Greenwise Debt Relief Review: How Wise Are They?

Greenwise declares itself your ‘compassionate ally’ in your road to a debt-free life. Its debt relief program is designed to take the debt stress off your shoulders as they work with your creditors to negotiate settlements for all your unsecured debts so that you pay less than you owe.

Greenwise does not provide many details about its services on its website, but it does state in the fine print that it could help enrolled customers to pay 50% of their owed amount without fees or 68% to 75%, including fees. In addition, Greenwise promises you will be debt-free from 24 to 84 months.

Although the better business bureau does not accredit Greenwise, it has an A+ rating from them. In addition, it is also a member of the American Fair Credit Council (AFCC), which sets standards for debt relief companies.
 

Types of Debts Greenwise Works With

As you may find that Greenwise’s website does not offer much information or details about the debt types it supports, do not fret though, we have thoroughly researched the debt types applicable for debt settlement.

Credit Card Debt

Greenwise can help you settle your unmanageable credit card debt by negotiating your creditors to settle for less. This plan addresses the whole amount you owe, including fees and interests you have accumulated.

Personal Loans

Greenwise also covers personal loans that either come from a bank or a private lender. Again, Greenwise will negotiate on your behalf to let you pay off less than what you owe.

Unpaid Medical Bills

Unpaid medical bills are also eligible for the Greenwise debt relief program. They work with hospitals, doctors, and medical providers to help you settle debts on your behalf.

How Does Debt Settlement Actually Work?

Debt settlement companies negotiate with your creditors to let you pay less than you owe. Your creditors would only accept such an offer if you are way behind in your payments, and they believe there is no chance you will actually pay the whole amount.

The way it works is pretty simple, you open a savings account with your bank, and you deposit a monthly amount there; when the company sees that the account has a good amount to make an offer to the creditors, they will negotiate on your behalf to accept a lesser amount.

It is important to note that debt settlement will most likely hurt your credit score as you will not be making payments to your creditors while collecting in your saving accounts. Moreover, interests and charges will still accumulate on your balance for the same reason mentioned earlier.

Debt settlement is also not 100% guaranteed success as creditors can be picky with whom to work. Additional fees will also apply once your debt is settled, Greenwise for example will charge you about 18% to 25% of your debt after it has been settled.

Last but not least, forgiven debts may be taxed as the Internal Revenue Service considers forgiven debt a form of income. Therefore, we advise you to contact a tax expert and go through all your options before considering debt settlement.
 

Customer Service

Greenwise has a team of trained debt experts that know debt laws comprehensively and are great negotiators. You can contact them through email, a phone call, or through their Facebook page.

• E-mail: [email protected]
• Phone Number: 1-800-674-9498

Customer service is available through the phone Monday to Thursday from 11 a.m to 8 p.m and Friday from 10 a.m to 7 p.m EST.
 

Greenwise Reputation

Many companies warn to look out for debt settlement scams on the internet as the market is infested with them. So do your research about which company you want to settle your debts is vital. The best way to do that is to check the Consumer Financial Protection Bureau (CFPB) database for complaints. In addition, you can also look out for customer reviews on the better business bureau website.

Fortunately, Greenwise has mostly great and positive reviews on the BBB site, and being a member of the American Fair Credit Council (AFCC) also says a lot about its legitimacy.
 

Conclusion

Despite Greenwise being new to the market and not accredited by the BBB, it certainly has built a reputation for itself by being true allies to its customers. It offers a free consultation over the phone and email with no upfront fees, but its fees are slightly higher than what other companies would charges