Best Debt Companys

159 Companies 3,644 Real Customer Reviews

#21
Debtmerica

Debtmerica Reviews

No Up-Front Fees, Free Consultation

Our Score
3.7
User Score
--

Compare to #1

Our Score
3.7
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
20% -24%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
9 Years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0

Overall Score

Based on ranking criteria
3.7 /10

Freedom Debt Relief

Compared to industry leader
9.1 /10

This Review is maintained by

Review Last Updated: November 15, 2018

Debtmerica Relief’s founding partners met over 12 years ago at Wharton Business School at the University of Pennsylvania with a desire to launch a business to help the many struggling Americans release themselves of the burdensome constraints of debt. Offering debt settlement services to clients nationwide, this company was built to help clients attain financial independence.

Rank Chart
Price (% of debt)
Smallest Debt Accepted
Review

#1

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#21
Debtmerica

20% -24%
$10,000

The Good

Debtmerica offers settlement services on a variety of unsecured debt, such as credit cards, department store cards, medical bills, and other types of unsecured debt. This company is backed by AFCC and IAPDA accreditation, with staff members and negotiators fully certified to negotiate debts with creditors. They also promote a better alternative to bankruptcy, because, unlike bankruptcy, their programs are private. Though negotiating down one’s debt may impact credit scores, the settlements are not made public.

As with any settlement company, there are no up-front or enrollment fees, as ruled by the FTC in 2010. Clients can expect to pay 20 to 24 percent of the total amount enrolled upon settlement of a debt. A free consultation is offered where a certified debt specialist will assess the financial situation of the caller and determine if they are a good candidate for their settlement services. Upon qualification, the client will set up an escrow account with a third-party bank in which a predetermined amount of funds will be deposited on a monthly basis in order to build an amount which can be negotiated with creditors. Debtmerica’s compensation is rolled into the monthly payment agreed to by the client’s various creditors. Clients have the option to approve of the negotiated amount and the funds will then be transferred to the creditor by the client. If clients are not satisfied with the amount negotiated, no charge will be applied. The only charges the client will incur are those from the bank for a “maintenance” fee, which usually runs around $9.95 monthly, and are non-refundable.

This program allows for all enrolled debts to be resolved within 24 to 48 months, with the first account aimed to be settled in 4-6 months.

Many companies advertise debt forgiveness for just pennies on the dollar. Debtmerica is more transparent in pointing out that most settlements with debt relief companies are usually within the range of 15 to 75 cents on the dollar. Fee information is readily available along with legal facts on litigation and bankruptcy. It seems they have a direct approach to honestly answering questions, which can be found on their FAQ page.

Highlights of this company include:

  • Vast resources including articles, blog posts, social media presence
  • AFCC & IAPDA certified
  • Almost a decade in business

Best Debt Settlement Companies

The Bad

Cons to enrolling with any company include tax liability as well as possible litigation in debts requiring longer than 48 months to negotiate and settle, with such risks being outlined on their company website. Other risks include an adverse effect on clients’ credit reports.

With many companies in the industry, the terms of the program may depend upon what state the caller lives in, among other factors. Services not available in the following states: CO, CT, GA, KS, ME, VT, WA, WV, and WI.

Compare to Top-Ranked Companies

The Bottom Line

Debtmerica seeks to negotiate outstanding balances with creditors to reduce debt on multiple unsecured accounts, not just to manage payments on full balances or to consolidate debts into one monthly payment. The program cost is paid monthly from a dedicated trust account controlled by the consumer. We like that this company is more transparent than some of their competitors in the settlement process, fees associated, risks of settlement, as well as the fact they hold accreditation with the AFCC and IAPDA. If settlement is the path debtors wish to take, we recommend taking advantage of the free consultation to determine if their services can be of value.

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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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Our Score
3.7
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
20% -24%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
9 Years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0

Overall Score

Based on ranking criteria
3.7 /10

Freedom Debt Relief

Compared to industry leader
9.1 /10
Our Score
9.1
User Score
9.0
Rank this Company

Ratings Breakdown

Price

% of total debt
15-25%

Accreditations

AFCC or IAPDA
AFCC & IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
15 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
940

Overall Score

Based on ranking criteria
3.7 /10