New Era Debt Solutions stands out among the best debt settlement companies (opens in new tab) for the personalized help that it offers. This means that each client is assigned a personal account representative, who will work with them to find the right solution to reduce their debts and ease the stress of monthly repayments.
Essentially, debt settlement gives you the chance to pay off your debts in a lump sum. Selected companies negotiate with the companies you owe money to in order to find a repayment amount that will work for all parties. Often, companies like New Era are able to reduce the amount of money that creditors need to write off the loan.
This doesn't mean that your debt will be wiped entirely, and the decision will likely have a negative impact on your credit rating. But for some people, this will be a better solution than defaulting or being unable to afford their minimum payments.
There are no minimum total debt requirements with New Era, but they do need each of the accounts you entrust them with to have over $750 worth of debt associated with them. This is a low minimum amount, making it a good option if you have a number of smaller debts, as opposed to one or two larger loans you are struggling with.
Remember, however, that debt settlement is a big step and can damage your credit significantly, so you should always check out the best debt consolidation companies (opens in new tab) first. If settlement is what you need, then make sure you assess a number of providers too, such as National Debt Relief (opens in new tab) and Freedom (opens in new tab).
New Era Debt Solutions review: Features
- Personal account representative
- Settlement plans from 12 to 48 months long
- Low minimum debt requirements
Information Support: Over the phone, and online
Support: Online, Phone
Interface: Computer, tablet, and mobile.
New Era starts off the debt settlement process by assigning you to an advisor. The advisor will discuss your current financial situation, and explain the options they can offer to help. It is a good idea to write out your monthly outgoings and details of any loans or other money you owe before making the call, so you can move on with your application as quickly and smoothly as possible.
When you decide to begin a debt settlement process you will be required to stop making payments to creditors, and instead, pay into an account that is set up by the settlement company you choose. After a certain period of time, and once a set amount of money has been accumulated, New Era will negotiate with your creditors to reduce the overall amount you owe. They will then settle the debts with the money you paid into the account.
The main drawback of a debt settlement program is the fact that by stopping payments made directly to creditors, your account may be sent to debt collectors. New Era, and many other providers, recommend that customers update their contact information with creditors so that all calls and letters go directly to the settlement company. That way you will not be chased with phone calls or mail. Your personal advisor will give you information on how to deal with any calls you may receive and will explain how they negotiate with creditors to get you the best outcome possible.
New Era Debt Solutions review: How it works
- Personal account manager
- Well trained and informative staff
- Range of solutions to suit your circumstances
Managing your debt settlement process is easy. You can review your plan with your personal case handler over the phone or online. Unlike other providers, and because each customer is assigned an individual account manager, customer service may take a little longer to get back to you. Make sure you allow some extra time if you are trying to get in touch.
You can keep a full track of your debt settlement account online, and how far you have to go to reach a settlement decision. This information should have been given to you in the first initial phone call, so you should know exactly what to expect from the off.
The staff at New Era are well trained and can advise whether or not their solutions are right for your circumstances. In order to get the most out of your calls with the company, make sure you have any relevant financial information to hand.
New Era Debt Solutions review: Quality of product
- Knows the market
- Personalized service
- Lower fees than the market average
New Era Debt Solutions has been in operation since 1999. It offers a range of financial services, and all operations are carried out in-house.
Its goal as a company is to help people pay off their debts efficiently and at the cheapest cost possible. They work closely with their customers to find solutions that will work for them and will allow them to move forward instead of 'firefighting' debt.
Transparency is important so this company, and other good debt settlement companies, should tell you exactly what you might owe before you take out a contract with them. This includes fees and when you might be eligible for debt settlement after paying into a dedicated account.
New Era Debt Solutions review: Customer reviews
- 5-star rating on Trustpilot
- Many reviews speak of friendly advisors
New Era definitely takes its communication with customers seriously, with reviews on Trustpilot often returned with a note from Dan Smith, the President of New Era himself. Many reviews speak of friendly advisors, being fully informed of the process and clearing debts in good time while saving money.
There are only one or two negative reviews that seem to have individual communication issues or have misunderstood various bits of information. Overall New Era has managed to achieve a 5-star (opens in new tab) rating on Trustpilot, though it's worth taking into account that this has only come from a limited pool of around 140 reviews.
should I choose New Era Debt Solutions?
New Era works closely with its customers to make sure it is the right step for them to take. After all, debt settlement can have a negative impact on people's credit, so starting the process should be considered carefully. The company's advisors are very helpful in working out if this solution is right for you.
The fees charged by New Era are lower than the industry average. It also has a low minimum debt amount for each loan. This means its services are available to a wide range of people with varying financial histories. Its services are available in 47 states, making them geographically very available too.
The fees it charges for its service vary between 14% and 23% of the amount of debt you enroll in one of their programs, which is lower than the industry average. The average amount of debt it is able to save for clients is 53%, which means that after fees are paid its customers generally end up paying back 30% less than they would have without engaging them for debt settlement arrangements. Programs with the company last around 28 months on average, with the rage going from 12 to 48 months depending on people's circumstances.
If you're looking to pay off debts that you are otherwise unable to keep up with, then a debt settlement program from New Era Debt Solutions could be a good option for you.