“Freedom took advantage of vulnerable consumers who turned to the company for help getting out of debt,” said CFPB Director Richard Cordray. The CFPB is seeking compensation for harmed consumers, civil penalties, and an injunction against Freedom and Housser to halt their unlawful conduct. The CFPB alleges that Freedom charges consumers without settling their debts as promised, makes customers negotiate their own settlements, misleads them about its fees and the reach of its services, and fails to inform them of their rights to funds they deposited with the company.
The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit against Freedom Debt Relief, the nation’s largest debt-settlement services provider, and its co-CEO Andrew Housser for deceiving consumers. You may be subject to collection activity or lawsuits by creditors or collectors if you are not making regular monthly payments.WASHINGTON, D.C. Not all creditors will negotiate debt resolution with third parties and some creditors will only negotiate under certain circumstances, such as a charge-off.
Please consult with a bankruptcy attorney for more information on bankruptcy.
#FREEDOM DEBT CONSOLIDATION REVIEWS PROFESSIONAL#
Please contact a tax professional to discuss tax consequences of debt forgiveness. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. All estimates are based on prior results, which will vary based on specific circumstances. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Not all debts are eligible for enrollment. All claims above are based on enrolled debts. * Clients who are able to remain with the program and resolve all their debt realize approximate savings of 55% before fees, or 30% including our fees, in 24 to 48 months. Once a settlement is reached, you pay off the lower debt amount! And you’re moving ever closer to living a debt-free life. It usually takes several months before creditors are willing to negotiate seriously. While you’re saving, we’ll monitor your progress and work with creditors to reach a settlement. The money you save is used to negotiate settlements with your creditors for significantly less than you originally owed and pay our service fees.
To successfully settle your debts, you’ll work with American Debt Relief by making monthly deposits into a savings account-usually at a lower monthly payment than your minimum payments to creditors had been. While the concept is simple, it takes a lot of work and experience to know what debts can be settled and when the settlement offers are in your favor. The Financial Freedom Plan is a proven method for helping people become debt-free using the power of debt settlement.ĭebt settlement is an agreement with your creditors to pay off your debt (settle it) for less than you owed.
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