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Debt Reduction Services Reviews: 3 Things You Need to Know

  • November 22, 2020
  • By admin
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Debt Reduction Services Reviews: 3 Things You Need to Know

If you’re an avid reader of my blog, it won’t be difficult for you to notice that I love budgeting and helping people to get out of debt. However, what you may not know is that I was the head of a debt relief company. Now I mainly help people understand estimate Chapter 7 qualification through a Chapter 7 means test calculator or a Chapter 13 repayment plan via a Chapter 13 calculator.

Our primary purpose for starting the company was to correct the poor reputation of debt settlement companies. My focus is now on interacting and educating people on their options. And my interaction with consumers has helped me achieve that better by widening my knowledge of debt settlement. 

As you read this article, you’ll identify the things you should care about when choosing a suitable debt settlement firm. They are the things that guide my decisions, and they should also matter to you: 

  1. Reputation 
  2. Fees
  3. Alternatives 

We’ll cover each of those points as it relates to Debt Reduction Services below: 

  1. What do people think about Reduction Services? (Reputation)
  2. Are there suitable alternatives to Debt Reduction Services? (Fees + Alternatives)
  3. What are the alternatives to debt management (i.e credit counseling)? (Alternatives)

1. Debt Reduction Reviews: What You Need to Know

Type in “Top Debt Management Companies,” and the search engine will likely bring up a website with reviews of many debt management companies. Quite often, these reviews are ads where a debt management company pays the website owner for them to appear in the ranking. 

However, this doesn’t rub off the legitimacy of some reviews, but you should know that most platforms that appear actually pay. As such, when searching for reviews, you should watch out for bias. 

To sample people’s review on Debt Reduction Services, you should try out the following review companies.  I have tried them over the years, and I find some reputable. 

Debt Reduction Services Yelp Reviews

Although Yelp has a say in determining their reviews, it’s still trustworthy and clear in its review system. As at the time this article is being compiled, Debt Reduction Services has a 3.0 rating on Yelp based on 7 reviews. 

Debt Reduction Services Google Reviews 

Google reviews are good because the company does not seem to be compensated for the reviews—as such, they review organically. As of now, 498 reviews have been done on Google about Nationwide Debt Reduction, and it has a 4.9 rating. The number of reviews here is quite high compared to other websites.

BBB reviews on Debt Reduction Services

It seems like BBB requests for payment for its accreditation, and I’m not certain about the things that determine how they grade each company. As such, I don’t spend time checking the reviews on this platform. 

As at the time we compiled this content, Debt Reduction Services has a rating of 2.6 on BBB based on 5 reviews. And that’s after 4 complaints within a span of 3 years. 

Best Company reviews on Debt Reduction Services

I’m not certain about how Best Company generates revenues. But I’m certain that both Best Company and users have an input into the reviews that are put on their platform. As such, I prefer to read what users say more than the company’s opinion on it. 

As of when we compiled the content in this article, after 4 reviews, Debt Reduction Services got 2.0

Total Review for Debt Reduction Services

If you find the average rating on the platforms we’ve mentioned, you’ll have 4.82 after 514 reviews. 

2. What are the alternatives to Debt Reduction Services? 

After reading the reviews above, you may want to know the suitable alternatives that are available so that you can check through your options: 

As mentioned earlier, the next thing I look for after reputation is fees. How much is the debt settlement company collecting to get you out of debt? Normally, most debt companies charge between 15% and 25% of the total debt enrolled.

Before you exclaim, you should have it in mind that the task of settling debt is not an easy one. As such, debt settlement companies do a lot of work in making you debt-free. However, even though their charges seem expensive, there are so many things they do. Let’s consider an example so that you’ll know why it’s essential to consider fees. 

Let’s assume that you have an enrolled debt that’s worth $50,000. If you’re asked to pay 25% of the enrolled debt as your fee, that’ll be $12,500. But if you’re asked to pay 15% of the enrolled debt as a total fee, then your cost is $7,500. It means that you’ll save the sum of $5,000 by considering fees before making a choice. 

So, how does that relate to you? If you consider the example we’ve given, you’ll either be asked to pay $677.08 or $781.25 within the course of 48 months. It means that you’ll be saving $104.17 monthly. 

Okay, so what do I suggest? I have three companies that I recommend to people. I’ll discuss one of them right now because of its fees. But if you’re interested in others, then feel free to email me. 

My top choice option is Oak View Law Group. And why’s that? It’s because the company has impressive reviews, and they charge only 15% of the enrolled debt. Apart from that, the company also has a legal arm that can assist when necessary. Let’s take a dive into their reputation. Using the same platforms as above, they have a total of 4.82 grade out of 192 reviews. 

Oak View Law Group offers evaluations for free. If you want to contact them for a free evaluation, you should ask about their estimated monthly payment.

Disclaimer: The two Oak View Law Grou links above are affiliate links which provide a small commission to me at no increased cost to you. These links track your purchase and credit that purchase to this website. Affiliate links are a way that I make money from this website, and Oak View is a great debt settlement option based on it’s fees and customer ratings.

3. What Are the Alternative to debt management (credit counseling)? 

If you’ve been following this article, I’m sure that you’ll be complaining about the article length. But don’t worry; we’re rounding it up now. 

The primary alternatives to debt settlement are: 

  1. Chapter 7 Bankruptcy 
  2. Chapter 13 Bankruptcy 
  3. Debt Payoff Planning 
  4. Debt Settlement

Each of those alternatives has its cost and merit/demerit. As such, the best way to choose an alternative is by using Ascend’s free debt relief calculator and ask that someone analyzes your data before your result shows. 

Ascend reviews your data for free, and they give you top-notch insights that can help your company. Ascend gets its revenue from donations and partnerships, which means that they can offer free services (similar to Credit Karma). 

Also, you can throw your questions on debt settlement at me. I’d love to answer as many questions as yo uhave.

By admin, November 22, 2020
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