibility of bankruptcy is real.
What is National Debt Relief?
Founded in 2008, National Debt Relief is an accredited New York-based debt settlement company, one of the nation’s biggest, in fact. It’s a member of the American Fair Credit Council and the International Association of Professional Debt Arbitrators.
What Kind of Debt Does National Handle?
National Debt Relief can help with debt due to credit cards, business, medical bills, lines of credit, personal loans, bank overdrafts, back rent, cell phones, student loans and other unsecured debt.
You’ll need at least $7,500 of debt to enroll. National Debt Relief clients have around $25,000 to $30,00 of debt, and between five and seven accounts.
Does National Debt Relief Have Good Customer Service?
Well, the company has a stellar A+ rating from the Better Business Bureau. Check out recent National Debt Relief reviews. Good service is important in this industry, which does attract some bad actors who, among other tactics, may try to pressure you into signing on with them. Stay away from those kinds of companies, which may be looking to rip you off.
How Much Does National Charge?
You’ll have to pay between 15% and 25% of enrolled debt, but that’s after you’ve settled. There are no upfront fees, as required by law.
Does National Debt Relief Have Online Features?
It does. You can manage your account digitally, for one thing, checking debt payment distributions and balances. You can also use National’s online portal to see where payments are headed and how fast the company is getting rid of debt. You can also do all this by phone, by the way, if that’s what you prefer.
Now you know what you need to know about National Debt Relief, which basically is that it’s an established, credible, and reputable company that can get your finances together.