New Era Debt Solutions: Does It Serve You Well?
Since 1999, New Era Debt Solutions has settled more than $250,000,000 of debt and helped millions of clients to become debt-free. Choosing New Era solutions to relieve your debt allows you to reduce the amount you owe and make one and only low monthly deposits. However, debt relief companies can be shady and might not have a transparent policy, and to avoid getting stuck with the wrong service, we’ll walk you through New Era debt relief solutions so that you can figure out whether or not it’s the right one for you.
Who are debt relief services good for? Debt relief isn’t a financial solution that people casually go for to finance their car or house or pay off their education expenses. It’s more than that. It’s the most convenient financial solution for those stuck in multiple loans and simultaneously pay for more than one lender. Therefore, debt relief services make it possible to have one single payment every month, saving the borrower much money, effort, and anxiety.
But is it as good as it sounds? Actually, debt settlements have their drawbacks; affecting the credit score comes on top of the list. It’s an inevitable result when deciding to settle your debt due to federal taxes, late payment penalties, and fees charged to negotiate your debt.
That’s why we recommend taking the time to read about New Era Debt Solutions, its pros and cons, and how it will affect your score to see if it serves your needs well.
Before getting to the process itself, you need to make sure whether or not you qualify for settlement. As for New Era Debt Solutions, credit card debt is the most suitable for negotiations, besides unsecured loan types that qualify for settlement, including student loans, credit cards, and personal loans.
Since these types of financial obligations are classified as seriously overdue, this makes them qualified for debt settlements. With that said, let’s see how New Era Debt Solutions helped many people get rid of their debt.
Here’s how it works; New Era Debt Solutions not only reduces the interest rate but also negotiates a payment that is less than the balance owed, making the settlement a better option than other debt relief solutions such as debt consolidation and credit counseling.
Why would a creditor accept to settle with a debt relief company? As for the creditor, it’s better to accept payments less than the owed balance than lose it all in a bankruptcy proceeding, which leaves all parties satisfied with this option: the borrower, the creditor, and the debt relief company.
The good news is there’s no minimum debt requirement, and clients won’t face any penalties if they decide to opt-out of the program. However, there are other factors that may stop you from joining New Era Debt Solutions, and that is your state of residence; New Era is available for those who live within the 43 states it covers. Other than that, you won’t be eligible.
How quickly you pay off your balance depends on how big the paid portion of your debt balance is. Debt negotiations usually work to convince the creditor that you are ready to pay, but you can’t unless the process is smoother and the total balance is divided in the long term. Therefore, paying a good portion of your debt can significantly affect how quickly you pay off your balance.
You’ll be charged a fee of 16%-20% of the enrolled debt. So, for example, if your debt balance is $50,000, your fees will range between $8,000 and $10,000. In addition, you might have to pay an extra fee if you wish to transfer the balance from one card to another, leading to more costs.
You must know that debt relief services won’t ask for your credit card number upfront, and if it happens, be aware since it’s probably a fraud attempt.
Like many other debt-relief services, New Era Debt Solutions serve the unsecured type of debt, such as personal loans, credit cards debt, and student loans. With that said, here are the types of loans that New Era Debt Solutions turn away from:
- Federal students loans
- Medical or hospital bills
- Auto loans
- Credit Union debts
- Any other secured types of loans
Then, what types of debt does New Era Debt Solutions offer? Here are the types of debts covered by New Era Debt Solutions:
Private students loans
New Era Debt Solutions help you pay off your student loan for a reduced loan balance, but it's important to know that federal student loans are not covered.
Credit card debt
Credit card debts are the most suitable types of debts to settle, and New Era Debt Solutions can definitely help you settle your credit card debt for a lower interest rate and a reduced debt balance.
You must have needed money at some point in your life, but sometimes things don't happen as we wish. This is when borrowers get stuck in their debt and head to a debt relief service looking for a solution. New Era Dent Solutions negotiate your dent for you and bring you a settlement that serves you well.
Besides debt settlements, New Era Debt Solutions offer a handful of other debt relief solutions that you can head to if you decide that settlements are not what works the best for your needs. Here's what New Era Debt Solutions offer to take the burden off your shoulders:
Debt management programs (DMPs)
DMPs have a different way to help you get rid of your debt by consulting a financial advisor who plans out how to pay your debt in the least time and impact your credit score. This service is usually available for free in many states, and it works on distributing your money among creditors for a lower interest rate.
Debt consolidation solves all your debts by taking one loan with lower interest rates to pay off all others. By doing so, you'll have to make one payment a month instead of multiple payments. However, this option isn't available for everyone, you need a sufficient credit score.
It's not one of the recommended solutions to get rid of your debt, but if nothing else works with your case, then you'll have to head to this option as a last solution after trying many others. It's more like a formal declaration that stops the creditor's collection process. Please note that some bankruptcies still require repayment of the debt, but usually with a much lower interest rate and minimum monthly payments.
New Era Debt Solutions allow you to speak to a specialist for free, which helps you get an idea about their services and ask questions about your debt and the best way to pay it off. However, support via phone calls isn't available 24 hours; you can call a specialist from 7 am to 8 pm PST, Monday to Saturday, or call any customer support agents from 8 am to 5 pm, from Monday to Friday.
You can also ask for a free consultation through the website by providing some information, such as your first and last name, email address, state of residence, and the amount of the debt owed. It's a great advantage that New Era offers for its clients, making it even more trustworthy and transparent regarding its process and what it can offer.
New Era Debt Solutions makes it possible to find a way out of all your commitments and pay off your debt with the minimum monthly payment and the lowest interest rate possible. In addition, it offers multiple solutions if a client decides that a settlement isn't what he/she wants. Overall, it's a good option, but you need to check if the service is available in your state or if your loan type is covered.