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National Debt Relief is a company that helps people who owe money to lower the amount they have to pay back to the people they owe.
They talk to the creditors on behalf of the consumers and negotiate to reduce the debt.
After their fees, people who finish the program can reduce their debt by about 23% on average, according to the company.
There are other options for reducing debt that people can consider.
They should think about whether they might qualify for another debt solution, compare fees,
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and even consider something called Chapter 7 bankruptcy, which might help them get rid of more of their debt faster.
To work with National Debt Relief, you need to have at least $7,500 in unsecured debt.
This includes debt from credit cards, personal loans, medical bills, business debts, and private student loan debts.
But they can’t help with other types of debt like lawsuits, IRS debt, utility bills, federal student loans, or loans that have collateral (like auto or home loans).
If you owe more than $20,000 in total debt, you’re about average for their clients.
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They’ll check your credit score, but it won’t hurt it.
The way it works is that once you start working with National Debt Relief, they set up a special account for you.
Instead of paying your creditors directly, you pay money into this account every month.
The amount you pay is usually less than what you were paying before.
But because you’re not paying your creditors, your credit score might go down, and you might get late fees and more interest on your debts.
National Debt Relief then talks to your creditors and tries to get them to agree to take less money than you owe.
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If they agree, you pay them from the special account either all at once or in smaller payments.
The first agreement usually happens within three to six months.
They do charge a fee when a debt is settled, but they can’t charge you upfront.
The fee depends on how much you owe and where you live.
According to National Debt Relief, on average, it takes about two to four years for customers to complete the program.
But there are risks to using debt settlement.
Your credit score might go down because you stop making regular payments, and this could stay on your credit report for seven years.
Also, there’s no guarantee that all your creditors will agree to work with National Debt Relief, and you might still hear from debt collectors.
Plus, the debt might keep growing if they can’t reach an agreement.
If you decide not to go with National Debt Relief, there are other options.
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You can try a debt management plan, debt consolidation, or even bankruptcy.
Each option has its pros and cons, so it’s essential to explore them carefully.
Remember, it’s essential to seek advice from adults you trust, like parents or guardians, before making any decisions about your money.