National Debt Relief is a BBB-accredited, New York based business that has been around since 2009. They have helped more than 100,000 families and specialize in reducing the balances on credit card debts, medical bills, repossessions, certain business debts and other unsecured loans. They work on your behalf so that the creditors do not harass you at your home or workplace. They are a member of the US Chamber of Commerce and the American Fair Credit Council (AFCC). The AFCC is the watchdog of the debt settlement industry and demands that its member operate with clarity, fairness, trust and legitimacy.

In My Opinion - being in this predicament with your finances is not fun. The feelings of fear, failure, shame and discouragement run rampant when the pressure is on from the debt collectors and creditors. If you have lost your job, had an illness, or find that your expenses and payments are way more than you earn, then you have to find a way out. Depending on your circumstances, you may be able to 'budget' your way out, or you may seek private credit counselling. When this does not work and you cannot see a 'fix' anywhere - before filing for bankruptcy, I would recommend giving National Debt Relief a call and speak with a counsellor. They want to help. They are the number one Debt Relief company in the nation and have won awards and recognition for the service they provide. They are a trusted company by thousands of Americans who have found themselves in the same situation. They have proven themselves with consumers and lenders to be honest and fair negotiators. When looking for a Debt Relief company you want to know you can trust them and this company is certainly that.

National Debt Relief understands that even though a consumer does their best to stay on top of their finances sometimes it can be tough to make all of the payments every month. They understand when your monthly expenses are more than your monthly income it is difficult to get back on a solid financial foundation without help.

National Debt Relief discusses in depth the pros and cons of debt consolidation loans, making minimum payments on credit cards and filing for Chapter 13 and Chapter 7 bankruptcy.Their web-site is informative and easy to use.

They have several debt settlement plans that have a manageable effect on your credit score and won't cause long-lasting issues. Their team of professionals negotiate directly with your creditors regardless of who they are - credit card companies, hospitals, and other lending institutions.

The goal of the negotiation is a single, lump-sum payment that eliminates all debt included in their program within 24 to 48 months. They use an FDIC-insured trust account for all monthly payments that you make.  Their records show that they have consistently reduced their customers toal debts loads up to 50%.

Debt Settlement (Relief) and your credit score - When you apply, NDR does a soft inquiry on your credit to confirm your debt and outstanding balances. This soft inquiry will not affect your credit score. What will affect your score negatively is when you stop making payments to the creditors. While NDR is negotiating a reduction of the debt, they recommend that you stop making any further payments. This is for several reasons:

  • your credit score has already been damaged by late and missed payments
  • it helps NDR negotiate a deal for you. If you continue to make payments the creditors will not see a reason to negotiate a lower interest rate or payment and/ or settle the debt for a lesser amount
  • it allows you to put money into the FDIC-insured account held by NDR to pay off the debt on your behalf

Once you stop making any payments, your creditors may report this to the credit bureaus which will result in a lower score. This is like a band-aid - it will hurt your score initially, but will be easier to rebuild your credit than by having declared bankruptcy.

Other Options - If you are unable to save money to pay off the settlements or do not have any income, you will need to speak to a bankruptcy lawyer to discuss filing for bankruptcy protection.

  • Bankruptcy - this is not the easy way out but sometimes it is your only option. Filing for either a Chapter 7 or Chapter 13 bankruptcy will completey wipe out your existing debt. A chapter 7 bankruptcy will lower your credit score by several hundred points making it impossible to apply for any type of credit for 2 to 3 years. You would need to start out with a low limit prepaid credit card to start to rebuild your credit. As well, a bankruptcy will stay on your credit report for 10 years and in your personal file for the rest of your life..
  • Debt Consolidation loan - If you have strong income and your credit has not dropped below 550 you may qualify for a debt consolidation loan. If you qualify, this may be the best way to fix your credit. Pay out your existing credit cards and debt and have only one monthly payment.
  • Home equity loan - if you own your home and have built up equity over the years, you could take out a home equity loan to pay off all your debt. Again, you would get lower interest rates and a better term because the loan would be secured by your home.
Debt They are able to settle Debt They cannot settle

Credit Cards

IRS, Back Taxes and Government loans
Medical Bills Utility Bills
Personal Loans and Lines of Credit Auto Loans
Some Student Debt Mortgage and Home Loans
Business Debt Lawsuits
Collections and Repossessions Other Secured Debt

Eligibility - you must have more than $7,500 in debt with each account enrolled at $500 or more. You must be able to prove that you are actually experiencing financial hardship and just not trying to get out of paying your debt.

Fees - National Debt Relief (NDR) does not charge any upfront fees. They only get paid IF they settle your debt successfully. If they are successful in settling their fees and service charges vary by state and the amount of your enrolled debt. Regardless of your state, their fees vary from 18 - 25%.

States NDR is not available - because each state has its own lending critieria, NDR is not in: Connecticut, Georgia, Kansas, Maine, New Hampshire, Oregon, South Carolina, Vermont and West Virginia.

Awards and Recognitions - NDR has received many awards and recognition from authorities within this field.

  • TopTen Debt Settlement Companies of 2018 - NDR received the 'Gold' award for having the highest average debt reduction, best customer service that honestly explains pros and cons
  • They have earned an A+ rating with the BBB due to their 100% customer satisfaction guarantee. You can cancel anytime without fees or penalties.
  • Consumer Affairs states that NDR is one of the largest debt settlement companies in the USA. Based on 21,737 ratings within the last year, NDR received 5 stars from 17,813.
  • They are considered the nation's top rated debt consolidation company
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