Did you get a notification from Debt Advisors of America like the one shown below, instructing you to contact either 800-520-2179 or 800-735-5162? Did it mention a 10-day deadline for your response? Have you read about the legal action being taken against debt Advisors of America?
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
- BBB A+ Rating
In the event that you received this notice from Debt Advisors of America. What is the purpose of this letter and what is the company attempting to promote?
This review aims to offer an understanding of the services that Debt Advisors of America can provide, as well as a detailed analysis of the reviews for Debt Advisors of America.
What is Debt Advisors of America?
Debt Advisors of America offers debt consolidation services which may also be referred to as debt settlement or debt relief. The company may also direct people to Litigation Practice Group, as evidenced in a lawsuit. Their approach involves negotiating and settling the debt without the need for a loan, as advertised on their Google My Business profile. The company has an alternate name, Debt Resolution Direct LLC, according to their BBB profile which also indicates their establishment in 2018.
Receiving a letter like this can result in a significant decrease in your monthly payment and potential savings. However, it is important to take into account the drawbacks of debt settlement and thoroughly assess them before enrolling with a debt relief organization.
How does Debt Advisors of America work?
Debt Advisors of America is a debt relief company that assists people throughout the United States by collecting their personal details to create a suitable consolidation strategy. Their approach to debt consolidation does not involve obtaining a loan. Their assessments strive to assist you in decreasing your debts, avoiding the need to file for bankruptcy, and ultimately overcoming your burdensome financial obligations.
1. Free Consultation
Spend some time conversing with their team and inquire about the functioning of their program. Seek guidance from a qualified debt consultant about the debt restructure program and evaluate if being referred to it is suitable for your needs.
2. Evaluate Your Options
Once you meet the necessary qualifications, the team will offer an estimation of the savings you can achieve through a debt restructuring program. If you choose to proceed, a certified partner in debt consulting will customize a program designed specifically for you.
3. Start Negotiations
Their licensed partners possess years of expertise in bargaining with debtors. They utilize this proficiency to negotiate settlements on your behalf, with the aim of achieving the most advantageous outcomes from your debtors.
Debt Advisors of America Pros and Cons
Pros
- They can help you save money.
- You can on a program with a fixed payment.
- This is a type of consolidation where you cease making payments to your creditors and instead send a single payment to a designated bank account.
Cons
- If you have late payments on your accounts, it is possible that you may face legal action for the unpaid debts.
- Your credit score could be adversely impacted.
- If you are considered to be tax solvent, it is possible that there could some consequences.
Unfortunately, the notice sent out by the company failed to tackle any of these cons.
How much does Debt Advisors of America charge?
By using the services of a debt consolidation firm like Debt Advisors of America, you might be charged a fee that is determined by the amount of debt you have enrolled. For instance, if you have $50,000 of debt enrolled in a consolidation program, your fee could be 15% of your enrolled debt.
The difficulty lies in the fact that certain companies are not transparent about their charges. To illustrate, the agent may claim that the fee is already covered by the scheme.
If you have already obtained a quote from Debt Advisors of America, you may want to compare it with an estimated quote from another source to assess whether it is affordable.
How to qualify for Debt Advisors of America
You have a minimum of $10,000 in debt
The starting point for a partner who is not directly involved in a negotiation with credit card companies to act on your behalf, which provides them with more influence and a higher possibility of resolving outstanding debts with your creditors.
You have unsecured debt
Their focus is solely on unsecured debts that lack collateral. Such debts include credit card balances, medical expenses, and payday loans. However, they cannot offer debt settlement for secured debts such as those secured by student loans or those that have collateral, such as mortgages and car loans.
You can afford to make monthly payments
The programs that they suggest require you to deposit a fixed amount of money every month into a specific account. It is essential to maintain a regular monthly deposit for achieving success in the long run.
Debt Advisors of America customer reviews
To aid in your decision-making process, we will be discussing the reviews of Debt Advisor of America to determine if it is a viable choice for you.
BBB Reviews
Debt Advisors of America has a rating of 4.67 out of 5 stars, based on 259 reviews, as per the BBB. However, there have been 20 complaints against them in the last 3 years, with 11 of them being closed in the last 12 months.
One of the Debt Advisors of America positive reviews praised the company for its clear explanations and recommendation-worthy service, while another review noted their effectiveness in handling the process.
See If You Qualify for Credit Card Relief
See how much you can save every month — plus get an estimate of time savings and total savings — with your very own personalized plan.
One of the most recent Debt Advisors of America reviews was provided by Jennifer, who reported a significant drop in her credit score from the high 600s to below 490. She also expressed disappointment in the fact that despite being promised a resolution within 6 months, no action had been taken.
Jennifer P 10/07/2022
Final thoughts on Debt Advisors of America
To start with, we have observed that Debt Advisors of America is a legitimate company and has a BBB page, received some favorable feedback, and has been operating for more than 4 years.
Alternatively, we came across a mailer that could cause the reader to feel frightened. Moreover, while the notice includes two phone numbers (800-520-2179 or 800-735-5162), there doesn’t seem to be any indication of an address on the letter.
Debt Advisors of America Review
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Debt Advisors of America
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Debt Advisors of America Summary
To start with, we have observed that Debt Advisors of America has a BBB page, received some favorable feedback, and has been operating for more than 4 years. Alternatively, we came across a mailer that could cause the reader to feel frightened. Moreover, while the notice includes two phone numbers (800-520-2179 or 800-735-5162), there doesn’t seem to be any indication of an address on the letter.
