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FREED’s Debt Settlement program is a great choice for people with high levels of unsecured debt, who are struggling with financial hardship due to a job loss, pay cuts, medical emergencies, etc. If you are behind on your credit card or loan payments and are struggling with your personal finances while the balance on your loans/credit cards keep growing, then our program could be right for you.
Debt Settlement is a disciplined and strategic approach to resolve the debts and while there is financial freedom at the end of this journey, but the customer has to be absolutely certain about his goals and be willing to walk the tight rope.
We strongly encourage you to ask yourself the following questions before you consider debt settlement:
FREED can help you with most of your unsecured debts/loans like personal loans, credit card debts, consumer loans, pay day loans, peer-to-peer loans, and education loans. We cannot settle loans backed by collaterals like home loans and auto loans.
The good news though, is that credit scores tend to improve quickly once a debt settlement program has been completed. By engaging in good credit behavior, anyone’s credit score could recover over time. Moreover, as set out on your path to rebuild your credit, you would rather like to see “Settled” against your accounts than a “Willful Default”.
FREED charges a nominal monthly subscription fee for the duration of your debt settlement program. We understand that dealing with debt is stressful, the subscription fee entitles you for the following benefits – Creditor harassment support, Pre-Litigation support, Dedicated Relationship Manager, Creditor communication help, Trust Account Management and creditor payout, monthly budgeting and counseling, and an Intuitive client dashboard for tracking your progress, Account statements and program updates.
Settling your debt means that the high interest rates (18% to 40% annually) and penalty and fees (up to 3-5% monthly) that you have been incurring on your loans will cease. This alone will free up a lot of disposable money that you can save towards building a bright future for your family. Additionally, the fees we charge our clients for the Debt Settlement program are more than reasonable. Our clients can save up to 40-50% on their debts.
FREED works on a self-save model where the consumers set aside funds every month in a Trust Account for their debt relief program. FREED charges a flat rate of 10% + GST for the total debt enrolled in the program. This fee is earned progressively as your enrolled account(s) get settled.. Our goal is to provide you with a 40-50% savings on your enrolled debt and get you debt free in the quickest way possible.
FREED’s Debt Settlement program is designed for unsecured debts (Credit Card debts, Personal loans, etc.). We cannot help with debt that is secured by a collateral (such as home loans or auto loans). However, once you have graduated from the program, the money that you had been paying towards settling your debts can now be used for paying off your secured debts and for building your financial future. The goal of this program is to drive responsible financial behavior and to build credit awareness among our customers. While, many businesses thrive on repeat business, at FREED we do not want to see any repeat customers.
FREED’s Debt Settlement program is backed by a Money Back Guarantee because we are absolutely paranoid about our service and customer satisfaction is a non-negotiable principle in our Organization. If we are unable to settle your debts, we will offer you a refund. It’s that simple, if we don’t perform; you don’t pay!
However, at FREED we know it’s difficult to make do without at least one credit card for emergency expenditures. To that end, it may be advisable for clients to maintain one card account that has a clean payment history and preferably low outstanding balance.
Your Counsellor at FREED will help you decide the best plan of action based on your current financial situation
FREED’s Debt Settlement program is for consumers that are burdened with debt and have a legitimate financial hardship. FREED will never advise you to not pay your debts. However, if you continue to make monthly payments to your creditors while being in the program, it is unlikely that the creditors will be willing to accept less than the full amount owed if you are payments are current.
Whether you settle your debt on your own or work with FREED, the most effective way to get creditors to negotiate is by showing them you are unable to pay your debt in full due to a financial hardship. Letting your payments go into default is a good way to do this. Once your creditors understand that you are unable to pay in full, they are more likely to accept a reduced amount as settlement. If you are able to save money in this program and make payments to your creditors at the same time, then you probably don’t actually have a legitimate financial hardship.
Once your loan and credit card accounts become delinquent, your creditors will continue to add interest and late fees onto your balances. Typically, your balance will increase until a settlement is reached. Bear in mind that the interest is going to accrue regardless of whether you make minimum payments or not. At FREED, our goal is to negotiate significant reductions on the total amount you owe, even after the interest and late fees have been added to your balance. We account for the additional fees and the interest loading on your balance when working out the repayment estimate for you. Even if your creditor charges extra fees and interest, the fee we collect to settle the debt will not increase.
No. FREED cannot guarantee a certain percentage on your settlements. Every creditor and account are unique, and we cannot predict as to how the negotiations will pan out. Furthermore, the success of our negotiations is highly dependent on you keeping your end of the bargain as well, by making regular monthly payments into your special purpose account. This is a teamwork and we need your full cooperation to achieve the best results for you.
Your creditors will continue to call you to recover the debt. However, there are certain codes of conduct that the debt collectors must adhere to, and there are laws that protect you from collections harassment. To help, we offer tips and guidance on how to handle those interactions. The fact is that most of the customers will some experience collection calls.
Your creditors have the legal right to file a lawsuit for non-payment of a debt obligation, such lawsuits are rare and rather expensive, and creditors try to avoid them. Most creditors would rather work out a negotiated settlement than spend more money on a lawsuit with no definite guarantee of a timeline or outcome in terms of the collectability of the debt.
In an unlikely scenario that you get sued by a creditor, we have the experience and are prepared to handle these types of collection strategies. We are not attorneys or are licensed to practice law, but we have engaged a Consumer Advocacy Law firm that specializes in consumer debt litigation cases. If a creditor files a lawsuit, we will consult with the law firm to determine the best course of action. The cost of an initial legal consultation is included in the program and is available to all qualifying customers. The clients will be responsible to pay for the legal representation and other court fees, as applicable.
Yes, you can.
Debt Settlement is complex and time-consuming, also, many people may just not have the mental strength and the perseverance to haggle with the creditors. The average customer is on the backfoot when interacting with the creditors due to the embarrassment and shame he feels for having fallen back on the payments. Most people will find it difficult to deal with the pressure tactics, tricks, threats and traps used by creditors. Also, like any other business, there are tricks of the trade and leverage that a professional is able to apply to get the best results, this is where FREED comes into play. Our knowledge and experience give us the leverage and the strength to represent you to your creditors and negotiate the best settlement and outcome for you.
Yes, 100%. Debt Settlement is absolutely legal. Currently in India, there are no consumer-friendly debt relief options for people struggling with debt. FREED was founded to solve this massive problem. Our mission is to provide debt relief solutions and services and financial literacy to debt burdened customers to enable them to reduce and eliminate debt, build wealth and achieve financial freedom. Moreover, we charge our service fee only when we settle your debt, you don’t pay if we don’t settle, it is as simple as that!
You do, we ensure that you are in control of the entire process, we want you to be on top of your game. The special purpose account is set up in your name, and the money in the account is yours. FREED fees are deducted from this account per a fixed payment schedule approved by you. The accumulated savings in the account are available to you anytime and it is only with your authorization that any movement of the money happens, for sending payments to your creditors for settling your accounts. We love to engage with customers and are there to handhold you throughout this journey of financial freedom.
If you have one credit card or loan with a low balance that you are able to pay down to zero, then we recommend keeping that account for emergencies and not enrolling that account in the program. It will be tough to negotiate settlement offers with your creditors if they see that you are settling on some accounts but not on others.
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.
