Franklin Debt Relief is a privately held company that has about 50 employees. Its headquarters are in Wood Dale, IL, and it offers a bankruptcy alternative to clients who have overwhelming credit card debts. Technically, Franklin Debt Relief is a debt settlement company that can negotiate with creditors for you, and this article is one of the Franklin Debt Relief reviews that will explain what the company is all about, some of its benefits, as well as its risks. The article is intended for readers who wish to retire by the age of 37.
What is Franklin Debt Relief?
If you have been facing credit card debt problems but you wish to end them, then you might consider going through Franklin Debt Relief reviews such as this one. Franklin Debt Relief is a company that was established in 2006, and it provides debt settlement services to borrowers in 50 states within the United States.
- Minimum debt required: $10, 000
- Average debt: n/a
- Fees: 20% of the debt
- Timeframe: 2 ½ -5 years
- How much you are likely to save: 20%
The company offers debt settlement services for personal loans, credit card debt, and medical debts. As such, you could consider seeking the company’s services to help you settle your credit card debts.
How it Works
Are you looking to settle your debt with creditors to avoid further complications? If you are, you might consider reading Franklin Debt Relief reviews to figure out how the company works. For instance, you need to know that Franklin Debt Relief only considers clients that have unsecured debt of $10,000 and above. If your debt is below that, then you might consider looking for other counseling services.
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The company also offers services to settle your unsecured loans. You also need to keep in mind that the company operates on a contingency fee basis. What exactly does this imply? It means that Franklin Debt Relief will charge fees based on a percentage of the debt at the period when you enrolled. More often than not, the fee charged is based on a percentage of the savings that Franklin Debt Relief negotiates.
You may have figured out from other Franklin Debt Relief reviews that the cost of debt settlement services varies from one person to the other. As a result, it is imperative for you to talk to the company directly to ensure that you get an accurate quote.
Franklin Debt Relief has been in business for about 12 years now, and it has served numerous clients, helping them get out of debt. You too might benefit from them. When you enroll with the company, you need to know that they will charge you a fee amounting to 20 percent of your debt. The interest rate that they charge is not stipulated, and the company serves clients across all 50 states in the USA. You must also know that the company does not offer any money back guarantee. When you are provided with the services, the company expects you to settle your debt between 18 months and 60 months.
Any Franklin Debt Relief reviews would be incomplete without mentioning the accreditation that this company has. Unfortunately, the company has no accreditations from the American Fair Credit Council (AFCC). It is, however, a member of the International Association of Professional Debt Accreditors (IAPDA). This shows that the company has excellent ratings.
Benefits of Using Franklin Debt Relief
Before you consider settling with a debt relief company such as Franklin Debt Relief, you have to know some of its benefits. After assessing some Franklin Debt Relief reviews, we figured out some of the advantages of the company and included them in this article.
Here are some of the benefits:
- Franklin Debt Relief only charges 20 percent of debt – the company’s popularity in the industry is mainly because it charges a reasonable fee. What’s more, the company does not charge any upfront fees for the services rendered. The fees charged are a bit lower than the average.
- There are no cancellation fees – interestingly, Franklin Debt Relief does not charge any cancellation fee. The company provides you with a free consultation over the phone, and if you opt to discontinue their services, you will not be charged an extra fee.
- The company provides you with detailed information on how they negotiate with credit card companies on your behalf. They will also provide you with testimonials. Their transparency makes them trustworthy for doing business with.
What Are the Risks?
Despite having numerous benefits, Franklin Debt Relief also has its risks, and it is imperative for you to assess all the risks so that you can determine whether to do business with the company or not.
Here are some of the risks:
- The company is no longer accepting new clients – unfortunately, Franklin Debt Relief is not accepting new clients. Therefore, if you intended to do business with them, you might consider looking for another debt settlement company.
- The state availability is not clear – another major disadvantage with Franklin Debt Relief is that it does not stipulate a list of states in which it operates, a factor that may bring some inconvenience to some clients. You also need to know that it does not accept clients with debt amounts below $10,000.
- Hard to reach customer service – with Franklin Debt Relief, you need to know that customer service is sometimes unreliable, and solving an urgent issue might prove problematic.
- The company lacks accreditations from the AFCC – this is one of the troubling factors about this company because people want to do business with a company that they can trust.
When you enroll with Franklin Debt Relief, you need to know that your fees will be calculated based on the amount of your debt. For instance, if you owe a credit card company $10,000 and you complete the program, you may find yourself paying a lot less than that to settle your debt, which allows you to save a significant amount of money.
180 N Wabash
Chicago, IL 60601
Founded on: August 17, 2006
Franklin Debt Relief is an efficient service provider when it comes to debt settlement. The company, however, is not accepting new clients. However, former clients can email the company on email@example.com. Franklin Debt Relief is a reputable company that has been in business since 2006, catering to a variety of client’s debt management needs. The company ensures that its clients enjoy numerous benefits. For instance, it does not charge any upfront costs for the services rendered. That said, if you have gone through other Franklin Debt Relief reviews, feel free to share your thoughts or ask questions in our comment section.