Sarah Edwards | January 27, 2023
Summary: If you’re seeking to settle your debts, you’ll want to find a credible company you trust to handle your sensitive financial affairs. After a careful review of National Debt Relief, we’ve determined that this company has great ratings, is legitimate, and can surely help you settle your debts. However, be advised that it will take some time, and you will pay large fees to use National Debt Relief’s services. Alternatively, you can use SoloSettle to settle debt on your own.
Settling your debts can rid you of outstanding loans you can no longer keep up with. Once you finish the process, you’ll be in a better place to manage your money, but simply making the decision to settle your debts isn’t enough, however.
If you don’t plan on managing your debt settlement process yourself, you’ll need to find a company you want to work with. There are many debt settlement companies out there, but one of the most popular is National Debt Relief.
With that being said, you may wonder whether National Debt Relief is a legitimate debt settlement company. Let’s find out!
National Debt Relief has a long history of offering debt settlement services. The company first opened in 2009, and since then, they’ve helped more than 400K people resolve their debts via settlements.
Enrolling in a program with National Debt Relief is fairly simple. You start the process by undergoing a free consultation, during which you’ll explain your financial situation, identify your creditors, and determine the total amount you owe. You’ll also provide National Debt Relief with information about your personal circumstances, such as your income and how much you can afford to pay toward a settlement.
National Debt Relief accepts virtually all unsecured debts into its program, including medical and credit card bills, collections, and personal loans. If they enroll you into their program, you’ll begin making monthly payments to them. They’ll hold your money in an FDIC-insured bank account until it's time to settle your first debt.
Of course, National Debt Relief charges for these services, and though their fees vary, most people pay between 15 to 25% of their total debt toward the company’s debt settlement assistance.
Let’s consider an example.
Example: Susan owes various creditors $20K in debt. She can’t keep up with her payments, so she contacts National Debt Relief for help. They accept her into their program, and she starts making monthly payments in the amount of $500. Within three years, Susan settles all her debts. She pays $4K to National Debt Relief for their help and $10K to pay her obligations. She saves $6K in total.
We began our research into National Debt Relief on the Better Business Bureau’s (BBB) website. The company is fully accredited and has an A+ rating with the BBB. While customer reviews don’t impact the BBB’s rating, other factors, such as a company’s complaint history, its time in business, its licensing, and its overall business practices do.
National Debt Relief has a long history with BBB, with over 1.6K customer reviews and an average of 4.59 out of 5 stars — a great rating, indeed. Most clients express high satisfaction with their experience, noting how helpful the company’s associates were in regard to setting them up with a debt settlement plan they could follow.
Most of the negative reviews posted concern a drop in credit scores following enrollment into the program. Lower credit scores are common with debt settlement programs, given that most people don’t continue to make their minimum payments to their creditors. National Debt Relief might improve these ratings by ensuring its clients understand how debt settlement can negatively impact credit scores in some cases.
Next, we checked on National Debt Relief’s complaints. Companies that receive complaints on the BBB website have the chance to resolve these issues with their customers. In the past three years, National Debt Relief received 251 complaints.
Our review of the complaints concerning the program found that most involve leaving the program because of a misunderstanding of the debt settlement process. For example, one person left the company after they discovered their credit score dropped due to non-payment of their creditors.
Watch this video to learn how debt settlement impacts your credit score:
One customer complained about poor communication. National Debt Relief didn’t advise her of the accounts they settled, creating some confusion and leading to a double payment.
Another customer left a complaint concerning an account that National Debt Relief removed from the program. The client stopped making payments to the original creditor but was left in a tough spot when National Debt Relief informed them they couldn’t settle the debt.
One particular complaint stands out. A 90-year-old man with cognitive and hearing issues signed up for the program, despite his daughter holding his power of attorney. When she found out, she contacted the company and asked them to refund the money, given that her father didn’t have the mental capacity to understand his actions. National Debt Relief responded and disenrolled the man from the program, refunding all of his money.
We believe National Debt Relief is a legitimate debt settlement company that can help customers resolve their financial concerns. Their customer reviews are overwhelmingly positive, and the company responds to every complaint promptly. Individuals who want the assistance of a debt settlement company should feel confident enrolling with National Debt Relief.
That being said, be prepared to pay large service fees and spend many months, even years, saving before your debt is settled with National Debt Relief’s help.
Need to settle a debt before your court date? SoloSettle can help you settle your debt quickly.
Unlike traditional debt settlement companies, SoloSettle helps you take matters into your own hands and reach a debt settlement on your own.
Here are a few reasons SoloSettle is different:
These are just a few reasons that SoloSettle is different from other debt settlement services, including National Debt Relief.
Let’s take a look at another example.
Example: Henry is being sued by EOS Group for an old credit card debt of $5,000. He uses SoloSuit to respond to the lawsuit, and in turn, buys himself time to work out a debt settlement plan. After Henry takes a closer look at his income and budget, he decides he can afford to pay off 65% of the debt upfront, or $3,250. He uses SoloSettle to send a debt settlement offer to EOS, starting low at 40%, or $2,000. After a few rounds of negotiations, EOS Group settles for $3,000 (only 60% of the original debt amount). SoloSettle takes care of the debt settlement agreement documentation, and EOS Group dismisses the case in court.
Now, watch this video to learn more about how SoloSettle can help you settle your debts once and for all:
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.
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Being sued by a different debt collector? Were making guides on how to beat each one.
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