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National Debt Relief: Introduction
National Debt Relief appears to be a debt settlement company, which was founded back in 2008 in New York, NY. As the company claims, it has helped many customers to deal with their debts and get a genuine debt relief since that time. So, to put it bluntly, this company offers an alternative service to debt consolidation, debt counseling, and bankruptcy.
Even though this company has been for quite a while on the market, there is very limited info about it. Its customers, however, rate it quite high in general, claiming that they have been helped to cut their debt for up to 30%.
National Debt Relief Review
Even though National Debt Relief appears to be a decent debt settlement company, there are certain risks involved when choosing in favor of this option. For instance, these are the reasons why you might consider another way of solving your debt problem than resorting to debt settlement:
- You might still hear from debt collectors and creditors. There is no guarantee that your creditors will agree to work with National Debt Relief, which means that you might be contacted or even sued by debt collectors.
- Your credit score will be lowered. Considering that debt settlement requires you to stop making payments on your debts, the payments will later be shown on your reports as late payments, causing your credit score to drop.
- Forgiven debt may be taxed. Forgiven debts of $600 or more may be counted as an income on your taxes. The only way to avoid this is you to be insolvent at the moment when National Debt Relief settles with creditors (which means your liabilities must exceed your assets).
- Interest and fees will keep accruing. If you fail to stick to the program or if National Debt Relief will not deliver a debt settlement to you, you might end up with a higher outstanding balance than before.
Besides, there are a few things to keep in mind before turning to National Debt Relief. First of all, only borrowers with the debt of $7,500 or more are able to qualify for National Debt Relief. Secondly, the timeframe of paying off your debt is quite long, typically ranging between 24 and 48 months. But many customers report that they were able to save up to 30% off after fees.
These are the pros of this service:
- This service may really help you to cut off your outstanding debt by as much as 30%.
Yet, National Debt Relief can be characterized by the following cons:
- Too many risks involved.
- Borrowers with debts that are worth less than $7,500 aren’t eligible.
- A long timeframe of paying your debts off, which typically ranges from 24 to 48 months.
- The service fees are typically between 15% and 25% of the total debt of yours.
As a matter of fact, our website also provides customers with an actionable, helpful guide to the online use of National Debt Relief. You can check it right now on this page and find out how to apply for this service.