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.
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
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.
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.
None. Fees are included in the monthly payment, yet the company does not collect any profit until your debts are settled.
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.
Fast Debt Settlements is owned by National Debt Relief and their BBB score is based theirs. They have an A+ rating. They have had 5 complaints closed within the last three years, with 4 closed in the last twelve months alone. Two were for advertising and sales issues, while three complaints were for problems with product or services.
They do have one article for the following topics:
- Consumer Credit
- Credit Card Debt
- Credit Repair
- Credit Report
- Credit Score
- Debt Consolidation
- Debt Help
- Debt Management
- Debt Reduction
- Debt Repair
- Personal Finance
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.
No mobile app and the website is not mobile friendly.
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.
11 Broadway Suite 1300
New York, NY 10004
8am to 7pm EST
Minimum Debt Accepted
You will have access to your 3rd party escrow account, but no robust dashboard for tracking account information.
Yes, this company does currently have an IAPDA accreditations.
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