Accredited Debt Relief is a highly-rated debt settlement company with above-average customer reviews. According to the company, clients can settle their debt for just 55% of what they owe (before fees), and be out of debt in 24 to 48 months.
However, debt settlement can be risky, and the fees and tax consequences can be significant. Before turning to debt settlement, explore other options, like debt consolidation or a debt management program.
The rates and fees listed are current as of April 15, 2024, and are subject to change.
Accredited Debt Relief
| Eligibility & Requirements: | $1,000 minimum |
| Fees: | 25% of enrolled debt |
| Ratings: | BBB A+ |
| Accreditations: | AADR |
| Savings: | 45% of enrolled debt (before fees) |
| Time: | 24-48 months |
Types of debt Accredited Debt Relief helps settle
Accredited Debt Relief can help you manage unsecured debt, meaning debt that does not involve collateral. Other forms of debt, such as auto loans or mortgages, and federal student loans are not eligible.
How Accredited Debt Relief’s fees work
With Accredited Debt Relief’s debt settlement program, you only pay a fee once a settlement is reached. Typically, the company charges 25% of your enrolled debt.
For example, let’s say you have $10,000 of outstanding debt. Accredited Debt Relief successfully negotiated a settlement of $6,000, so you pay off your debt and save $4,000. However, you have to pay the company 25% of your enrolled debt, or $2,500, so your savings is actually $1,500.
How does working with Accredited Debt Relief impact credit score
When working with any debt relief company, including Accredited Debt Relief, there can be a negative impact on your credit. For debt settlement to work, you have to stop making your payments. Your creditors will report those missed payments to the major credit bureaus, and the payment history can significantly damage your credit.
Accredited Debt Relief’s ratings
Accredited Debt Relief has an A+ rating from the Better Business Bureau, and it has a TrustScore of 4.9 out of five based on over 6,000 reviews with TrustPilot.
How much can I save by using Accredited Debt Relief?
Debt settlement can allow you to eliminate your debt for less than you owe. Accredited Debt Relief reported that customers typically settle their balances for 55% of their enrolled debt before fees.
How long does Accredited Debt Relief take to settle debt?
According to the company, clients usually take 24 to 48 months to complete the program. How long it takes depends on how much debt you have, the willingness of your creditors to negotiate and how much cash you can dedicate to debt settlement.
Other services Accredited Debt Relief offers
Besides debt relief or debt settlement; Accredited Debt Relief also offers debt consolidation loans through its affiliate partners. With debt consolidation, you use a personal loan to pay off your existing debt. If you have good credit, you could potentially qualify for a loan with a lower rate than you have with your existing credit cards and other debt.
Debt consolidation makes sense for those who can afford their current payments and who have good credit and are looking to save money or pay off their debt faster.
Are their risks with settling debt with Accredited Debt Relief?
Accredited Debt Relief has strong customer reviews, but prospective clients should be aware that there are risks to debt settlement.
To qualify for debt settlement, you must have enough cash to make a lump sum settlement offer. For those struggling to make ends meet, saving enough cash to settle their debt can be challenging. And you pause making payments toward your debt while the debt settlement company negotiates with your creditors, causing significant damage to your credit score.
Even if the company is successful in negotiating a settlement, there may be substantial tax consequences; the discharged debt is taxable as income.
Accredited Debt Relief’s reputation for settling debt
Accredited Debt Relief is highly-regarded within the debt settlement industry. It is accredited by the American Association for Debt Resolution (AADR), and it has strong reviews from past customers on TrustPilot.
Is Accredited Debt Relief right for you?
If your debt has reached a level that feels unplayable and your accounts have entered collections, debt settlement through Accredited Debt Relief is a potential solution. You may be eligible for debt settlement or consolidation services, helping you save money and get out of debt in 24 to 48 months.
