Since their founding in 1998, Debt Rx has settled millions of dollars in debt. Debt Rx is certified with the IAPDA as a Bronze Member. They offer coverage in 37 states and Washington D.C.
The Good
- Extensive Industry Experience
- Services Offered
- Money-Back Guarantee
Extensive Industry Experience
Founded in 1998, Debt Rx is one of the oldest names in the debt settlement industry. That experience means more relationships with more creditors and (hopefully) more favorable settlement terms for clients. One way this experience manifests itself is in the information they present on their website; Debt Rx clearly states that debt settlement isn’t for everyone and they require a minimum debt of $5,000. If they think debt settlement isn’t right for you, they will be upfront with you. The company makes sure to provide you with the proper service to fit your needs.
Services Offered
Debt Rx provides several great services. They offer an online dashboard – this tool allows customers to easily manage their accounts. Another great service offered by the company is an online debt calculator – this is used to help people calculate how much debt they will pay, without settlement, over the course of their lifetime.
Customers may also speak with a representative over the phone. Clients have expressed appreciation for the free consultation and fluent Spanish-speaking customer service agents.
Money-Back Guarantee
Debt Rx promises a money-back guarantee. If they are unable to produce results they will not charge a fee. In addition, they charge $0 in fees until after a settlement is reached. However, they do not guarantee that your debt will be lowered by a specific amount or percentage.
The Bad
- Limited Availability
- Potentially High Prices
Limited Availability
Debt Rx is only available in 37 states, and Washington D.C. Potential clients who live outside of these states will have to seek alternative debt settlement companies.
Potentially High Prices
Debt Rx’s fees range from 15 to 22 percent, which is typical for the industry. However, some competitors advertise lower fees. Customers may want to compare prices to guarantee the best deal.
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The Bottom Line
Debt Rx offers many great services to customers. We like that they employ Spanish-speaking representatives. Their years of experience, accreditation with the IAPDA, and money-back guarantee can provide customers with confidence. Customers must verify that Debt Rx is available in their state. We also recommend that customers compare companies to see if Debt Rx offers the best price for their settlement.
Time in Business
They have been in business for 17 years, which is a long time for a debt settlement companies. Many companies that were around before 2008, when additional legislation was implemented, are not in business anymore.
Debt Education
Debt Rx doesn’t offer any official debt education programs or services, but they are happy to help explain things to each client and make sure they understand the process every step of the way.
Mobile-Friendly Site
No, their site is not mobile friendly, nor do they have a mobile app.
Services Provided
Debt Rx focuses on debt settlement/negotiation practices as their specialty. They work to negotiate a lesser total owed with each of your creditors so that the eventual amount paid is less than the original amount owed.
Additional Notes
Their team has helped to settle millions of dollars of unsecured debt and they are promoted on sites such as “Power Profiles” and “MSNBC” for their quality services. They offer a free, 10 minute consultation over the phone to start with, as well as a way to “talk live” via the website with one of their representatives to answer questions upfront. Debt Rx is able to help you settle credit card debt, unsecured loans, unsecured personal loans and personal lines of credit, collections, repossessed cars and medical bills. They can’t, however, settle taxes, auto loans, government loans, student loans, secured debts, home loans, IRS debt or mortgages. Those who have experienced a reduction of income, an illness in the family, a divorce, a disability or a loss of a job are encouraged to call.
Online Dashboard
For debt settlement, they do not offer an online customer dashboard, though they do offer log in access to clients that use consolidation loans to pay off debt. This access will show you what you owe and payments that are made to it.
Accreditations
No, they do not have an accreditation with the AFCC or IAPDA.
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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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