I joined Freedom Debt Relief about seven months ago. The sales pitch was excellent; I asked lots of questions and felt I understood the program and the credit score consequences, but felt the light at the end of the tunnel would be the pay off in a few years. I make my payments without a hitch.
My first account, one of the larger ones, was settled within the first few months with a three-month payoff. I noticed fees were taken out and continued to be taken out even after the account payoff. The fees are based on the actual debt and not the settled debt, adding back on to the savings I think I am getting. Then, I am offered a "loan" that only a few select people get is what I am told. The interest rate was set at 25% and extended the term another year, also adding another $100 to what I was already paying. So, now they get 25% interest and 21% settlement fees, again with no guarantee of a timeline or settlement.
I feel very mislead. I have lots of funds in my account, but no new settlement efforts, have a few small accounts that you would think they would get to first and quick. So, after 7 months, a 100-point drop in my credit score and only one account settled. They don't even do any type of outreach to the creditors to notify them. I gave the notice to withdraw, which took me 5 separate phone calls, and I expect they will keep some of my monies for their fees and expect the withdrawals to stop as promised. We'll see.
It is unfortunate that they prey on folks who are wanting to get upright again, put trust in these companies to help, but to only find we are paying just as much to them. I agree with others - I could have done this on my own.
Bottom Line: No, I would not recommend this to a friend
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