Question 1

How does your Loan Settlement Program work?

Accepted Answer

Following enrollment in FREED's Loan Settlement Program, you set aside a fixed amount every month in a Special Purpose Account managed by India's leading Trusteeship firm. The amount you save each month is determined during your initial consultation and is based on your affordability, your total enrolled loan and your financial goals. As your savings build, we work with your creditors and collectors to reach agreeable settlements on each of your accounts. Once a creditor settlement has been negotiated you will be contacted to authorize it prior to payment. This process will be repeated until you are loan-free.

Question 2

How do I know if loan settlement is the best option for me?

Accepted Answer

FREED's Loan settlement program is a great choice for people with high levels of unsecured loans and if they are in a 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 or credit cards keep growing, then our program could be right for you.

Question 3

Why do we charge a Platform Fee?

Accepted Answer

To ensure that your loan settlement stays on track from Day 1, we charge a small Platform Fee every month. This helps us allocate dedicated experts, negotiate with lenders, and build your case. It is not extra and will be fully adjusted in your settlement fee. FREED's monthly service fee gives you access to benefits such as collection harassment support, app tools and credit insights, on-call counsellor support, personalised dashboard and lender negotiation.

Question 4

Do you guarantee that you will settle all of my loans for a certain percentage?

Accepted Answer

No. FREED or anyone cannot guarantee a certain percentage on your settlements. Every creditor and account are unique, and the outcome of negotiations cannot be predicted. The success of negotiations also depends on you making regular monthly payments into your Special Purpose Account. This is a teamwork and your cooperation is required to achieve the best results.

Question 5

Is loan settlement legitimate or legal?

Accepted Answer

Yes, loan settlement is absolutely legal. Currently in India, there are no consumer-friendly loan relief options for people struggling with loans. FREED was founded to provide loan relief solutions, services and financial literacy to enable customers to reduce and eliminate loans and achieve financial freedom.

Question 6

Who controls the Special Purpose Account where my funds are held?

Accepted Answer

Your savings are deposited in a Special Purpose Account that is managed by a leading Trusteeship firm. Only you can authorise outgoing payments from this account and remain in control of these funds at all times.

Question 7

What is a Special Purpose Account?

Accepted Answer

A Special Purpose Account is your savings account that can only be used to pay off your creditors. Once all your outstanding loans are settled, any amount remaining in your account is refunded back to you.

Question 8

Will the loan settlement program affect my credit score?

Accepted Answer

Yes, the loan settlement program will negatively impact your credit in the short term, but your credit score starts to improve once you have completed the program and are loan-free. If you are already behind on your payments, your credit score may already be impacted. Credit scores tend to improve quickly after the program is completed with responsible financial behaviour.

Question 9

Should I include all of my credit cards and personal loans in the program?

Accepted Answer

If you have one credit card or loan with a low balance that you are able to pay down, it is recommended to keep that account for emergencies and not enroll it in the program. It can be difficult to negotiate settlements if you are settling some accounts but not others.

Question 10

Do interest and late fees accrue after I enroll?

Accepted Answer

Once your loan and credit card accounts become delinquent, creditors may continue to add interest and late fees. Balances typically increase until a settlement is reached. At FREED, we account for these charges while negotiating reductions and calculating your repayment estimate. Even if additional fees are charged, the settlement fee collected will not increase.

Settle your unpaid loans at up to 50%*

Support against Harassment

Best
settlement offer

Legal
Assistance

Support against Harassment

Best
settlement offer

Legal
Assistance

75,000+

₹450 Cr+

4.8/5

100%

75,000+

₹1,240 Cr+

4.8/5

20,000+ Loan accounts settled

What happens when you are unable to pay EMIs?

Missed EMIs

Credit score drops

Loans get rejected

Penalties keep increasing

Recovery
harassment starts

Legal notice may follow

You don’t have to go through this alone.

How FREED helps you settle your loans

3 steps to help you settle your loans

Tell us about your loans

Budgeting

We negotiate for you

Harassment relief

Settle with a plan

Best settlement offer

Recovery agents harassing you?

India's Trusted Loan Management Platform

Stories of FREEDom

FREED in the news

Your go-to resource for financial wellbeing

Settle your unpaid loans at up to 50%*

Support against Harassment

Best settlement offer

Legal Assistance

Support against Harassment

Best settlement offer

Legal Assistance

75,000+

₹450 Cr+

4.8/5

100%

75,000+

₹1,240 Cr+

4.8/5

20,000+ Loan accounts settled

What happens when you are unable to pay EMIs?

Missed EMIs

Credit score drops

Loans get rejected

Penalties keep increasing

Recoveryharassment starts

Legal notice may follow

You don’t have to go through this alone.

How FREED helps you settle your loans

3 steps to help you settle your loans

Tell us about your loans

Budgeting

We negotiate for you

Harassment relief

Settle with a plan

Best settlement offer

Recovery agents harassing you?

India's Trusted Loan Management Platform

Stories of FREEDom

FREED in the news

Your go-to resource for financial wellbeing

How do I know if Loan Relief or loan settlement is the best option for me?

What types of loans can FREED help me with?

How does Loan Relief or loan settlement affect my credit score?

How much does Loan Relief Cost?

How much will I save with FREED's Loan Relief?

Best
settlement offer

Legal
Assistance

Best
settlement offer

Legal
Assistance

Recovery
harassment starts