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Accredited Debt Relief Debt Settlement Reviews

Dena Standley | April 11, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Fact-checked by George Simons, JD/MBA

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD/MBA. In his spare time, George likes to cook, because he likes to eat.

Summary: Accredited Debt Relief helps debtors resolve outstanding accounts by negotiating for less than the creditors ask. However, their debt relief programs may not be best for you if you have a high credit score, don't have money to pay them, or have unsecured debts below $10,000. Fortunately, there is not much Accredited Debt Relief does that you cannot do for yourself, with the help of SoloSettle.

You will likely hear about Accredited Debt Relief as soon as you start researching debt settlement. It is a legitimate company. Aside from debt resolution programs, it also offers debt consolidation loans and credit counseling services.

Accredited Debt Relief is a for-profit business, so consumers should know that some creditors may avoid working with them. It's only available in some states, which blocks many consumers from using its services.

So, what do consumers think about hiring Accredited Debt Relief for debt settlement services? What does SoloSuit think? Keep reading to find out.

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Accredited Debt Relief customer reviews

Some consumers enjoy working with Accredited Relief's debt specialists. They cite timely responses and friendly customer service.

However, not all consumers are happy. For example, complaint number 3547272 with the Consumer Financial Protection Bureau (CFPB) is about Accredited Debt Relief's debt settlement program. The consumer states that the company got them deeper into debt; their fees are high, and they pay themselves with the money in your savings account, leaving no funds to move to the subsequent creditor.

Such complaints are common because many consumers get into debt settlement programs without knowing the risks. Below is SoloSuit’s review of Accredited Debt Relief's debt settlement services.

What should you know before hiring Accredited Debt Relief for debt settlement?

Haggling for lower prices is not a new practice, as debt settlement companies want you to believe. It is simple stating what you can afford against what your creditor says you owe and asking for a compromise. And no, you need not be a professional haggler to settle your debt for less. All you need is an understanding of your financial situation, decent negotiation skills, and willingness to get out of debt.

So why do many consumers still feel better off hiring a debt settlement specialist? The short answer is advertisement. Debt relief companies position themselves as the only way to resolve the debt for less. Many unsuspecting consumers, desperate to settle their accounts, take the bait.

Below are some of the risks of working with Accredited Debt Relief.

The services are expensive

Accredited Debt Relief charges 15-25% of the enrolled amount. Considering the lowest debt amount to qualify is $10,000, the lowest possible fees are between $1,500 and $2,500. It is no wonder that some creditors are unwilling to work with Accredited Debt Relief. Consider a creditor’s thought about why you would be negotiating for debt settlement while spending thousands of dollars on debt relief services.

Even if your creditors agree to Accredited Relief's mediation, you will spend much more than if you settled on your own. Remember the possible taxes on the forgiven amounts.

Accredited debt relief settlement lowers your credit score

There are better options than debt settlement for consumers with high credit scores. The reason is that Accredited typically asks you to stop paying your creditors and instead save money in a dedicated savings account. The idea is to build a lump sum amount before you can make a reasonable offer to the first creditor.

That makes sense. But what consumers need to realize is that every missed payment goes on their credit report. By the time you resolve all delinquent accounts, your credit score will have taken a nosedive because payment history is a huge factor in determining your creditworthiness. As if that is not bad enough, the creditors will report settled rather than paid accounts. That, too, hurts your credit. Getting your credit to where it was when you started can take years.

Check out this video to learn more about how debt settlement affects your credit score:

What if one or more creditors refuse Accredited Debt Relief's offer?

Consider what happens if you follow Accredited Debt Relief’s advice and keep up with the monthly savings. You successfully resolve the first three accounts. But then you hit a dead end—the remaining creditors do not want to settle. Where would that leave you?

First, you go back to the same place you were, except now you have increased outstanding obligations, late fees, penalties, and, as mentioned above, a shredded credit score. Second, the creditor can sue you. And third, you must renegotiate a new repayment plan by yourself.

There are additional risks of working with debt settlement companies, as discussed in this article by the CFPB.

Being deep in debt can be overwhelming. However, you must not shoot yourself in the foot while working with debt settlement companies. Remember, you can save lots of money if you negotiate with your creditors on your own—SoloSettle can help you do this.

Settle debts on your own with SoloSettle

You can take matters into your own hands and settle your debts by yourself with the help of SoloSettle.

SoloSettle, powered by SoloSuit, is different from traditional debt settlement companies. Here’s how:

  • You can settle the debt on your own with SoloSettle.
  • You have legal defense built in with SoloSuit. You can respond to a debt lawsuit and fight off collectors in court while working on the settlement.
  • You don’t have to make any payments until you’ve reached a debt settlement agreement.
  • You can settle a debt of any size with SoloSettle. Many debt settlement companies require you to have a large debt of $15,000 or more to enroll.
  • You stay updated with each step of the settlement process until an offer is accepted by your creditor or collector.
  • Check out this video to learn more about how to settle your debt on your own—once and for all.

Watch the following video to learn more about how to settle your own debt and SoloSettle’s services:

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How much should I offer to a debt collector to settle my debt?

We asked an attorney, John Skiba, how much you should offer to settle debt, and here are some tips he shared.

When considering how much to offer to settle a debt, it largely depends on whether you're dealing with a junk debt buyer or the original creditor.

For junk debt buyers, a low settlement could be around 10% of the total debt, but more typically, offers between 30% and 40% are accepted, especially if you can pay in a lump sum shortly after reaching an agreement.

Original creditors usually expect higher settlements, around 50% to 75% of the total balance, particularly for lump sum payments. Payment plans are an option but often result in paying more over time.

It's important to propose a realistic plan based on your budget, without overcommitting to an amount you cannot afford. Always initiate the offer rather than waiting for the creditor, as their starting position is often to expect full repayment.

Watch the following video for more information on how much to offer to settle a debt:

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

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Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

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Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

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Civil law legal definitions

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