American Debt Relief - The Top Debt Relief Company
American Debt Relief - The Top Debt Relief Company
American Debt Relief is a very reputable debt relief company that uses a program known as debt settlement to help clients erase debt after paying a part of what they already owe.
You get to talk to a debt consultant from American Debt Relief to get a free debt assessment. After getting your assessment, you will create a dedicated savings account to start depositing a certain amount of money each month. Later, when your money accumulates and you reach a certain threshold, American Debt Relief will use your money to settle your debts with creditors for a lesser amount than what you owe them.
American Debt Relief is a member of the largest trade association for the debt settlement industry, the American Fair Credit Council (AFCC). And their debt settlement specialists are trained and accredited by the International Association of Professional Debt Arbitrators (IAPDA).
Before we get into their debt relief program, you should keep in mind that American Debt Relief is only available in 31 states; if you go to the website and click on the "Get Your 5 Minute Debt Assessment" button, you will be asked to choose the state that you live in; there will be a drop-down menu for you to choose from; you can know if your state is included or not from there.
How American Debt Relief Program Works
American Debt Relief's debt settlement program is called the Financial Freedom Plan. It is a proven method for helping people reach the point where they can live debt-free. And this is how it goes:
American Debt Relief and your creditors reach an agreement where your creditors agree to settle your debt for less than what you owed them in what is called debt settlement. You may think of this as a very simple task; but the truth is, it takes a lot of convincing that can only be done by experts who know how to settle debts and what to offer your creditors to show them why they need to agree.
At first, you will need to go to American Debt Relief's website and click on the "Get Your 5 Minute Debt Assessment" button; there, you will provide some info about your full name, email address, phone number, state, and credit card debt amount. Based on your info, American Debt Relief's specialists will evaluate your situation to come up with the best options that can help you in terms of your debt amount, your budget, and ability.
After you take a look at your options, you can choose the one you think best fits your needs and abilities. From there on, the rest is on American Debt Relief's team. They will create a savings account for you to start depositing monthly amounts of money into. The point is that the money you pay will have a lower interest rate than the one you already owe your creditors. To succeed in convincing the creditors to lower your interest rate significantly, American Debt Relief's specialists wait for the money to accumulate in your account to a certain threshold and then use it to negotiate with the creditors.
While you go on depositing money in your account, American Debt Relief's specialists will track your progress every step of the way while simultaneously working with your creditors to reach a settlement. Don't be discouraged, as it takes creditors months to start taking the settlement thing seriously. However, once your money reaches a certain amount and they see that you can start making the first payment, the settlement will become easier and you will take a step closer to living debt-free.
American Debt Relief has been helping people for more than 12 years; that is to say, their specialists have great experience in negotiating and reaching the best debt settlement deal for you. If you resort to American Debt Relief's client-centric service and debt resolution, you will be able to achieve a few things, including:
- Sparing more money in our pocket every month.
- Reaching a deal where you settle your debt for much less than you already owed.
- Living stress-free and reaching the level of financial freedom you have always dreamed of.
American Debt Relief Eligibility Criteria
American Debt Relief does not state that you need to have a minimum amount of debt to qualify for their services. According to their website, to know if you do qualify for their Financial Freedom Plan, ask yourself the following questions, and if you answer yes to all of them, then you should know that you do indeed qualify for their program:
- Do you have difficulty keeping up with your minimum monthly payments?
- Are you living paycheck to paycheck because of your high-interest debt?
- Do you want to be completely free from the financial burden of debt?
To be able to benefit from their debt relief programs, you must be behind on paying your debt to the creditor. American Debt Relief mentions that you have to have a genuine hardship, or what they call a "bona fide financial hardship," as they usually work with clients who are struggling with financial hardships that are preventing them from paying their debt to the creditors as agreed on.
As required by law, there will be no upfront fees for you to pay at American Debt Relief. Instead of paying an upfront cost, you pay fees based on a percentage of the debt you settle with the company. This brings us to the next section.
American Debt Relief - Fees
Some debt relief companies clearly disclose their fees and costs on their websites. Unfortunately, American Debt Relief is not one of them; they don't mention anything about their fees. However, as implied by the fine print on their website, you will most probably have to pay around 25% of your settled debt amount in fees.
If you go to the American Debt Relief website, you will see the following message:
"Clients who are able to remain with the program and resolve all their debt realize approximate savings of 55% before fees, or 30% including our fees, in 24 to 48 months. All claims above are based on enrolled debts. Not all debts are eligible for enrollment."
The average fees in the industry stand at 15% - 25%, which means American Debt Relief's fees are at the higher end.
Debt relief service fees can vary greatly from one client to another based on their situation. To know the fees you will be paying, it is best to speak to American Debt Relief's specialists directly to get an accurate quote.
Types of Debt Addressed by American Debt Relief
While American Debt Relief mainly focuses its efforts on credit card debt, its Financial Freedom Plan actually works on all types of unsecured debt, which is any debt that is not secured by collateral. Below are the main types of unsecured debt that are addressed by American Debt Relief:
Credit Card Debt
Credit cards charge very high interest rates, which can make it harder for debt settlement companies to negotiate with them. After following the steps in the section above, you will start depositing your money into your savings account to eventually settle your credit card debt for a lower amount of what you actually owe.
American Debt Relief can also assist you in settling your medical bills debt; this includes doctor bills, hospital bills, and past due amounts from other medical services. With the help of their specialists, you will be able to settle your medical debt for a much lesser amount and in a shorter period of time.
American Debt Relief also helps clients with their unsecured personal loans, including bank loans, credit unions, payday loans, and loans from online lenders.
Other types of unsecured debts that they offer help with include private student loans, back rent, and business debts.
As mentioned before, American Debt Relief specialists are trained and accredited by the International Association of Professional Debt Arbitrators (IAPDA); they have great experience in debt settlement and debt collection, understanding all the rules and regulations. Even after talking to the specialists to determine the debt settlement plan you need, they will be there all the way to answer any question you might have regarding the Fair Credit Billing Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and any other question concerning your debt settlement program.
A downside of American Debt Relief is that they have neither a mobile app nor a live chat feature. However, they make up for it by offering a client dashboard where you can keep track of your progress in real-time.
If you still have more questions, you can always contact their staff by phone; their phone customer service is available as follows:
- Monday through Friday from 8:00 am to 8:00 pm CST.
- Saturday from 9:00 am to 3:30 pm CST.
Living debt-free might sound like a dream you will never get to live. However, there is always a way out of every hardship. And in this case, American Debt Relief can be the answer to all of your prayers.
American Debt Relief has been helping people going through financial hardships for over 12 years to become debt-free through their Financial Freedom Plan. It remains one of the top debt relief companies in the United States, helping thousands of people settle more than $1 billion in debt for much less than what they owed.
The answer varies depending on your situation. Usually, though, it takes from 24 to 48 months.
Yes, it is not a typical thing for creditors to sue you, but it could still happen.
Not exactly; they will do everything they can, but they don't guarantee anything.
Yes, American Debt Relief's debt settlement program is only for those who can prove they are going through financial hardships.
No, American Debt Relief does not charge any upfront fees as stated by the law.
No, you should never change your billing address to theirs.
When you stop paying your creditors, it is a given that your credit score will suffer greatly.
Save Big on Debt Relief
Fill out a quick form to claim special offers on Debt Relief