Debt Relief Network is a San Diego-based debt relief company founded in 2001. They offer an array of services ranging from bankruptcy help, credit repair, consolidation, debt management, student loan consolidation, tax relief, and debt settlement. Within our extensive research, we have reason to believe this company is no longer operating at this time.
The Good
Debt Relief Network claims to provide practical solutions to individuals who are struggling to free themselves from the heavy burden of debt. While this company has some competitive attributes, we cannot say for certain if they are accepting new clients.
Some of the pros of this company are their competitive rates. The company has offered clients a flat-rate of 20 percent of the total amount of debt enrolled. Clients could take advantage of a free consultation where a consultant would assess their financial situation to determine if the program would be best suited for them. Once enrolled, clients were required to set up a trust account with Global Client Solutions where a predetermined amount would be set aside for this Special Purpose escrow account. When a sufficient amount of funds were built, the negotiation process would begin. Clients would agree upon the settled amount and transfer funds from the escrow account to each creditor. Finally, payment to Debt Relief Network would be allocated from the trust account.
Customers were able to cancel service at any time without obligation or penalty and required to have at least $5,000 in unsecured debt, such as credit cards, department store cards, medical bills, repossessions, and other types of unsecured debt to qualify for their debt settlement services.
Highlights of this company include:
- Low minimum debt of $5,000
- Money-back guarantee
- 14 years in business
The Bad
Another major concern we have is the only contact number provided on the website is a non-working number, according to an automated message. These two factors alone lead us to believe the company is no longer in business under Debt Relief Network, or they are out of business entirely.
As with any debt settlement company weighing the pros and cons is necessary. Risks with debt settlement include tax liability, credit score hits, and the possibility of litigation if debts are not resolved in a timely fashion.
The Bottom Line
Although Debt Relief Network is a blunt alert advising consumers to be wary of the company. They have been in business for 14 years, but we have reason to believe they are no longer operating under this name, or the possibility of dealing with lawsuits has put the company’s service offering on hiatus. While this company appears to be competitive based on their company website, reviews around the web have been less than pleasing. Furthermore, the company appears to no longer be in business. We recommend researching other companies on our list.
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- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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