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Are you considering using National Debt Relief to consolidate your debt, but feeling unsure about the process and potential costs? Have you seen advertisements for their services on social media or received mailers pre-qualifying you for a low interest loan, only to find out that you actually qualify for a debt consolidation program?
If this sounds familiar, you're not alone. Many people have expressed frustration and disappointment with National Debt Relief, leading to a growing trend of searches for "National Debt Relief Screwed Me" on Google.
In this article, we'll take a closer look at the potential costs of using National Debt Relief for debt consolidation. We'll explore how to determine your likelihood of being sued, the hidden fees that may be included in your repayment plan, and other important factors to consider before making a decision.
By the end of this article, you'll have a better understanding of whether debt relief is the right option for you and how to avoid any potential pitfalls or unexpected expenses. So, let's dive in and learn more about National Debt Relief and the true cost of their services.
Also, if you are struggling with debt and don't know which option is best for you, please consider taking a free debt relief calculator that compares all of your options holistically with a cost and duration of each of your options.
What Is National Debt Relief?
When faced with financial difficulties, debt relief can be a viable option for those struggling to keep up with their payments. Debt relief companies offer services to help individuals negotiate their debt and find a solution that works for them. Among the most common debt relief options are debt settlement, Chapter 7 bankruptcy, Chapter 13 bankruptcy, and debt management, also known as credit counseling. If you would like to estimate your Chapter 7 costs, please take the Chapter 7 Calculator below.
National Debt Relief is a company that specializes in debt settlement services. Their main goal is to negotiate with creditors to reduce the total balance due on accounts that are in arrears. Unlike debt management, where the company negotiates a lower interest rate on the debt, debt settlement focuses on reducing the total amount owed.
If you're considering using National Debt Relief, it's important to understand the differences between debt settlement and other forms of debt relief. Each option has its own pros and cons, and what works best for one person may not be the best solution for another. By doing your research and weighing your options, you can make an informed decision and find the debt relief solution that's right for you.
Negative Experiences Documented
While the reasons behind the increasing popularity of the search term "National Debt Relief Screwed Me" remain unclear, it's important to understand the potential pitfalls of debt relief programs. Let's look at those reasons now.
Credit Score Impact
While it's widely known that enrolling in a debt relief program can negatively impact your credit score, it's important to understand the extent of this impact and how long it may take to recover. For example, some individuals may be unsure of when they will be able to purchase a home after completing a debt relief program.
If you are concerned about repairing your credit after completing a debt relief program, it's important to be cautious of companies that charge high fees for credit repair services. The Consumer Financial Protection Bureau provides valuable information on credit repair and can help you navigate this process.
In addition to credit repair, there may be other debt relief options to consider such as debt settlement consolidation or alternative debt settlement programs. These options could potentially help you get out of debt faster while minimizing the impact on your credit score.
Monthly Draft Increase
Some individuals may not have liked to have been asked to INCREASE their monthly draft after starting the program.
If you're struggling to keep up with your monthly payments to National Debt Relief, you may have been asked to increase your payments from $300 to $400 per month due to higher settlement amounts. But if you're unable to afford this increase, debt settlement consolidation may be a viable option for you. As mentioned earlier, consolidating your debt can help you to lower your monthly payments and simplify your financial obligations.
Alternatively, you can also inquire about the possibility of extending your program while still paying the same rate. It's important to communicate with National Debt Relief and ask what options are available to you if you're unable to increase your monthly payments.
Fees
Some individuals may not have been happy with how the fees work with National Debt Relief. For example, did the salesperson say that the fees are included in the plan, but did not provide a percentage?
If you're considering debt settlement as a solution to your financial struggles, it's important to understand the fees involved. Typically, debt settlement companies charge a fee based on a percentage of the total debt amount you owe, often ranging from 15% to 25%.
For example, if you owe $10,000 in debt, you may be charged between $1,500 to $2,500 in fees. It's important to note that these fees are usually only charged once a settlement has been reached with your creditors.
However, it's important to do your research and compare different debt settlement companies to ensure you're getting a fair deal. Look for companies that are transparent about their fees and offer a clear breakdown of their services.
In addition to fees charged by the debt settlement company, you may also incur other costs such as late payment fees and interest charges. It's important to factor in these additional costs when calculating the total cost of your debt settlement program.
Ultimately, debt settlement can be a viable option for those struggling with debt, but it's important to understand the fees involved and choose a reputable company that can help you achieve your financial goals.
Getting Sued
Some individuals may not have been pleased that they got sued for unpaid debt within National Debt Relief's program.
If you're enrolled in a debt settlement program, you may be wondering if you can still be sued for your debt. The answer is yes, it's still possible to be sued even if you're actively working with a debt settlement company.
While debt settlement can be an effective way to negotiate a lower settlement amount with your creditors, it's important to understand that legal action may still be taken against you. Creditors have the right to take legal action if they feel that the debt is not being paid off in a reasonable timeframe.
However, being sued does not necessarily mean that debt settlement is no longer an option for you. Many debt settlement companies, including National Debt Relief, have experience working with creditors and navigating the legal system to help their clients settle their debts.
If you're facing legal action while in a debt settlement program, it's important to stay in communication with your debt settlement company and seek legal advice if necessary. With the right support, you can still achieve your financial goals and overcome the challenges of debt settlement.
Should You Sign Up with National Debt Relief?
Signing up with National Debt Relief is ultimately your decision, and you may understand your finances best.
One thing you can do is understand the cost and options and compare that to other debt relief options to make the most informed decision
