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Best Debt Settlement Companies

Dena Standley | April 07, 2023

Summary: A legitimate debt settlement company has a proven online track record, does not charge upfront fees, and doesn’t make unrealistic promises. If you’re considering debt settlement, it’s important to do your research before selecting a debt settlement company. Some of the best debt settlement companies in the US are SoloSettle, National Debt Relief, New Era Debt Solutions, Pacific Debt Inc, and Freedom Debt Relief. Let’s take a closer look at each one.

Debt settlement is an option many consumers choose when they are overwhelmed with debt. It enables debtors to pay less than they owe or get a better payment plan suitable to their current income. While it is possible to settle a debt on your own, hiring a debt settlement company can make the process easier.

Debt settlement companies can alleviate the stress of dealing with debt collectors, allowing you to focus on rebuilding your financial health.

Choosing the best debt settlement company can be challenging because consumers are often scammed or receive poor services. In this article, we will cover some of the best debt settlement companies out there: SoloSettle, National Debt Relief, New Era Debt Solutions, Pacific Debt Inc, and Freedom Debt Relief.

Below, we have rated each of these debt settlement services using factors such as fees, the minimum debt amount, reputation, and reviews. Let’s jump right in, starting with SoloSettle.


SoloSuit started as a company that helps clients respond to debt collectors at any stage of the collection process. After interacting with numerous consumers, they found a gap in the debt settlement process. Some consumers wanted to settle their debts but couldn't get a debt settlement company to work with debts of less than $7,500.

In addition, others felt the fee charged was too high for their debt amount. As a result, SoloSuit created a platform called SoloSettle: a tech-based approach to debt settlement.

SoloSettle’s software helps debtors with the debt settlement negotiation process. It sends and receives offers directly with creditors and debt collectors until an agreement is reached.

Customers use the software to make a settlement offer, sending an email directly to the creditors and debt collectors to open up negotiations, which they can counteroffer by responding directly to the email.

The customer and debt collector can go back and forth via this system until they agree to a final settlement. Once both parties have agreed on a settlement amount, SoloSettle helps manage the documentation and sends the payment on behalf of the debtor (keeping their financial information secure and private).

Here are some things that make SoloSettle unique:

  • You can settle debts of any size with SoloSettle. Many debt settlement companies require you to have a debt over $15k.
  • SoloSettle actively attempts to settle your debt, whereas many debt settlement companies take a more passive role, waiting for settlement offers to come to them.
  • SoloSettle is offered by SoloSuit, a trusted brand and a legitimate company. Many traditional debt settlement companies are actual scams.
  • SoloSettle has legal defense built in with SoloSuit. While settling, you can use SoloSuit to block lawsuits if you need. Most debt settlement companies don’t provide legal defense; if you’re sued for a debt you are on your own.

SoloSettle customers love the service. Check out this review from a real SoloSettle customer:

“I'm very thankful for SoloSettle. Having a third party negotiate the settlement was instrumental in resolving this case and saved me from two giant headaches: 1) I didn't have to deal with the plaintiff's lawyer and 2) I didn't have to go to court. I also love that the payment was processed through SoloSettle. I was nervous about sharing my personal financial data with the other side, but SoloSettle protected that for me. I hope I never get sued again, but if I do, I would use SoloSettle again in a heartbeat.

SoloSettle really saved me a ton of time and heartburn and kept me from having to be my own lawyer in court.”

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National Debt Relief

As one of the largest debt settlement companies in America, National Debt Relief has a proven track record of providing exceptional services. One downside to National Debt Relief and many other debt settlement companies is that you must owe a minimum of $7,500 to be accepted into their program. Further, you must have failed to pay the unsecured debt for several months, which means your credit has already taken a brutal hit before you qualify for the debt settlement program.

The average service charge is 20%, but it can rise to 25%. Unlike most debt settlement companies, National Debt Relief is known to also help with secured debt and personal student loans.

National Debt Relief also has a customer dashboard that helps you track your debt progress. Additionally, their free resources and calculators can assist you in determining your actual debt settlement position.

New Era Debt Solutions

With over 20 years of experience, New Era Debt Solutions has helped consumers settle over $ 250 million in debt. It has an A+ rating and high customer satisfaction on its Better Business Bureau (BBB) page.

New Era does not explicitly indicate the minimum and maximum debt amount it will accept. However, New Era promises customers that they will be out of debt in 28 months. If you have a large amount of debt, be cautious, as it may be impossible to completely settle and close a large amount of debt in 28 months.

New Era Debt Solutions will begin negotiations with your creditor once you have accumulated at least six to twelve months of the agreed savings. The company ensures you have access to professional assistance when you contact them via live chat, email, or phone.

Pacific Debt Inc

Having been in the business for over 15 years, Pacific Debt Inc is the debt settlement company to work with if you want to get out of debt in 24–48 months. However, you must have a minimum of $10,000 in debt and accept that you will incur 15–35% as a service charge. They deduct this money after you reap the benefits of working with them.

Once you grow your money in an FDIC-insured account, they will negotiate with the creditors and will not accept a settlement until they consult with you. After you have saved the predetermined amount of money, you will be assigned an agent to help you throughout the entire repayment period.

Pacific Debt Inc has a 4.92 out of 5 stars on its BBB profile page. Like most debt relief companies, Pacific Debt Inc cannot help you with secured debts such as mortgage and car payments, and you should carefully review the fine print to make sure you understand the total you will be paying as a service charge.

Freedom Debt Relief

Regarded as America’s largest debt settlement company, Freedom Debt Relief has settled over $ 10 billion and helped over 650,000 consumers get out of debt. You must have a minimum debt of $7,500 to start your debt settlement process with them. Their service charges range from 15–25% of the total debt to be settled.

Despite Freedom Debt Relief helping thousands of customers get out of debt, in 2019, they were sued by the Consumer Financial Protection Bureau for unlawful charges. The suit alleged that Freedom Debt Relief failed to notify consumers of their rights to the money they deposited with the company and violated the Telemarketing Sales Rule by charging upfront fees. Freedom Debt Relief was ordered to pay $20 million in restitution to consumers. Hence, ensure you have everything in writing before you begin working with them.

Settle your debt once and for all

You have options when working with debt settlement companies, but when you want the freedom to determine how your debts are settled, you can rely on SoloSettle. To learn more about how to settle your debt, check out this video:

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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