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Freedom Debt Relief
Freedom Debt Relief
1875 South Grant Street
Suite 400
San Mateo, CA 94402
Other Business Names: Freedom Financial Network, Freedom Debt Help, Bills.com, Debt Resolution Partners
Summary of Business: Debt Settlement & Negotiation, debt consolidation / debt management
Number of BBB Complaints as of 7/17/08: 125
Members of BBB: Yes
BBB Profile
Business Start Date: December 2002
Number of Employees: 133
Trade Organization Memberships: TASC (Trade Association of Settlement Companies)
Other Accreditations: Dunn & Bradstreet
Freedom Debt Relief is one of the largest companies in the debt settlement arena and go by a number of names such as Debt Resolution Partners, Freedom Financial, and more. They are also affiliated with companies such as DebtMerica who sign up clients for their company. They have two main locations - one in northern California and another in Arizona. They place a great deal of emphasis on their BBB membership and the financial and education backgrounds of their founders, both of whom went to Stanford Business School. They also own the financial web portal, Bills.com, which aims to educate consumers about important financial decisions such as consolidating debt and getting a mortgage.
What is the total fee for the program?
15% of the total debt enrolled in the program. Fees are included in monthly payments.
Over how many months is the fee paid?
18-19 months
Do you have a set up fee?
Yes, there is a retainer fee that is paid over the first 3-4 months
Do you have a money back guarantee?
Yes, according to the website, Freedom Debt Relief's website states that "program completion if your total debt reduction is less than 3 times the Service Fees you have paid to us, we will refund a portion of those Service fees. The amount of the refund will be calculated so that the amount of Service Fees we retain is equal to only 1/3 of your total Debt Reduction. Please keep in mind that Retainer Fees are generally non-refundable."
What type of debt do you work with?
Unsecured debt
What is the minimum total unsecured debt one must have in order to qualify?
$500 per account
Does a client need to include all of their unsecured debt in the plan?
No, one small account can be left open for emergencies
Do you do the negotiations yourselves?
N/A
If back end, who is the company you use for negotiations?
N/A
Do you send a Power of Attorney to notify the creditors that a client is enrolled in your program right away?
According to its website, Freedom Debt Relief contacts creditors once someone enrolls in their "Debt Reduction Program"
Do you send a Cease & Desist letter to my creditors?
N/A
Can I change my phone number & address to your company’s phone number and address?
N/A
Do you have a consumer advocacy group help me with calls?
N/A
Government Action Against Freedom Debt Relief, LLC:
Freedom Debt Relief and its affiliated entities were ordered to Cease & Desist by the California Department of Corporations for allegedly operating as a debt prorater without a license.
According to the Desist & Refrain Order, “Without any admission of wrongdoing the complaint alleges that FFN (Freedom Financial Network)engaged in the business as a bill payer or prorater as defined in the Check Sellers, Bill payers and Proraters Law, California Financial Code section 12200 without a license from the Commissioner and in violation of that law including overcharging consumers in violation of Financial Code sections 12314 and 12314.1.”
It is unclear how this goverment action will play out for both the company, its affiliates and its clients.
Want to learn how to make sure you're not dealing with a debt agency that doesn't have your best interests in mind? Check out PayingPaul.com's article on Debt Scams, Rip Offs & Frauds. (Disclaimer: In no way should this be construed as a formal statement made by the company about the services it offers. Moreover, although an effort has been made to keep this information up to date and accurate, in no way is this a comprehensive overview of the company profiled. For complete information, please contact a representative from this company.)
Want to get a free quote from a debt management company? Fill out a form and PayingPaul.Com will match you up for free!
Background
Freedom Debt Relief
1875 South Grant Street
Suite 400
San Mateo, CA 94402
Other Business Names: Freedom Financial Network, Freedom Debt Help, Bills.com, Debt Resolution Partners
Summary of Business: Debt Settlement & Negotiation, debt consolidation / debt management
Number of BBB Complaints as of 7/17/08: 125
Members of BBB: Yes
BBB Profile
Business Start Date: December 2002
Number of Employees: 133
Trade Organization Memberships: TASC (Trade Association of Settlement Companies)
Other Accreditations: Dunn & Bradstreet
Freedom Debt Relief is one of the largest companies in the debt settlement arena and go by a number of names such as Debt Resolution Partners, Freedom Financial, and more. They are also affiliated with companies such as DebtMerica who sign up clients for their company. They have two main locations - one in northern California and another in Arizona. They place a great deal of emphasis on their BBB membership and the financial and education backgrounds of their founders, both of whom went to Stanford Business School. They also own the financial web portal, Bills.com, which aims to educate consumers about important financial decisions such as consolidating debt and getting a mortgage.
Fees
What is the total fee for the program?
15% of the total debt enrolled in the program. Fees are included in monthly payments.
Over how many months is the fee paid?
18-19 months
Do you have a set up fee?
Yes, there is a retainer fee that is paid over the first 3-4 months
Do you have a money back guarantee?
Yes, according to the website, Freedom Debt Relief's website states that "program completion if your total debt reduction is less than 3 times the Service Fees you have paid to us, we will refund a portion of those Service fees. The amount of the refund will be calculated so that the amount of Service Fees we retain is equal to only 1/3 of your total Debt Reduction. Please keep in mind that Retainer Fees are generally non-refundable."
Eligibility
What type of debt do you work with?
Unsecured debt
What is the minimum total unsecured debt one must have in order to qualify?
$500 per account
Does a client need to include all of their unsecured debt in the plan?
No, one small account can be left open for emergencies
Services
Do you do the negotiations yourselves?
N/A
If back end, who is the company you use for negotiations?
N/A
Creditor Calls
Do you send a Power of Attorney to notify the creditors that a client is enrolled in your program right away?
According to its website, Freedom Debt Relief contacts creditors once someone enrolls in their "Debt Reduction Program"
Do you send a Cease & Desist letter to my creditors?
N/A
Can I change my phone number & address to your company’s phone number and address?
N/A
Do you have a consumer advocacy group help me with calls?
N/A
Miscellaneous
Government Action Against Freedom Debt Relief, LLC:
Freedom Debt Relief and its affiliated entities were ordered to Cease & Desist by the California Department of Corporations for allegedly operating as a debt prorater without a license.
According to the Desist & Refrain Order, “Without any admission of wrongdoing the complaint alleges that FFN (Freedom Financial Network)engaged in the business as a bill payer or prorater as defined in the Check Sellers, Bill payers and Proraters Law, California Financial Code section 12200 without a license from the Commissioner and in violation of that law including overcharging consumers in violation of Financial Code sections 12314 and 12314.1.”
It is unclear how this goverment action will play out for both the company, its affiliates and its clients.
Want to learn how to make sure you're not dealing with a debt agency that doesn't have your best interests in mind? Check out PayingPaul.com's article on Debt Scams, Rip Offs & Frauds. (Disclaimer: In no way should this be construed as a formal statement made by the company about the services it offers. Moreover, although an effort has been made to keep this information up to date and accurate, in no way is this a comprehensive overview of the company profiled. For complete information, please contact a representative from this company.)
Want to get a free quote from a debt management company? Fill out a form and PayingPaul.Com will match you up for free!