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#27
Fast Debt Settlement Reviews

Fast Debt Settlements

Owned by National Debt Relief

Our Score
3.5
User Score
--

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Our Score
3.5
User Score
--
Rank this Company

Ratings Breakdown

Price

Per month
Avg. $400

Accreditations

AFCC or IAPDA
IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
9 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: December 21, 2016

Fast Debt Settlements is owned by National Debt Relief, LLC. They have been in business for over nine years and are well known in the debt industry.

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

#1

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#27
Fast Debt Settlement Reviews

Avg. $400
$7,500

The Good

Fast Debt Settlement (FDS) offers consumers a free consultation to determine the best plan of action to suit their needs. Because they strictly specialize in debt settlement, if they are unable to handle the financial situation of consumers through their settlement plan, they will refer them to a company that will.

This company complies with the Federal Trade Commission (FTC) and pricing is structured around a performance-based fee model. Prices vary, and unfortunately, the price our researchers were quoted was rather high for the industry standard. The company objective is to get clients out of debt in approximately 24-48 months under the payment program.

Clients are required to set up an FDIC insured escrow account with either the well known Global Client Solutions (GCS) or National Legal Law, both holding an approximate $9.00 monthly fee. A monthly predetermined amount is required to be placed into this special account each month in order for negotiators to have the means to negotiate down creditor debt. All company and bank fees are rolled into the single payment clients pay to this account. After negotiation, clients must give approval to move forward to the settled amount, in which the saved funds are split between the creditor and Fast Debt Settlements.

We appreciate a settlement company who goes above and beyond to help consumers rest assured they are practicing responsible standards and prove this with professional association. FDS holds memberships with the International Association of Professional Debt Arbitrators (IAPDA).

Highlights to include:

  • Free consultation
  • Claims over $10 million resolved monthly
  • FTC Compliant
  • IAPDA membership

The Bad

We have a few concerns with Fast Debt Settlements which mostly lie within their pricing. Our researchers were quoted $400 for 36 months on a $20,000 unsecured debt. That totals $14,400 overall, and is 72 percent of the total debt resolved. There are several industry competitors offering the same settlement service at a fraction of this cost. For us, that’s a little higher and we would recommend looking into other companies strictly based on this number.

Another concern is their lack of company transparency. They do little to provide information on who they are, how they came to be, and what you can expect, collectively. On the other hand, they do well to promote their services and the high price with colorful examples on the website. Also surrounding this issue, there is not information about where the company is located, a mailing address, or email. On their “contact us” they simply have a generic online form mirroring the one on the home page to receive a free analysis.

This company does little to provide its clients and curious consumers with educational information and resources to help strengthen their financial fitness and to paint a clearer picture as to how they got into their financial mess in the first place. We would like to see more tools, resources, and articles available to the general public and clients alike.

Additionally, services are not available in OH.

The Bottom Line

Fast Debt Settlement is a subsidiary of National Debt Relief. The company holds memberships with the IAPDA. They specialize in debt settlement and include a higher price tag than some of the industry leaders. They do little to educate consumers on finances, and for a company specializing in getting consumers out of a financial disaster, this creates additional concern. They lack company transparency all together, and seemingly focus on bright, colorful marketing tactics. For these reasons alone, we recommend researching some our top recommended settlement companies.

Price

A consultation is required to validate a consumer credit report and assess unsecured debts within. This method allows for the most accurate of quotes. The average quote for someone holding $20,000 in unsecured debt is $400 a month for 36 months. Several variables come into play when determining an actual quote. This is simply a rough quote.

Up-Front Fees

None. Fees are included in the monthly payment, yet the company does not collect any profit until your debts are settled.

Free Consultation

Consumers with unsecured debt are encouraged to call 877-610-6991 for a free consultation, or by filling out an online form with a few pieces of personal information. During the initial consultation, a soft credit pull will be performed, so consumers must be willing to provide their Social Security Number, along with city zip code.

Time in Business

9 Years. They’ve been in business since 2006.

Debt Education

They do have one article for the following topics:

  • Budgeting
  • Consumer Credit
  • Credit
  • Credit Card Debt
  • Credit Repair
  • Credit Report
  • Credit Score
  • Debt Consolidation
  • Debt Help
  • Debt Management
  • Debt Reduction
  • Debt Repair
  • Featured
  • Finance
  • Personal Finance
  • Uncategorized

Money-Back Guarantee / Cancellation Policy

Clients have the option for a “refund” of the savings in the escrow account if they choose to cancel. Because the company is required to operate on a performance-based fee model, unless they settle a debt, all money saved will go back to the account holder. One aspect to keep in mind is the monthly fees associated with the escrow account. Upon cancelation of services, bank fees will not be reimbursed.

Unsecured vs. Secured Loans

They service accounts with unsecured debt.

Mobile-Friendly Site

 No mobile app and the website is not mobile friendly.

Contact Information

Email Address:

You can email directly from their website and agents all have their own individual emails so when you start speaking with someone, you can get their contact information.

Address: 

11 Broadway Suite 1300
New York, NY 10004

Business Hours: 

8am to 7pm EST

Services Provided

Debt settlement

Minimum Debt Accepted

$7,500

Online Dashboard

You will have access to your 3rd party escrow account, but no robust dashboard for tracking account information.

Accreditations

Yes, this company does currently have an  IAPDA accreditations.

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Poll

  • When looking for a debt settlement company, which of these two aspects is most important to you?
  • 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
3.5
User Score
--
Rank this Company

Ratings Breakdown

Price

Per month
Avg. $400

Accreditations

AFCC or IAPDA
IAPDA

Free Consultation

is one included?
Yes

Time in Business

total # of years
9 Years

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
0
Our Score
9.1
User Score
8.9
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
978