1 out of 3 Millennials & 2 out of 5 Zoomers have near prime credit scores in India.
Last few years have seen a consistent growth in India’s household debt.
Indian economy is still in recovery mode.
With the growth in retail credit, defaults are on the rise.
India’s millennials and generation Z are the most impacted by the debt trap.
Unavailability of debt relief measures and lack of credit awareness.
The problem needed immediate action!
FREED was founded with a mission to help debt burdened consumers resolve their debt and regain their financial freedom.
The founding team of FREED has over 50 years of combined experience in the US Debt Relief Industry with over $2 billion in consumer debt enrolled and serviced. FREED founder and CEO, Ritesh Srivastava was always looking for a way to leverage this rich experience to help the debt burdened consumers in India regain their financial freedom and become debt free. A serial entrepreneur, Ritesh was busy scaling his luxury ecommerce venture when Covid hit the Indian shores and the life and the economy as we knew, changed forever!
The impact of Covid quickly started to show the cracks in the economy with job losses, business closures, and a sense of despondency and gloom that had engulfed all of us. The early signs of the economic stress started to show in the form of loan defaults that were at an all time high, the RBI took cognizance and announced loan moratoriums and restructuring as a temporary relief for borrowers. With the growth in retail credit that is largely aided by the growing aspirational consumption and the de-stigmatization of debt among the millennials and gen Z, debt-relief and credit counseling service was the need of the hour!
It was in May 2020, that Ritesh decided to call the old band, the team that helped him build one of the largest debt settlement companies in the US. It did not need much convincing and the old band was reunited, and FREED came into being in August 2020. It took hundreds of hours of endless conversations, painstaking arguments and discussions with friends, family members, debt-ridden consumers, bankers, lawyers, financial consultants, and consumer advocates, that led to FREED – India’s first comprehensive debt relief platform.
We asked ourselves “How can we help more people”. We knew the pain, understood the pain points and were ready to solve this big problem. Since our launch in August 2020, we have counselled over 30,000 customers and enrolled over 300 crore in debt on our platform. Along the way, we have constantly strived to make the entire debt-relief journey as seamless and painless as possible for our customers. We are on a mission to create the most trusted debt relief platform for customers in a debt trap. Staying true to this mission, we are proud to have a team that embodies passion, empathy, and service.
And we have just begun…
India's 1st Comprehensive Debt Relief Platform
0124-6663666 (Mon-Fri - 10AM -7 PM)
info@freed.care
Level 5, BPTP Park Centra, Sector-30, Gurugram
*Please note that clients who are able to stay in the program and get their debts settled realize approximate savings of 50% or 35% including our fees. All claims are estimates and are based on the enrolled debts and the program tenure. Not all clients are able to complete their program for various reasons, including their ability to keep up with the program payments and save sufficient funds. Not all debts are eligible for enrollment in the Debt Settlement program. There is no guarantee that your debts would be resolved within a specific period of time or they would be lowered by a specific amount or percentage. We do not assume your debts, make monthly payments to your creditors or provide tax, accounting or legal advice. Please read and understand all program details prior to enrollment. Enrolling in Debt Settlement services will have an adverse impact on your credit rating and may result in you being subjected to aggressive collection measures or even being sued by creditors. The accounts you enroll may continue to accrue fees and interest, however, negotiated settlements that we obtain on your behalf would resolve the entire account balance, including accrued fees and interest.
