Progressive Debt Relief
Pro: No Up Front Fees
Con: No industry accreditations; no information on pricing given
Progressive Debt Relief is a debt settlement agency located in Winter Springs, Florida. Since 2005, the company has been assisting customers to improve their financial situations through debt settlement, refinancing, and consolidation services. Free consultations and educational resources are provided to interested consumers. There are no upfront fees charged to consumers until a debt is completely resolved with a creditor.
Progressive Debt Relief does not appear to offer a money-back guarantee to its customers and there is no pricing information for provided services on its corporate website. The company does not have any known accreditations, awards, certifications, or accolades from industry authorities posted on its website either.
The Good
Online Education Center
Progressive Debt Relief offers a comprehensive education center on its corporate website. Consumers are able to access information on credit cards, saving, foreclosures, debt management plans, and more. Customers can access their online account anytime for updates and are also assigned an account manager to provide any needed assistance.
Free Personal Financial Analysis
A professionally trained counselor will review a client’s financial data and create a personal financial analysis for debt resolution. The analysis focuses on the client’s monthly budget in order to determine affordability in debt repayment. Consumers can expect to pay a monthly payment towards debt reduction. The company will refer consumers to trusted third-party debt settlement providers.
No Upfront Fees
Progressive Debt Relief does not charge upfront fees to consumers nor does it charge monthly administrative fees in debt repayments. No debt settlement company is legally allowed to charge upfront fees unless it offers attorney-based services.
The Bad
No Pricing Disclosure
Progressive Debt Relief does not publicly disclose its pricing structure for services on its corporate website. The company also does not appear to provide a money-back guarantee either. Consumers state in these complaints that they were not informed by representatives of these charges upon enrollment.
The Bottom Line
Progressive Debt Relief offers Florida residents a variety of debt settlement services such as free personal financial analysis, savings plan, repayment programs, and online education center. No upfront fees are charged to consumers, but the company does not disclose what its fee structure is. The company does not have licensed attorneys to assist with legal advice or representation.
About Progressive Debt Relief
Progressive Debt Relief offers residents in Florida an online education center as well as multiple debt management programs. It is unclear if the company operates in any other state. Consumers receive a free personal financial analysis with a savings plan and have access to an online financial education center. The company works with creditors to negotiate a settlement with lowered debt amounts and monthly payments with no upfront fees. Service fees are not publicly disclosed on the company’s website.
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- 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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