New Era Debt Inc. 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 management solutions.
The company claims they are setting the standard for how all debt management companies should perform – with high standards, integrity and customer satisfaction.
The Good
Like all credible debt management companies, New Era does not charge any up-front fees retaining services. Clients are charged only when an enrolled and qualified unsecured debt is resolved with creditors. Their fees are fairly average according to what we have seen in the industry.
They operate on a performance-based fee model charging approximately 15-25 percent of total debt enrolled and managed. There is no minimum debt requirement and 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 management program located under the “Client Success” tab which offers helpful information when deciding how to choose a management firm.
They also provide a debt calculator to help put into perspective what monthly payments will be when enrolling in New Era. Highlights of this company include:
- $200 million in debt resolved
- Company transparency
- Abundance of management literacy resources
- Management in as little as 90 days
The Bad
There may be serious tax penalties for settling on certain debts, especially if back taxes are owed. Other risks associated with debt management are potential litigation and hits to credit scores.
This company is not accredited with AFCC although they may follow the standards of their own accord. Also, they only 43 states due to licensing and registration requirements. States will be added as the requirements for licensing and registration are completed.
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The Bottom Line
NewEra provides transparency in their program and communicates openly if debt management is not the path consumers should be on. In the debt management 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 their 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.