Consolidation Plus is a proud member of Freedom Financial Network, which specializes in providing consumer debt management services through its affiliated companies, including FreedomPlus, Consolidation Plus, Freedom Financial Asset Management, and Freedom Debt Relief.
Beside above, can I get a loan to clear my debts?
A debt consolidation loan can solve both problems by pulling all your debt into a single loan. … If you have significant debt and are struggling to make minimum payments, a debt consolidation loan can give you some breathing room by extending the term of your debt and lowering your monthly instalments.
Then, can you refinance a consolidation PLUS loan?
If you have a high credit score, you are a low-risk borrower. That means you can be given a low-interest rate on your loan. If you have a low credit score, that is an indication that you are a high-risk borrower. You will be given a higher interest rate.
Do debt consolidation loans require collateral?
What About Debt Consolidation Loans Without Collateral? The vast majority of consolidation loans are unsecured. This means that the borrower does not back the loan with collateral, and no assets are at immediate risk if the borrower is unable to pay.
Do I get my money back if I cancel Freedom Debt Relief?
Canceling the debt negotiation process can be difficult, since Freedom Debt Relief may be in the midst of working with your creditors to pay off your debt. … Please note that Freedom Debt Relief does not offer a money back guarantee.
Does consolidation ruin your credit?
Does debt consolidation hurt your credit? Debt consolidation loans can hurt your credit, but it’s only temporary. … Consolidating multiple accounts into one loan can also lower your credit utilization ratio, which can also hurt your score.
Does freedom Finance affect credit score?
They allow for you to conduct your own loan research, knowing that it will not affect your credit score.
How do I contact Freedom Plus?
Call this toll-free number: 800-297-5879. Reply electronically by contacting us through electronic mail at [email protected].
How does the freedom loan work?
It’s simple. The Freedom loan pays the lowest amount of interest to the banks because it pays off in less time. A 30-year standard mortgage is one of the most profitable loans for a bank because they know on average most people only keep their loans for 3-5 years paying little principle and mostly interest.
How long after debt consolidation can I buy a house?
You may even be able to buy a home sooner than expected because your existing debts get paid off quicker. So, rather than buying a home immediately after getting a new loan or credit card for the purpose of consolidation, wait at least a few months until your credit score can bounce back.
How long does debt consolidation stay on your record?
How long does it take to get approved for a consolidation loan?
Although it usually takes a few weeks to obtain a Federal Direct Consolidation loan, sometimes it can take months. Consolidation typically takes 30-45 days.
How long has freedom plus been in business?
Is debt settlement a bad idea?
It’s a service that’s typically offered by third-party companies that claim to reduce your debt by negotiating a settlement with your creditor. Paying off a debt for less than you owe may sound great at first, but debt settlement can be risky, potentially impacting your credit scores or even costing you more money.
Is Freedom Debt Relief a legit company?
Freedom Debt Relief is an accredited debt settlement company based in Arizona that offers consumers a way to eliminate their debt by reducing what they owe. The business has served more than 650,000 consumers and resolved more than $10 billion in debt since 2002.
Is freedom plus a secured loan?
Cons. Charges origination fee. High minimum loan amount. No secured or co-signed loan option.
Is freedom plus the same as Freedom Financial?
FreedomPlus is the consumer brand of Freedom Financial Network, LLC, which is headquartered in San Mateo, California.
Is FreedomPlus the same as Freedom Financial?
FreedomPlus is the consumer brand of Freedom Financial Network, LLC, which is headquartered in San Mateo, California.
What are the disadvantages of consolidation?
Consolidation Disadvantages
- Overall debt increased. If you borrow money to consolidate debts, you will be charged interest on the new loan. …
- Mortgage secured against your home. A mortgage or secured loan will be secured against your home. …
- Debt may become worse if your spending habits do not change.
What credit score is needed for a consolidation loan?
Often you’ll need a credit score of around 650, although bad-credit debt consolidation lenders exist; these lenders may accept credit scores of 600 or even less. Just remember that the lower your credit score, the higher your interest rate.
What happens if you quit Freedom Debt Relief?
What Happens If I Stop Paying My Debt Management Plan? If you stop making monthly payments to your debt management plan, you will be removed from the program and your rates will shoot back up to their previous levels.
What is a C+ loan?
C+ Loans are offered exclusively to consumers who contract with Freedom Debt Relief (FDR), a FFAM-affiliated debt settlement company. C+ Loans were marketed as a way for consumers to quickly resolve their outstanding debts. … Misrepresenting that the consumers’ creditworthiness would improve by obtaining a C+ Loan.