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#33
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NewEra Debt Solutions

Low prices; no industry accreditations

Our Score
3.3
User Score
--

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Our Score
3.3
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt / % of debt saved
15%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
15 years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
No

Number of Reviews

User reviews here on BDC
0

This Review is maintained by

Review Last Updated: December 21, 2016

New Era Debt Relief has provided clients with a resolution to over $200,000,000 in debt. They have been a pioneer in the financial industry since 1999, with the launch of the company brand in 2007 strictly specializing debt settlement solutions. The company claims they are setting the standard for how all debt settlement companies should perform – with high standards, integrity and customer satisfaction.

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

#1

15-25%
$7,500

#2

15-25%
$7,500

#3

15-25%
$7,500

#33
new_era logo

15%
$10,000

The Good

It’s not hard to see why so many customers have ranked them highly within reviews scattered around the web.

Like all credible debt settlement companies, New Era does not charge any up-front fees retaining services. Clients are charged only when an enrolled and qualified unsecured debt is settled with creditors. Their fees are highly competitive and some of the lowest we have seen in the industry. They operate on a performance-based fee model charging approximately 8 to 15 percent of total debt enrolled and settled. Clients have the option to opt-out of the program at any time without penalty.

A free consultation is offered where a professional consultant will assess each client’s financial situation to determine if their services are the best option to move forward with. They advise clients to set aside at least one percent of their total debt on a monthly basis however they recommend 1.5 percent in order to decrease the duration of the program, which ultimately saves their clients money. They will be honest with clients about the results they can expect and lay out several statistics and guidelines within their “Truth and Transparency” page.

Once enrolled, the debt professional handling your case will provide a workbook filled with comprehensive training materials and tools to assist clients in getting and staying out of debt. The company website is filled with information about options to relieve debt, explaining the advantages and disadvantages of each. There are also tips on how to succeed in a debt settlement program located under the “Client Success” tab which offers helpful information when deciding how to choose a settlement firm. They also provide a debt calculator to help put into perspective what monthly payments will be when enrolling with New Era.

Highlights to this company include:

  • $200 million in debt resolved
  • Company transparency
  • Abundance of settlement literacy resources
  • Settlement in as little as 90 days

The Bad

Risks associated with settlement are apparent and should be defined by any credible company. There may be serious tax penalties for settling on certain debts, especially if back taxes are owed. Other risks associated with settlement are potential litigation and hits to credit scores.

This company is not accredited with AFCC although they may follow the standards on their own accord. Also, they only provide services to less than half of the states due to licensing and registration requirements. States will be added as the requirements for licensing and registration are completed.

The Bottom Line

In the debt settlement world, associates are quick to make promises that they may or may not be able to deliver. NewEra provides transparency in their program and communicates openly if debt settlement is not the path consumers should be on. In the debt settlement world, New Era is well qualified and has proven consumer success. They follow standards set by the FTC and are IAPDA certified, ensuring clients are getting the most ethical solution to financial burden. With their open and honest information, clients can expect to find a valuable resource with this company when getting out of debt. We recommend taking advantage of their free, no-obligation consultation to determine if their services can help release the constraints of financial stress.

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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
3.3
User Score
--
Rank this Company

Ratings Breakdown

Price

% of total debt / % of debt saved
15%

Accreditations

AFCC or IAPDA
None

Free Consultation

is one included?
Yes

Time in Business

total # of years
15 years

Min. Debt

Min. debt accepted
$10,000

Guarantee

money back guarantee?
No

Number of Reviews

User reviews here on BDC
0
Our Score
9.5
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

Min. Debt

Min. debt accepted
$7,500

Guarantee

money back guarantee?
Yes

Number of Reviews

User reviews here on BDC
284