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Franklin_Debt_Relief
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#21
Franklin_Debt_Relief

Franklin Debt Relief

No longer accepting new clients

Our Score
4.5
User Score
--

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Our Score
4.5
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
20%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
10 Years

NR

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: August 1, 2016

Franklin Debt Relief (FDR) is a debt settlement company. The company takes its name after two renowned Franklin’s from the past—patriot Benjamin Franklin and President Franklin D. Roosevelt. FDR’s logo features Benjamin Franklin’s silhouette as well as his famous one-liner, “I’d rather go to bed without supper than rise in debt.” FDR aims to provide hope for those in financial distress, just as President Roosevelt’s “New Deal” gave hope and relief to a nation during the Great Depression of the 1930’s. Currently, this company is no longer accepting new clients.

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
Franklin_Debt_Relief

20%
$10,000

The Good

Franklin Debt Relief offers consumers hope for financial relief through a debt settlement program called the “New Deal” program. By taking advantage of their free consultation, consumers will have the opportunity to speak with a certified debt consultant who will work one-on-one with clients to assess their financial hardship and determine qualification. This company works to negotiate various unsecured debt types, such as credit cards, department store cards, and medical bills, lowering the total amount owed to creditors. There is a one-time flat-rate fee of approximately 15 percent charged by the company once a debt is settled. They claim if clients make consistent payments they will reduce the total amount of unsecured debt by half, which is a bold claim.

Their goal is to have client’s debt free in as little as 18 months up to 60 months. As with any credible debt negotiation company, there are no up-front costs or fees associated and if a debt is not settled, all funds placed into the escrow account will go directly back into the hands of clients.

Franklin Debt Relief provides a detailed description about how debt consultants negotiate with credit card companies, as well as potential obstacles they may face during negotiation with creditors. Written and audio testimonials help clients get a feel for what to expect if they decide to do business with this company.

We like their transparency in stating debt settlement may not be the best route for everyone. Those without a reliable source of income may not be a good candidate for their services as they may be unable to accumulate the necessary funds for settlement. These guidelines can generally be applied across all debt settlement companies, not just FDR.

Franklin Debt Relief has a section on their website that spells out how debt settlement companies work, how they get paid, how your credit is affected, and what factors make create a successful settlement process and those that hinder it.

Franklin Debt Relief other highlights include:

  • Free consultation
  • Nearly a decade in business

The Bad

There are risks involved with enrolling in any debt settlement program, such as tax liability, credit score hits and the potential for litigation, especially on severely overdue debts, which this company outlines.

Our concerns are their lack of AFCC accreditation as well as their lack of consumer reviews on with the BBB. Although they have an excellent rating, it seems any other information pertaining to this company is outdated. We would like to see more company transparency up-front about how they can actually assist clients to achieving financial freedom.

There is also a blog archive featuring articles about credit scores and debt relief myths, student loan debt information, and how to avoid scams. These are all materials based on sound financial principles, many of which are timeless. However, the company would do well to keep it current by updating their blog and social media sites, which haven’t been updated since 2012. We would also like to see them provide more specific tools and training giving consumers the financial literacy required to accomplish or trainings and maintain a debt free life-style. Currently, FDR’s training program lacks some needed structure.

Compare to the top rated debt settlement companies

The Bottom Line

Franklin Debt Relief has been in business for almost 10 years. There is currently no rating on the BBB and there are no consumer reviews, placing little merit behind the rating. They have are not accredited with the AFCC, although they have earned accreditation with the IAPDA. Because of the confusion with multiple, and illegitimate, contact numbers we recommend doing research if taking advantage of the free consultation. We also recommend looking into other top recommended companies that have been reviewed on the site.

Contact Information

Website: franklindebtrelief.com
Email: [email protected]
Phone: 888-906-1150
Hours:
Monday-Thursday: 9am-7pm CST
Friday: 9am-5pm CST
Sat: 10am-2pm CST
Sun: Closed
Address:
236 E Irving Park Rd Suite 236B
Wood Dale Rd, IL 60191

Time in Business

This Chicago-based company was founded in 2006, making it 9 years old.

BBB

They are currently not rated through the BBB.

Debt Education

Franklin Debt Relief has a thorough FAQ section on their website that spells out exactly how debt settlement companies work—how they get paid, how your credit is affected, and what factors make you more or less likely to succeed in settling your debt. This is a good start, but we’d like to see a lot more. There is also a blog archive that features articles about credit score and debt relief myths, student loan debt information, and how to avoid scams. These are all materials based on sound financial principles, many of which are timeless. However, FDR would do well to “keep it current” by updating their blog and social media sites, which haven’t been updated in over a year.

They could also provide more specific tools and training that gives consumers set tasks to accomplish or trainings to complete. The more organized the better. Currently, FDR’s training program lacks some needed structure.

Mobile Friendly

There is not currently a mobile friendly version of FDR’s website.

Services Available

Franklin Debt Relief is a debt settlement company. Debt consultants work one-on-one with customers and negotiate with credit card companies to decide on a lowered, one-time fee that will settle a debt for good. When customers make consistent payments, they can usually get about half of the debt removed. For all its benefits, FDR makes it clear that debt settlement isn’t for everyone. Those without a reliable source of income won’t be able to accumulate the necessary funds for settlement, and debt settlement can hurt your credit. These guidelines can generally be applied across all debt settlement companies, not just FDR.

Online Dashboard

For debt settlement, there is no online portal for customers to access; they simply will use their escrow account access to keep up to date on what is going on with their account.

Accreditations

No, they do not currently have an AFCC or 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
4.5
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt
20%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
10 Years

NR

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
Unknown

Number of Reviews

User reviews here on BDC
0
Our Score
9.4
User Score
9.6
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
14 Years

A+

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
284