How many people have used national debt relief?
You can expect support every step of the way with National Debt Relief. They have helped over 500,000 people pay off their debt, gain financial independence and get a fresh start.
National Debt Relief is a legitimate company that has helped hundreds of thousands of people negotiate their debts. The company's debt coaches are certified through the International Association of Professional Debt Arbitrators (IAPDA).
To date, the Biden-Harris Administration has approved $146 billion in student debt relief for 4 million Americans through more than two dozen executive actions. That includes fixing Public Service Loan Forgiveness and Income-Driven Repayment plans, so borrowers finally get the relief they are entitled to under the law.
LIke all debt settlement companies, National Debt Relief can have a negative impact on your credit. Because debt settlement requires you to stop making payments to your creditors, you'll miss your payment due dates.
Debt relief will also often give you a fixed payment plan and a set payoff date, which can also make it worth considering — as streamlining your payments can make it easier to manage while helping you save money on interest. "One of the biggest advantages of going through a debt relief program is the savings.
The bottom line. Your credit score is important — and debt relief services may cause it to fall. But if your score has already been damaged by a series of poor financial habits it may be worth a temporary hit with debt relief now to improve your creditworthiness long-term.
National Debt Relief is the best overall debt settlement company, according to our research. National Debt Relief's low-cost fee structure and referral service make it a top option for people struggling with debts. Our highest-rated debt settlement companies all charge similar fees, ranging from 15% to 25% of the debt.
| City | Annual Salary | Hourly Wage |
|---|---|---|
| San Francisco, CA | $51,234 | $24.63 |
| San Buenaventura, CA | $49,781 | $23.93 |
| San Jose, CA | $49,539 | $23.82 |
| Oakland, CA | $48,478 | $23.31 |
Debt relief can be a lifeline to help you get out from under unaffordable debt—but it can also damage your credit. So, if you're considering a form of debt relief, you'll want to bear in mind its effect on your credit report, where the information can stay for up to 10 years.
In total, the Administration has now approved debt cancellation for nearly 3.9 million hard-working Americans totaling almost $138 billion in relief. Many of these borrowers planned their lives and families around the promise of forgiveness through programs such as Public Service Loan Forgiveness (PSLF).
How much does PSLF forgive?
There is no limit to how much can be forgiven by PSLF. The program forgives the remaining balance of your federal student debt after 10 years of service and 120 payments to your federal student loans. We have seen NEA members receive on loans with balances of $20,000, $100,000, and even more.
Borrowers who have commercially or federally held FFEL loans and who apply to consolidate those loans into Direct Consolidation Loans by April 30, 2024, will also get PSLF credit under the payment count adjustment.
Creditors are not legally required to settle for less than you owe. Stopping payments on your bills (as most debt relief companies suggest) will damage your credit score. Debt settlement companies can charge fees. If over $600 is settled, the IRS will view this debt as a taxable income.
In general, if your debt is canceled, forgiven, or discharged for less than the amount owed, the amount of the canceled debt is taxable. If taxable, you must report the canceled debt on your tax return for the year in which the cancellation occurred.
Once your debts are settled, you might need a few years to recover and become eligible for a conventional (meaning not government backed) mortgage. On the other hand, paying off an old collection debt might not delay your timeline to buy a home at all, and can even make you more attractive to some lenders.
While you can still use your open credit card accounts after debt consolidation, consumers should do so with caution. If you do use your credit card after debt consolidation, be sure to pay off your balance regularly.
- Opt for debt relief. One powerful approach to managing and reducing your credit card debt is with the help of debt relief companies. ...
- Use the snowball or avalanche method. ...
- Find ways to increase your income. ...
- Cut unnecessary expenses. ...
- Seek credit counseling. ...
- Use financial windfalls.
Debt Settlement Program Disadvantages
A debt settlement program requires you to stop paying your creditors, which will add a significant amount to your debt because of late charges and the interest applied. Debt settlement companies can charge a fee for each credit card debt they settle.
Accredited Debt Relief has a higher debt minimum than National Debt Relief, $10,000 compared to $7,500, so it's only a contender if you have at least that much debt. It's not available in every state. And it tends to charge a higher fee than NDR, usually 25% of the settled debt.
If we can't settle your debt or if you're not satisfied up to the point of us settling your debts — for any reason — you can cancel anytime without any penalties or fees other than any fees earned associated with prior settled debts. That's right! We get results or you don't pay.
Is it better to pay collection agency or creditor?
Generally, paying the original creditor rather than a debt collector is better. The creditor has more discretion and flexibility in negotiating payment terms with you. And because that company might see you as a former and possibly future customer, it might be more willing to offer you a deal.
The average Client Success Team Member base salary at National Debt Relief is $52K per year.
If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt relief. If you did not receive a Pell Grant in college and meet the income threshold, you will be eligible for up to $10,000 in debt relief.
Alex Kleyner - National Debt Relief, LLC | LinkedIn.
| Pros | Cons |
|---|---|
| Might be able to settle for less than what you owe | Creditors might not be willing to negotiate |
| Pay off debt sooner | Could come with fees |
| Stop calls from collection agencies | Could hurt your credit |
| Could help you avoid bankruptcy | Debt written off might be taxable |
