4 Debt Relief Horror Stories

Let us start by saying the traditional debt relief strategies you’ve heard of…

  • Debt Settlement
  • Credit Counseling/ Debt Management
  • Debt Consolidation
  • And even Bankruptcy

All have ONE HUGE FLAW that costs you your money and your peace of mind.

These outdated options invite someone else to profit from your debt situation…

And profit at your expense.

That’s why you get little to no reduction in your outstanding credit card balances.

Of any savings you could see, the lion’s share slips right into someone else’s pocket.

And that ‘share’ could be more than you think.

Take what happened to Aaron of Minneapolis…

SOURCE: https://www.consumeraffairs.com/debt_counsel/freedom_debt_relief.html?#sort=top_reviews&filter=5

A guy who gave a 5-star review to the biggest debt relief service company in the country, Freedom Debt Relief.

In his review, Aaron shared that he enrolled “close to $60,000” of debts into their service…

And forced himself to pay nearly $900 per month towards the program…

In order to graduate the program in almost half the time; 2.5 years instead of 4.

But then he shared all the various fees they charged:

“There was… [an] account set-up fee… monthly service fee… legal protection [fee]… ACH payment (payment processing fees)… and settlement fees.”

And it revealed something deeply disturbing;

Using the percentages and amounts he, himself, disclosed…

I estimate he paid $9,598.50 to this debt relief service…

In order to reduce his debt to roughly half of what he owed.

If paying an unheard-of $900 bucks per month and finishing a program twice as fast still means $10,000 in fees…

What do you think happens to the average person’s savings with debt relief services.

Well, one Las Vegas woman found out the hard way a few years ago.

After signing up for a debt settlement service, Kristina thought she’d finally get the relief she needed.

 

But when the company charged fees of 25% of the original balance for her first settlement, she had this to say…

 

“What I saved on settlement… almost everything went to them in fees.”

“If I would have known that, I would’ve never gone for this program.”

But the part that makes me sick to my stomach…

Is that both of those people were lucky compared to some.

One Michigan family-man could have lost his house in 2013...

Because a debt management firm took his money…

Put it into an account ‘for him’…

But paid themselves almost all of it.

He said…

 

 

“I was referred to [debt management] by my mortgage company to settle my credit card debt.”

“I invested over $7k into this program almost 4 years ago now. They did not negotiate my debts, [and] I still get calls and letters daily. I tried to access “my” account to pay these bills myself but [after their “Customer Fees”] there was $4.61 left.”

Can you imagine telling your children their home is getting taken away…

And it happened because a debt relief service company ripped you off?

As you can see, even a best-case-scenario with a debt relief service company, like Aaron’s “5-star experience”…

Just to get the 50% debt reduction that Freedom Debt Relief and many debt relief services tell you you can expect.

Source:https://www.freedomdebtrelief.com/faq/

But in a worst-case-scenario, this industry can screw you for years to come.

Like they did one recent Hafstra graduate with $21,000 in credit card debt.

Dann was focused on paying off his balances; spending only on rent, food and “often skipping meals” as he got back on his feet.

But he used a debt consolidation program as part of his plan…

And he later admitted to businessinsider.com: 

“[Afterwards] I got declined for every single type of credit card.”

What’s worse – he only received a tiny 17% off his monthly payments in exchange.

But the good news for you is you DON’T have to live the nightmare.

With the DebtClear system…

No one else gets control over your money or your credit. 

No one else takes service fees out of your debt relief savings.

No one else tells you to accept a debt settlement amount you don’t like.If you’re ready to take the reins with your own credit card debt relief, DebtClear is here to guide you every step of the way.