Freedom Debt Relief was founded in 2002 and has since resolved over $4 billion through its debt settlement program and helped more than 40,000 customers out of debt. Freedom Debt Relief was started by two graduates from Stanford Business School, Andrew Housser and Bradford Stroh, who had the desire to help customers out of debt. Although this company requires clients to have at least $7,500 in debt to qualify, it brings a tremendous amount of experience and customer satisfaction to the table. With potentially low rates and excellent services, Freedom Debt Relief is one of the best debt settlement companies out there. The company has almost 900 employees that help consumers select the right form of debt relief (whether it’s settlement, consolidation, or bankruptcy).
Read our expert review to learn more about them, or scroll down and browse hundreds of Freedom Debt Relief reviews from consumers to see why give Freedom Debt Relief an 8.6/10.
Freedom Debt Relief Highlights
- Freedom Debt Relief BBB: A+
- Only pay once you settle your debts
- In business since 2002
- Only requires you to settle a minimum of $7.5k
Great Industry Experience and Accreditations
With senior executives sitting on the American Fair Credit Council, it should come as no surprise that Freedom Debt Relief holds major industry accreditations, including AFCC and IAPDA, which means the company abides by industry best practices and ethics. The company has been helping people with debt relief since 2002 and is one of the more experienced companies in the industry.
As we mentioned in our the intro, Freedom Debt Relief employs about 900 people. There are only about a dozen companies in the debt settlement industry that employ anywhere close to this many people. The fact that Freedom Debt Relief employs this many people speaks volume to their resources and effectiveness.
Freedom Debt Relief ensures their services with a money back guarantee to ease any concerns clients might have about the quality of its services. Also available is a free consultation, no up front fees, and one debt consultant throughout the settlement process.
Each person who works with Freedom Debt Relief will get a customized plan that fits their budget. The company’s goal is to relieve all debt in 24-48 months. This timeframe is standard in the debt settlement industry.
Potentially Low Prices
Freedom Debt Relief charges 15-25% of the total debt enrolled as a fee for their services, which is fairly good compared to other companies. Clients are provided with a 24/7 online debt management dashboard to help them towards the goal of resolving their debt in between 24-48 months, which is fairly average within the industry. The average debt reduction is 50% which can potentially save customers significantly. While the reduction is compelling, potential customers have to remember that they will also be paying the 15-25% debt enrolled fee. Most customers are averaging at about 30% of total savings on their debts after paying total debts and fees.
Positive Freedom Debt Relief Reviews
Overall, clients of Freedom Debt Relief seem to report satisfaction with the courteous, encouraging, and professional customer service they’ve received from the company and express appreciation that there is no up front fee charged for the service.
Freedom Debt Relief is only available in 38 states. The states the company does not service include VT, CT, GA, ME, NH, NJ, RI, WV, IL, SC, OR, WA. Those in debt cannot sign up for freedom debt unless they plan to settle at least $7,500 in unsecured debt.
Potentially High Prices
Hiring Freedom Debt Relief to settle your debt may end up costing you 25% of the total debt you enroll. While it could be as low as 15% (an excellent price), it concerns us that the price could be high. While working with Freedom Debt Relief can help customers out of debt, it can potentially have a negative effect on credit scores. We recommend getting a quote from Freedom Debt Relief before you begin.
Negative Customer Reviews
Some customers have expressed dissatisfaction with the length of time it takes to resolve their debts, but this is often an indication of a client’s inability to pay more quickly and the large amount of money owed.
Email: Contact Form
Address:1875 South Grant Street, Suite 400 San Mateo, CA 94402
Freedom Debt Relief Hours: Monday-Friday 5 AM – 8:30 PM PST; Saturday 9 AM – 1PM
*You can also call and leave a message with Freedom Debt Relief at any time
How Much Does Freedom Debt Relief Cost?
Price varies depending on various features. The main features taken into account are the creditor you’re working with, the state you live in and the amount of debt you have. After all is said and done, you can expect to pay 15-25% of your total enrolled debt. Their website states the following:
“If you choose to enroll in a Freedom Debt Relief Program, Freedom charges a fee that depends on a number of things, including the state you’re in, the amount of debt you’re enrolling, and other factors. But, in general, if you enroll in a standard 36 month program, in most cases your fee works out to approximately 6-8% of your total enrolled debt per year. And the most important thing to remember is that there is absolutely NO FEE RISK to you – we guarantee that you will pay NO FEES for your debt relief services until we successfully resolve a debt for you.”
The review of program details will include:
- Average time for settlements.
- How some creditors can be more aggressive
- How delinquent each debt is
- How drafting monthly can impact the success of completing the program
- What options we have for when creditors call our clients too much
- What options we have for if a client gets sued
Are There Any Up-Front Fees?
No. Any debt settlement company charging up-front fees is not acting in accordance with the law. Under the Federal Trade Commission Act, no company is to practice up-front fees as of 2010.
Can I Get A Free Consultation?
Yes, they offer a free debt consultation. Calling in and speaking with a debt help specialist will give you the ability to determine the best path to success in your specific situation. While they can give you very helpful information without you divulging too many specific, they can give you the most effective help when you give them more specific information. The consultation in no risk and you won’t be locked into anything by calling.
Does Freedom Debt Relief Offer A Money-Back Guarantee?
Yes. Any money deposited into the trust account will go directly back to the client, minus the monthly fees charged. These fees will be determined once the applicant qualifies for the program and total debt is assessed.
What Types of Debt Does Freedom Debt Relief Work With?
Freedom Debt Relief only deals with unsecured debt.
Time in Business
13 years. Freedom Debt Relief has been in business since 2002. Since then they, along with the other pillars of their company have been listed as one of Inc. 500’s fastest growing companies in 2008 and 2009. Bills.com was also named the #3 company in the Hot 100 from Entrepreneur magazine. Multiple acquisitions of other companies including Home-Account and Refinance.com have helped the company build up their mortgage refinance tools, mortgage calculators and other mortgage and refinancing services. After more than a decade in service, they have proven to be a stable company. The founders of FDR are very involved in the financial and personal debt communities. The Association of Settlement Companies (TASC) has a founding member of Freedom Debt Relief on their board.
Freedom Debt Relief has an A+ rating with the better business bureau. There a few complaints about this debt management company and the listed complaints are very small issues. The complaints they do have against them involve the use of another company’s name in an ad they were running. FDR has been very compliant and resolved the issues with what seemed to be little resistance.
The debt education offering from FDR is excellent. They are a part of Freedom Financial Network which also owns Bills.com. Bills.com offers a great tool called the Debt Coach, which is an effective way of determining your best path to getting out of debt. They also offer videos, blog articles and resource pages to help individuals learn more about debt and how to get rid of it.
Freedom’s broad network allows them to serve customers education need incredibly well.
Their website is not responsive on mobile and they do not offer a mobile app. Their desktop site is helpful and easy to navigate, but you won’t be able to navigate as easily on your phone.
They offer multiple options for communicating with them.
Phone Number: 1-(855) 242-5275
Email Address: [email protected]
Address: 1875 S Grant St., Suite 400 San Mateo, CA 94402-2676
Freedom Debt Relief provides debt settlement & consolidation services.
Minimum Debt Accepted
Freedom Debt offers clients online access where you cannot only check on your debt settlement account at any time, but you can contact them through it as well. The representative we spoke with indicated that they are available 24 hours a day, 7 days a week.
Yes, this business is AFCC and IAPDA accredited.
Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.