TurboDebt is a debt settlement company that provides debt relief services to individuals and families struggling with overwhelming debt. The company was founded in 1998 and has since helped thousands of clients successfully negotiate with creditors to reduce their debt balances.
- 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
TurboDebt offers a range of services, including debt settlement, credit counseling, and debt consolidation. The company’s goal is to help clients become debt-free as quickly and efficiently as possible, while also providing them with the education and resources they need to make informed financial decisions in the future. In this article, we will explore the TurboDebt pricing and fees so you can make an informed decision.
How much does TurboDebt charge?
TurboDebt is a legitimate debt settlement company offers debt relief services to help clients reduce their debt and improve their financial situation. They offer a free consultation to discuss individual needs and provide options for debt relief strategies. Clients can choose from a variety of debt relief programs, such as debt settlement, debt consolidation, or counseling.
Customers who successfully complete the program and pay off all their debts can save about 46% without fees, or 25% inclusive of fees, within a period of 24 to 48 months. However, they do specify that there are no guarantees of how much your debt will be lowered by or how long it is gonna take.
How does debt settlement work?
Debt settlement is a process where a borrower negotiates with their creditors to pay off their debt for less than the total amount owed. The borrower typically hires a debt settlement company to negotiate on their behalf. Debt settlement companies will negotiate with the creditors to reach a settlement agreement that is agreeable to both parties.
Once a settlement is reached, the borrower makes a lump sum payment or a series of payments to the creditor in exchange for them forgiving the remaining debt. Debt settlement can be a viable option for those who are struggling with unsecured debt and cannot afford to pay the full amount owed. However, it can also have negative consequences such as damaging credit scores and potential tax implications.
FAQs
How much does TurboDebt charge for its services?
TurboDebt charges a percentage of the total amount of debt enrolled in the program, typically ranging from 15% to 25%.
Are there any upfront fees for using TurboDebt’s services?
No, TurboDebt does not charge any upfront fees for its services.
Does TurboDebt offer a free consultation or evaluation of my debt situation?
Yes, TurboDebt offers a free debt evaluation and consultation to help determine if their services are a good fit for your situation.
Will TurboDebt negotiate with my creditors to lower my debt amount?
Yes, TurboDebt will negotiate with your creditors to try to lower your overall debt amount.
Can TurboDebt guarantee a certain amount of debt reduction?
No, TurboDebt cannot guarantee a specific amount of debt reduction as each individual’s situation is unique.
How long does it typically take for TurboDebt to negotiate a settlement with my creditors?
The negotiation process can take several months to a few years, depending on the complexity of your debt situation.
Does TurboDebt offer a money-back guarantee?
No, TurboDebt does not offer a money-back guarantee.
Are there any additional fees or charges I should be aware of?
TurboDebt may charge a monthly maintenance fee to cover the cost of managing your debt repayment plan.
Can I cancel my TurboDebt services at any time?
Yes, you can cancel your services with TurboDebt at any time without penalty.
Will using TurboDebt’s services negatively impact my credit score?
Using TurboDebt’s services may initially have a negative impact on your credit score, but over time, as your debt is paid off, your credit score should improve.
Glossary
- TurboDebt: A debt relief company that offers debt settlement services to consumers.
- Debt settlement: A debt relief strategy where a consumer negotiates with their creditors to reduce the amount owed.
- Pricing: The cost of TurboDebt’s debt settlement services.
- Fees: Additional charges associated with using TurboDebt’s services.
- Enrollment fee: A one-time fee charged when a consumer signs up for TurboDebt’s services.
- Monthly service fee: A recurring fee charged each month a consumer is enrolled in TurboDebt’s program.
- Settlement fee: A fee charged when TurboDebt successfully negotiates a settlement with a creditor.
- Percentage-based fee: A fee charged as a percentage of the amount of debt settled.
- Minimum fee: A minimum amount charged for each settled debt.
- Cancellation fee: A fee charged if a consumer cancels their enrollment in TurboDebt’s program before completion.
- Attorney fee: A fee charged for legal representation during debt settlement negotiations.
- Credit report fee: A fee charged for accessing a consumer’s credit report.
- Late payment fee: A fee charged if a consumer is late on their monthly service fee payment.
- Interest fee: A fee charged on the amount of debt settled to cover interest accrued during negotiations.
- Upfront fee: A fee charged before TurboDebt begins negotiating with creditors.
- Success fee: A fee charged only if TurboDebt is successful in settling a consumer’s debt.
- Collection fee: A fee charged by creditors for the cost of collecting unpaid debts.
- Hardship fee: A fee charged for consumers experiencing financial hardship.
- Referral fee: A fee paid to third-party companies or individuals for referring customers to TurboDebt.
- National Debt Relief: National Debt Relief refers to a company that provides debt settlement services to individuals and businesses struggling with unsecured debts, such as credit card bills and personal loans. The company negotiates with creditors on behalf of its clients to reduce their outstanding balances and establish more manageable repayment plans.
- Disclosure fee: A fee charged for providing consumers with information about TurboDebt’s services and fees.
- Debt consolidation services: Debt consolidation services refer to financial services that help individuals or businesses combine multiple debts into a single loan with a lower interest rate and/or lower monthly payments.
