Accredited Review of Debt Relief – 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 personalized plan that fits your needs and budget. Accredited Debt Relief claims to have 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 approved debt relief?
Accredited Debt Relief is a debt relief company founded in 2011. It helps people get out of debt by negotiating with their creditors to reduce the total amount they owe.
The company, which currently has an A+ rating from the Better Business Bureau (BBB), claims to have helped more than 200,000 people resolve more than $1 billion in debt. If you’re struggling with debt, Accredited Debt Relief can help get you back on track.
What types of debts can you settle?
Accredited Debt Relief only helps settle unsecured debt, that is, debt that does not come with collateral. These include:
- Credit card debt
- Medical bills
- Personal and payday loans
- Private student loans
If you have any form of unsecured debt that is not listed above, you can speak with a debt relief specialist during your free consultation to see if it qualifies for listing. The Accredited Debt Relief website states that it does not adjust federal student loans or secured debt, including mortgages and auto loans.
How does approved debt relief work?
Expect to follow these steps if 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 personalized plan based on your goals, monthly budget and eligible debts. Your plan might include consolidating debt, getting lower interest rates, or reducing the principal you owe.
- Open an FDIC-insured savings account and make monthly deposits based on your personalized plan.
- Wait for your assigned debt specialist to work with your creditors to adjust the terms of your loan.
- If the specialist reaches an agreement, he will contact you for approval and use the money from your dedicated account to repay the loan.
- The specialist repeats this process until all of your debts are resolved or deemed ineligible for resolution.
The whole debt relief process can take anywhere from one to four years, and it can take six to nine months to see your first settlement. So don’t expect quick results.
How to Apply for Approved Debt Relief
If you have at least $10,000 in unsecured debt, you may qualify for Accredited Debt Relief services. To start the process, call 800-497-1965or follow these steps to complete the online form:
- Visit the Accredited Debt Relief website.
- Click “Start”.
- Enter the current amount of debt you owe.
- Provide your name, phone number, email address, and state of residence, then click to get your quote.
- Wait for a debt relief specialist to contact you.
Once you’ve completed your call, you can decide if you want to move forward based on your specialist’s recommendations.
Note that Accredited Debt Relief serves residents of 31 states and Washington, D.C. Visit the company’s website for an updated list of states where residents can register.
What are the fees charged by Accredited Debt Relief?
Accredited Debt Relief works on a “performance-based” structure, meaning you only pay a fee if the company is successful in reducing your debt. These fees range from 15% to 25% of your total settled debt.
For example, let’s say you have $20,000 in debt listed and Accredited Debt Relief successfully settles a quarter of it, or $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 could owe up to $5,000 (25% of $20,000).
The company deducts these fees from your dedicated account once you and your creditor(s) have agreed on a new resolution that is less than what you owe and you have made at least one payment for it. If the company is unable to reduce a specific debt, they will remove it from your dedicated account and adjust your fees accordingly.
Advantages and Disadvantages of Accredited Debt Relief
Here is a brief overview of the best and worst aspects of approved debt relief.
- A free consultation lets you decide if this is right for you
- Only pay if the company is successful in reducing your debt
- A+ accreditation with the BBB and extremely positive customer reviews
- Can negotiate more favorable terms or get creditors to agree to lump sum settlements
- Must have at least $10,000 in unsecured debt to qualify
- Not available in all states
- No online portal or mobile app to track your progress
- Fees are based on the total debt listed at the start of the program, not the amount saved
Will using approved debt relief affect my credit?
It is highly likely that your credit score will go down when you start using a debt relief company, including Accredited Debt Relief. This is because you are generally advised to stop making payments on your listed debts while they are being negotiated. This can temporarily drop your credit score, send some of your debts into collection and, in extreme cases, lead to lawsuits.
But over time, if Accredited Debt Relief is successful in reducing the total amount of debt you owe, your credit score should go up as you pay off your debts 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 years in business and its 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.
- Trusted Driver: Accredited Debt Relief is rated 4.9 out of 5 stars on Trustpilot, based on over 4,175 reviews. According to the site, 89% of people rated approved debt relief as “Excellent”, 9% rated it as “Excellent” or “Average” and less than 3% rated it as “Poor” or ” Bad “.
How to Contact Approved Debt Relief
There are two ways to contact Accredited Debt Relief customer service if you have any issues.
- E-mail [email protected]
- Call 877-201-2548 weekdays 5 a.m. to 9 p.m. PT and weekends 5 a.m. to 4 p.m. PT.
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. . But fees range from 15% to 25% of the total amount listed, and the services aren’t available in at least 19 states.
If you are unsure about Accredited Debt Relief, see how it compares to the best debt relief companies before making a decision.
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Frequently Asked Questions (FAQ)
Is Accredited Debt Relief a legit company?
Yes. Accredited Debt Relief is a legitimate company that helps struggling individuals and families reduce the amount of their unsecured debt. The company has an A+ rating with the BBB 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, which 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 will get all the money back to your dedicated account minus any fees you owe.
Is Approved Debt Relief Right For Me?
You may want to sign up for a free consultation with Accredited Debt Relief if you have at least $10,000 in unsecured debt and are having trouble making payments, or if you have accounts in collections or feel that financial stress has an impact on your quality of life.