Should you use Accredited Debt Relief for debt settlement? All you need to know about Accredited.
Should you use Accredited Debt Relief for debt settlement? All you need to know about Accredited.
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Video Timeline: Should you use Accredited Debt Relief for debt settlement? All you need to know about Accredited.
00:00 - Intro
00:35 - How debt settlement works
00:45 - What happens during the consultation call?
01:25 - You will decide what debt to include
01:38 - What debt is eligible for debt settlement?
02:01 - Determining your new monthly payment
02:24 - What happens right after you sign up?
02:47 - You will stop paying your creditors
03:11 - The key IDEA behind debt settlement
03:32 - What could be included in a settlement?
03:57 - What does debt settlement cost?
04:22 - Example of how the debt settlement fee works
05:04 - The RISKS of the debt settlement process
05:15 - How debt settlement will affect your credit score
06:03 - How debt settlement can eliminate your options
06:31 - What if your creditors won't negotiate?
06:54 - Income tax implications of debt settlement
07:24 - How long with debt settlement take?
07:54 - Is debt settlement with Accredited Debt Relief a good idea?
08:25 - How can you tell whether debt consolidation would be a better option for you?
08:54 - Is Accredited Debt Relief a legitimate company?
09:35 - Like, share, subscribe!
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If you're struggling with debt and considering debt settlement, you may have come across Accredited Debt Relief. They offer a program to negotiate with your creditors and settle your debts for less than you owe. We’ve spent years in the lending industry and we track dozens of different debt settlement companies. We want to break down how Accredited Debt Relief works, what it costs, and how long it takes, so you can decide whether it’s the best strategy for you in tackling your debt.
I am going to tell you about what Accredited Debt Relief will cost and the risks associated with this strategy, but first I want to give you a high-level explanation of how the program works.
Before you even sign up for their program, you will have an in-depth conversation with one of their sales associates. They will pull your credit report, get a full picture of what you are paying, and walk through your options. They will check to see if you are eligible for a debt consolidation loan, but I suspect this is just performance. I have heard of people with extremely good credit scores who are denied for a loan from them. Accredited is mainly interested in enrolling you in their debt settlement program. If they can get you into debt settlement, they will make ten times as much money (or more) than they would from giving you a debt consolidation loan. They will use all the normal sales techniques to convince you that they are the only ones who can solve your problem.
As part of this planning session, you will be able to decide which of your loans you will enroll in the process. They will ultimately be paid on the total debt you enroll, so they will encourage you to include everything you can. But, they will only negotiate unsecured debt, like signature loans, credit card balances, and medical bills. They will not include any secured debt like auto loans or home equity loans.
It’s important to recognize that they will not work with you unless you enroll at least $10,000 in debt.
Once you determine the total debt you will enroll in the program, they will work with you to determine what you want your monthly payment to be. If you are buried in debt, it can be refreshing to think that you can suddenly decide how much of your monthly budget you put towards your debt. It might even seem like a cheat code that you get to decide your monthly payment. This short-term relief can have long-term implications, though.