7/21/2023 0 Comments Cancel freedom debt reliefA good attorney will look at all of your options and help you decide what will work best in your situation. You would definitely need an attorney’s help if you choose to pursue bankruptcy options. 1, 2025, and cut spending by at least 1.5 trillion passed the House with a coalition of Republican and Democratic votes built from the. Getting out of the contract with the debt resolution firm may require the assistance of an attorney. A bipartisan bill to suspend the debt limit through Jan. Seek legal protection through bankruptcy. My nonprofit company, the National Foundation for Credit Counseling, offers such plans. Work with a nonprofit credit counseling agency through a debt management plan. Settle the debt either on your own or with the assistance of a third party. There are several options when it comes to handling credit card debt. Your decision to sign on with this firm in the first place tells me that you don’t really have a plan for paying the debt. If the debt settlement compay has already begun working on your behalf, it may have already contacted your creditors, so you need to let them know the same thing you told the bank, which is that you are canceling the agreement.īecause you do still owe the debt, you will need to be prepared to tell your creditors how you plan on repaying the debt. Once you have made the call to your bank, your next call should be to your credit card companies. In some instances, failure to pay may void your agreement, which would actually be to your benefit.Įither way, you need to know that you do still owe your credit card debt. If you are worried that the drafts might continue, you could also close your account and open a new one that the debt settlement firm could not access. If so, contact your bank right away and let them know you are canceling the agreement. I’m also hoping you haven’t given permission to draft fees directly from your bank account. If you have, chances are you have lost that money. The first thing I would say is I hope you haven’t paid them anything yet. It may take some assistance, but you probably can cancel it, depending on the contract you signed. Can I cancel it? If so, what happens to my credit card debt? – Anzia Today’s settlement will ensure additional restrictions are placed on Freedom Debt Relief so that the company can no longer take advantage of consumers.I have signed on with a debt settlement company. “Ten years after this company paid over $1.2 million to my office for its fraudulent and deceptive practices, Freedom Debt Relief is back in hot water for unlawful behavior once again. “Today’s settlement will deliver more than $3.5 million directly into the pockets of struggling consumers, many of whom continue to suffer the devastating economic impacts of COVID-19,” said Letitia James, the Attorney General of New York, in a statement. Ensures that future savings claims are based on the consumer’s total debt with the Freedom Debt Relief program, not the usually significantly smaller amounts of debts actually settled by Freedom Debt Relief.Expressly states the percentage of consumers who achieve the high end range of savings claims - where it is more than five percent above what the majority of consumers achieve - so that consumers know that those high savings numbers are not typical, and.This time, the company will refund $3.6 million back to consumers as well as agree to the following terms: In that settlement, Freedom Debt Relief refunded $1.1 million back to customers and paid a fine of $100,000. The disclosure requirement was part of a 2011 settlement between the New York AG and Freedom Debt Relief. The average customer saved less than half of what the company advertised.Ī copy of the proposed settlement can be accessed by clicking here. For example, it advertised savings that were achieved by individuals who made all of their monthly deposits, but that represented only one-third of New York consumers. Under an enforcement order from 2011, the company was required to disclose the percentage of consumers who achieved the savings it was advertising in its promotional materials. For the second time in nine years, the Attorney General of New York has reached a settlement with a debt relief company that was accused of engaging in deceptive practices.įreedom Debt Relief will return $3.6 million to customers of its services after they were misled about the amount of savings they could achieve by signing up for the company’s services.
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