Sarah Edwards | October 19, 2022
Summary: If you feel like you're drowning in debt, SoloSuit can help you find resources that will help you reduce your debt and come out on top.
If you're currently swimming in debt and don't want to drown, pursuing a debt reduction service may be the way to go. These companies provide services that allow you to pay off your debt, typically for a reduced amount.
They handle the legwork of working with your creditors for you so that you don't have to do it yourself. In some cases, they can significantly reduce the overall debt you owe by thousands of dollars.
Before deciding to use a debt reduction service, realize that it may impact your credit score negatively. Settlement agencies require you to stop making payments to your creditors while they are negotiating settlements on your behalf.
You may not be able to qualify for a loan for some time until the debt is settled. It's also possible that you may owe taxes on the forgiven amount.
Below, we explore the top 5 best debt reduction services for 2022.
With Freedom Debt Relief, you'll have access to a team of well-regarded debt settlement specialists who can help you settle your outstanding debts for less than what you owe.
Their program is designed to get you out of debt within 24 to 48 months. They charge no fees until a debt is settled, and their customer service team is known for helpful support.
Pros of working with Freedom Debt Relief include:
One of the best benefits of working with Freedom Debt Relief is its customer service agents. They truly believe in helping their clients, and you can reach out to them any day of the week.
Cons of using Freedom Debt Relief to eliminate your debt include:
Perhaps the most significant disadvantage of Freedom Debt Relief is that it settles debts for amounts that may be larger than those sought by other debt settlement agencies.
New Era Debt Solutions is known for its excellent customer service and Better Business Bureau rating of A+. The company offers an online chat service, bilingual consultants, and the ability to set up appointments with their counselors after hours.
In addition to experienced debt counselors, they have a host of attorneys available to ensure that their practices comply with federal and state laws.
Pros of working with New Era Debt Solutions include:
Perhaps the best benefit of working with New Era Debt Solutions is their easy-to-use website that provides insight into the debt settlement progress during the length of your program.
Cons of working with New Era Debt Solutions include:
They have ceased providing their services within Oregon pending litigation.
Unlike most other debt settlement agencies, National Debt Relief provides actual testimonials of people who have used their services to pay off their debts, as well as the amounts they saved.
The testimonials indicate various debt situations and amounts owed — some over $60,000. On average, the company can reduce the amount owed by 23% to 25%.
The benefits of working with National Debt Relief include:
National Debt Relief is much more transparent about the amount of debt they can eradicate. Clients who appreciate clarity will appreciate this benefit.
As with any debt relief agency, there are a few cons to working with National Debt Relief:
Despite the drawbacks, many people choose to work with the company.
Accredited Debt Relief advertises itself as a debt consolidation company without the loan. It is best for those who have a little more leeway, as their solutions may pay off your debt in as little as 12 months. They offer examples of savings on their website, showing that they can save their clients up to 55% of the total amount owed.
There are several advantages to using Accredited Debt Relief:
Perhaps the biggest benefit of working with Accredited Debt Relief is their short program lengths. Rather than committing to a program that may take 3 to 4 years, you can potentially settle your debts in 12 months using their program. You may also save more than with other debt settlement programs.
Drawbacks of working with Accredited Debt Relief include:
The main disadvantage of working with Accredited Debt Relief is their higher program payments. However, buckling down for a year is often better than drawing out the process for three to four years. In addition, your credit score will generally bounce back much quicker.
Our final recommended solution is CuraDebt. In addition to working with regular consumer debts, such as credit cards and medical bills, CuraDebt helps with back taxes and IRS debt. These types of debts are typically not supported by other debt settlement agencies.
Benefits of working with CuraDebt include:
The main advantage of working with CuraDebt is its availability to help with unusual types of debt that other agencies don't support.
The drawbacks of working with Curadebt include:
For those with more complex debt situations (especially involving taxes), CuraDebt is the best solution.
If you've been sued for debt, you probably received a court Summons and Complaint. The first step to winning your case is to file a written Answer in court. In your Answer, you should respond to each claim listed in the Complaint, assert your affirmative defenses, and send a copy of it to the plaintiff (or person/company suing you).
SoloSuit can help you draft and file an Answer in all 50 states.
Check out this video to learn more about how to respond to a debt lawsuit in 3 easy steps:
SoloSuit makes it easy to respond to a debt collection lawsuit.
How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
Here's a list of guides for other states.
Being sued by a different debt collector? Were making guides on how to beat each one.
Is your credit card company suing you? Learn how you can beat each one.
Going to Court for Credit Card Debt — Key Tips
How to Negotiate Credit Card Debts
How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
Need more info on statutes of limitations? Read our 50-state guide.
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New Hampshire Statute of Limitations on Debt
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