If you have at least $10,000 in unsecured debt, you may be eligible for Accredited Debt Relief’s services. To start the process, call 800-497-1965, or follow these steps to fill out the form online:
- Visit Accredited Debt Relief’s website.
- Click to “Get Started.”
- Enter the current amount of debt you owe.
- Provide your name, phone number, email address and state of residency, then click to get your quote.
- Wait for a debt relief specialist to contact you.
Once you complete your call, you can decide if you want to move forward based on your specialist’s recommendations.
Note that Accredited Debt Relief services residents of 31 states and Washington, D.C. Check its website for an updated list on which state residents can enroll.
What Fees Does Accredited Debt Relief Charge?
Accredited Debt Relief works on a “performance-based” structure, meaning you pay a fee only if the company successfully reduces your monthly payments. This fee ranges from of your total consolidated debt.
For instance, say you have $20,000 in enrolled debt and Accredited Debt Relief successfully consolidates one-quarter of it—meaning $5,000. If the fee is 25%, you could owe up to $5,000 (25% of $20,000).
The company deducts this fee from your dedicated account once you and your creditor(s) have agreed on a new resolution that’s less than what you owe and you’ve made at least one payment toward it. If the company is unable to reduce a specific monthly payment, it’ll remove it from your dedicated account and adjust your fees accordingly.
Will Using Accredited Debt Relief Affect My Credit?
It’s highly likely that your credit score will go down when you start using any debt relief company, including Accredited Debt Relief. That’s because you’re typically advised to stop making payments on your enrolled debts while they’re being negotiated. This can temporarily tank your credit score, send some of your debts into collections and, in extreme cases, result in lawsuits.
But over time, if Accredited Debt Relief is successful in reducing the total amount of debt you owe, your credit score should tick back up as you pay off debts and make on-time payments.
FAQs
Is Accredited Debt Relief Legit? Yes, Accredited Debt Relief is a legitimate debt relief company. It's been in business for more than a decade, it's accredited by the AADR and certified by the IAPDA, and it has overwhelmingly positive reviews from past clients.
Do you have to close your credit cards with accredited debt relief? ›
You have to close all of the cards you put on the program. Creditors don't want you to use the cards when you're having a benefit from a debt management program. But if there's a card that you can keep out of the program, you can do that. You can keep the card out and use it for emergencies.
Is there really a debt relief program from the government? ›
Unfortunately, there is no such thing as a government-sponsored program for credit card debt relief. In fact, if you receive a solicitation that touts a government program to get you out of debt, you may want to think twice about working with that company.
What is the downside of national debt relief? ›
The drawback is that the fees for debt settlement can be relatively hefty. On average, fees are between 15% and 25% of the total debt enrolled.
What is the best debt consolidation program? ›
Best Debt Consolidation Loans of May 2024
- Achieve – Best for Paying off Credit Card Debt.
- Discover – Best for No Interest If Repaid Withing 30 Days.
- Best Egg – Best for Debt Consolidation Perks.
- LendingClub – Best for Peer-To-Peer Lending.
- LightStream – Best for Low Interest Rates.
- SoFi – Best for Large Loan Amounts.
Some debt relief companies are scams, and even the legit ones are risky and expensive. Some creditors refuse to work with debt relief companies, and even when it's successful, debt relief can do major harm to your credit and raise your income tax bill.
Can I still use my credit card after debt settlement? ›
While you can still use your open credit card accounts after debt consolidation, consumers should do so with caution. If you do use your credit card after debt consolidation, be sure to pay off your balance regularly.
How long does it take to rebuild credit after debt settlement? ›
There is a high probability that you will be affected for a couple of months or even years after settling your debts. However, a debt settlement does not mean that your life needs to stop. You can begin rebuilding your credit score little by little. Your credit score will usually take between 6-24 months to improve.
Is it a good idea to get debt relief? ›
Debt relief will also often give you a fixed payment plan and a set payoff date, which can also make it worth considering — as streamlining your payments can make it easier to manage while helping you save money on interest. "One of the biggest advantages of going through a debt relief program is the savings.
Can I get a government loan to pay off debt? ›
While there are no government debt relief grants, there is free money to pay other bills, which should lead to paying off debt because it frees up funds. The biggest grant the government offers may be housing vouchers for those who qualify. The local housing authority pays the landlord directly.
Filing for Chapter 7 bankruptcy could discharge (forgive) all of your credit card debt. However, bankruptcy should only be considered as a last resort option due to the lasting damage it will cause to your credit. Bankruptcy will remain on your credit for up to 10 years after the filing date.
Does debt relief destroy your credit? ›
Debt relief services may have a negative impact on your credit score, but that impact may not be as big as you think — and in some cases, it can help your credit. How these services impact your credit depends on the debt relief option you choose.
Is accredited debt relief legit? ›
Accredited Debt Relief is highly-regarded within the debt settlement industry. It is accredited by the American Association for Debt Resolution (AADR), and it has strong reviews from past customers on TrustPilot.
What is the best debt relief company? ›
Summary: Best Debt Relief Companies of May 2024
| Company | Forbes Advisor Rating | BBB Rating |
|---|
| Money Management International | 4.0 | A+ |
| CuraDebt | 3.9 | A+ |
| New Era Debt Solutions | 3.8 | A+ |
| Freedom Debt Relief | 3.7 | A+ |
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The bottom line
Debt settlement can be a viable option for those struggling with overwhelming debt, offering the potential for significant debt reduction and financial relief.
How do I know if a debt relief company is legit? ›
They Ask for Fees Upfront
This is the most obvious sign of a debt relief scam. If the person/company offers to help get rid of your debt but first you have to pay them a fee, they're probably lying to you. Cut off contact and file a complaint with us.
Does debt relief hurt your credit? ›
These programs aim to help reduce your debt and if that debt is revolving credit, it can reduce your credit utilization and improve your credit. However, a debt relief program could accidentally drop your score if it closes your account with the longest payment history.
How long does debt relief stay on your credit report? ›
Debt relief can be a lifeline to help you get out from under unaffordable debt—but it can also damage your credit. So, if you're considering a form of debt relief, you'll want to bear in mind its effect on your credit report, where the information can stay for up to 10 years.
Does debt consolidation hurt your credit? ›
Consolidating your debt can lower your monthly payments, but it can also cause a temporary dip in your credit score.
