Editor's Note: Accredited operates in the following states: AK, AL, AR, AZ, CA, DC, FL, IA, ID, IN, MA, MD, MI, MO, MS, MT, NC, NE, NM, NV, NY, OK, PA, SD, TX, TN, UT, VA, WI.
Accredited Debt Relief provides the initial consultation and in some cases will partner with other organizations to negotiate the settlements. We generally recommend debt settlement companies that provide in-house negotiation, but Accredited is affiliated with many of our top-ranked choices including Freedom Debt Relief, so giving this company a call has little downside.
When you first call Accredited, you’ll speak to a debt relief specialist who will discuss your debt situation with you as well as options that might be available to help mitigate or reduce your debt. The counselor will speak with you about loan consolidation, credit counseling and debt settlement. We recommend taking stock of your debts and your monthly spending before calling so the session can go smoothly. The debt relief company will want to run a soft credit pull to better evaluate your debts and see which specific lenders you owe.
During this call, you can expect to get an estimate on how much you’ll need to pay per month into a settlement program. When you enroll, you’ll stop paying your creditors and begin making payments into an account set up through the debt settlement company. Often this amount will be lower than your monthly payments before enrolling, which is one of the side benefits of these programs.
Your counselor will caution you about the effects a settlement plan can have on your credit score. Since you’ll miss payments to your creditors, your credit score will reflect those delinquencies. Additionally, you may face collections calls if your account is sent to a collections agency. Typically, the settlement company will recommend that you change your contact information so those calls are directed to the company rather than you.
To be eligible for a debt settlement program you’ll need to have at least $7,500 worth of debt and at least $500 on each individual account you want to enroll. If the program is successful, you can see a reduction of as much as 50 percent of your debt. You will only pay fees on debt that is settled, and those fees are taken from the amount of debt enrolled in the program. Fees range from 15 to 25 percent of that debt, which is average for the industry, but higher than New Era’s.
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When you enroll you’ll be given access to a customer portal that will allow you to monitor your monthly payments and will alert you when a settlement is successfully negotiated.
Accredited Debt Relief and its partners can help you find a debt settlement program or alternative that can help you better manage your debts. A debt settlement program can reduce your debt by 30 percent, but it will impact your credit score in the years that follow.
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