The FDR Program focuses on unsecured debt, including: GET STARTED Types of Debt the Freedom Program Can Help You With While the median FICO® Score for FDR Graduates dropped substantially three to six months after a consumer’s enrollment in the program, participants experienced a clear and steady recovery in their FICO® Scores throughout the length of the program.
However, one of the most common misconceptions about debt settlement is that it has a long-lasting negative impact on a consumer’s FICO® Score. This notation may be negative, and the account can remain on your credit report for up to seven years. When an account is settled, the creditor reports it as a “settled” account. Once the transaction is processed, you can move on, knowing the debt is behind you. You will also pay a negotiation fee to Freedom Debt Relief for services rendered. If you agree to the terms, funds from your FDIC-insured account are used to pay the creditor. SettlementĮach settlement offer accepted by creditors is sent to you for authorization and approval. For this reason, clients are encouraged to voluntarily stop remitting payments to creditors and instead ensure they have the funds on hand to cover the agreed-upon settlement amount. However, the likelihood of success is far greater than it would be if you continue making monthly payments on your debts. There’s no guarantee that a creditor will accept a settlement offer.
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NegotiationĪfter you voluntarily stop paying creditors and start depositing money into a special purpose account, Freedom Debt Relief will contact your creditors and negotiate with them to accept less than the full amount owed so you can save a bundle in interest and keep more of your hard-earned money in your pocket. These funds will be used when it’s time to settle with creditors and cover settlement fees. The next step is to deposit a monthly payment into your FDIC-insured account instead of paying creditors. If you are a good fit for the program and decide to move forward, your dedicated consultant will devise a plan of action that fits your budget. They will analyze your outstanding debt during the call, determine if you qualify for the program, and communicate options that may work for you.
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Enrollmentīefore you can enroll in the debt settlement program, an International Association of Professional Debt Arbitrators (IAPDA)-Certified Debt Consultant will conduct a phone consultation with you to learn more about your financial situation. The Freedom Debt Relief (FDR) Program is divided into four phases: enrollment, building, negotiation, and settlement. GET STARTED How the Freedom Debt Relief Program Works
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