Rather than that, you establish a separate savings account in which you may manage and track all of your contributions and deposit your monthly payments.Įach month, customers and Freedom agree on the amount of money to deposit into the savings account. When you join, your creditors lose access to your funds. In comparison to other debt settlement firms, freedom’s debt settlement procedure is very straightforward. Some customers may have as many as twenty credit accounts, and Fox asserts that unsecured debt may vary from $7,500 to $100,000.Īny state that has implemented the Freedom Debt Relief policy has now lifted its prohibition on borrowers participating in the programme. Additionally, it will have no effect on the federal student loan burden.Īccording to Sean Fox, co-president of Freedom, each new customer carries an average of $25,000 in unsecured debt, which is spread over eight credit cards. While other debt relief businesses, such as Freedom, cannot assist customers who owe money secured by a mortgage or a car loan, they can assist customers who owe money secured by a mortgage or a vehicle loan. Enroll all credit cards with a balance of $500 or more. You must have a total debt of $7,500 to qualify. 6 Alternatives Freedom Debt Relief Business Modelįreedom’s main aim for those who are in debt due to credit cards, medical expenses, personal loans, private school loans, and other forms of unsecured debt is to assist individuals in regaining control of their financial life.
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