In today’s society, debt is becoming an increasingly prevalent problem for many Americans. According to the Federal Reserve, the average American household has $16,940 in credit card debt. With such a high level of debt, many people are seeking debt relief services to help them manage their financial difficulties.
- BBB A+ Rating & Accredited
- $1 Billion Million Debt Resolved
- $10,000 Minimum Debt
Alleviate Financial Solutions is one such company that offers debt consolidation services. However, with many negative reviews, is Alleviate Financial Solutions legit? In this blog post, we will take a closer look at the company and help you decide if its services are right for you.
What is Alleviate Financial Solutions?
Alleviate Financial Solutions is a debt consolidation company that was founded in 2018 and is based in Irvine, California. The company offers debt relief services to consumers who are struggling with debt. The company works with consumers to negotiate with their creditors to lower the amount of debt owed. Alleviate Financial Solutions also provides educational resources and account management systems to help consumers understand debt and how to manage it.
The company specializes in debt settlement programs that specialize in debt relief assessment, account management, negotiation, and settlement.
How does Alleviate Financial Solutions work?
Alleviate Financial Solutions is a debt relief services company that works with your creditors to settle your credit card debt with a settlement agreement for less than what you owe. While this may sound like a great solution to your debt problems, there are some risks involved. They claim that their performance-based fee structure and account management systems in this industry-leading service area are designed with consumers in mind.
One of the biggest risks is that you may end up owing more money than you originally owed. This is because the creditor may agree to settle your debt for less than what you owe, but they can still report the full amount of debt to the credit bureaus. This means that your credit score could still be negatively impacted.
Another risk is that you could be sued by your creditor. If this happens, you could end up having to pay more than you originally owed, plus interest and fees.
Before you decide to work with Alleviate Financial Solutions, be sure to understand the risks involved. Debt consolidation loans as a way to achieve financial freedom are not right for everyone.
Alleviate Financial Solutions Pros and Cons
Pros:
- Debt relief: One of the main benefits of using Alleviate Financial Solutions is that it can help you get relief from your debt. The company works with your creditors to negotiate a settlement agreement for less than what you owe, which can help you get out of debt more quickly.
- Educational resources: In addition to debt relief services, Alleviate Financial Solutions also provides educational resources to help you better understand debt and how to manage it. This can be helpful for people who are struggling with debt and need guidance on how to improve their financial situation.
- Free consultation: Alleviate Financial Solutions offers a free consultation to see if their services are right for your situation. This can be a helpful way to determine if working with them is the right choice for you before you commit to their services.
Cons:
- Fees: One of the biggest drawbacks of using Alleviate Financial Solutions is the fees associated with their services. The company typically charges a percentage of the debt that is settled, which can be expensive. This can add up quickly, so it’s important to understand all of the fees associated with the process before signing up.
- Potential for negative impact on credit score: While debt settlement can be helpful for getting out of debt, it can also have a negative impact on your credit score. Settlement agreements are reported to the credit bureaus as a “settlement,” which is considered negative information. This means that your credit score could be negatively impacted, which can make it more difficult to get credit in the future.
- Risks involved: There are some risks involved with using debt consolidation companies like Alleviate Financial Solutions. One of the biggest risks is that you may end up owing more money than you originally owed. This is because the creditor may agree to settle your debt for less than what you owe, but they can still report the full amount of debt to the credit bureaus. This means that your credit score could still be negatively impacted. Additionally, you could be sued by your creditor, which could result in having to pay more than you originally owed, plus interest and fees.
How to qualify for Alleviate Financial Solutions?
To qualify for Alleviate Financial Solutions, you must have a debt-to-income ratio of 50% or less, have at least $7500 in unsecured debt (not including mortgages or car loans), and be able to make monthly payments of at least $500. If you meet these qualifications, then Alleviate Financial Solutions may be a good fit for you. They offer a free consultation to see if their services are right for your situation.
How much does Alleviate Financial Solutions charge?
There is no simple answer to this question because Alleviate Financial Solutions’ fees vary depending on the individual case. However, we can give you a general idea of how much you can expect to pay.
For debt settlement, Alleviate Financial Solutions typically charges a percentage of the debt that is settled. This fee is typically between 15% and 20%. So, if you have $20,000 in debt that is settled, you can expect to pay between $3000 and $4000 in fees. It’s important to note that these fees are in addition to the amount you owe on your debt.
These additional costs can add up quickly, so it’s important to be aware of them before you sign up with the Alleviate Financial Solutions team. If you’re considering Alleviate Financial Solutions, ask about all of the fees associated with the process. This way, you can make an informed decision about whether or not Alleviate Solutions is right for you.
How does Alleviate Financial Solutions affect your credit?
If you’re considering debt settlement as a way to get out of debt, you may be wondering how a performance-based fee structure will impact your credit. Unfortunately, it can have a negative impact on your credit score.
When you settle a debt, the creditor agrees to accept less than the full amount that you owe because they believe you have true financial hardships. This is reported to the credit bureaus as a “settlement” and is considered negative information.
Debt consolidation can also lead to other problems before financial freedom, such as wage garnishment and legal action from your creditors. So if you’re considering consolidating your debt, be sure to weigh all of the pros and cons before making a decision. You may want to talk to a financial advisor or credit counseling service for more information.
How do you pay back Alleviate Financial Solutions?
There are some drawbacks to using Alleviate Financial Solutions. One of the biggest drawbacks is that you will have to pay back the full amount of the debt, plus fees, within a certain period of time. This can be difficult for some people to do, especially if they are still struggling financially.
Additionally, your credit score will take a hit when you use this type of personal loan company. This is because the debt will show up as “settled for less than the full balance” on your credit report. However, if you are able to successfully pay off the debt, your credit score will eventually rebound.
Alleviate Financial is not the right choice for everyone. But, if you are struggling to make ends meet and are at risk of defaulting on your debt, it may be worth considering. Just be sure to do your research and understand all of the potential risks before making a decision.
How to cancel your Alleviate Financial Solutions Reviews?
When you decide that Alleviate Financial Solutions is no longer the right debt settlement program for your financial situation, fiscal freedom, and financial stability – there are a few steps you need to take in order to cancel your enrollment.
First, you will need to give written notice of your intent to cancel to Alleviate Financial Solutions. This notice can be sent via certified mail, return receipt requested, or delivered in person.
Next, you will need to stop making payments to Alleviate Financial Solutions. Once you have given notice of cancellation, any payments made will be applied to your outstanding debt balance and not held in escrow for future settlement negotiations.
Finally, if you have already paid any money into escrow with Alleviate Financial Solutions, you will need to contact the program to request a refund. Refunds can take up to 60 days to process.
If you have any questions or need assistance with canceling your enrollment in Alleviate Financial Solutions, you can contact their customer service directly.
Alleviate Financial Solutions BBB Reviews:
The Better Business Bureau (BBB) offers accreditation to businesses that meet their standards of trustworthiness and transparency. Alleviate Financial Solutions has been accredited by the BBB since 2019. Despite this, they have had 42 complaints closed in the last three years. This means that the BBB has received multiple complaints about Alleviate Financial Solutions and has determined that they are not meeting their standards.
In the last twelve months, 18 of those complaints were closed. This is a significant increase from the previous year, which raises even more red flags. Potential customers should be aware of these complaints before doing business with Alleviate Financial Solutions.
Why Do We Focus On Alleviate Financial Solutions’ Negative Reviews?
When considering using a company like Alleviate Financial Solutions, it’s important to take a balanced approach and consider both positive and negative reviews. However, it’s worth noting that negative reviews can be more helpful in identifying potential issues with a company.
Negative reviews can provide insight into specific issues that customers have faced, which can help potential customers make more informed decisions. For example, if several negative reviews mention hidden fees or poor customer service, this may be a red flag for someone considering using the company.
It’s also worth noting that negative reviews can sometimes be more vocal than positive reviews. People are more likely to leave a review when they have had a negative experience than when they have had a positive one. This means that negative reviews may be more common than positive ones, even if the company is generally reputable.
Is Alleviate Financial Solutions a Scam?
There are some red flags that suggest Alleviate Financial Solutions may not be the best choice for debt relief. For one, the company has been accused of charging high fees for services that rarely deliver results. One thing to watch out for when considering debt relief is the fees that companies charge. Alleviate Financial Solutions, like many other debt relief companies, charges a fee for their services. This can be expensive, so it’s important to make sure you understand what you’re getting into before you sign up.
Additionally, while Alleviate Financial Solutions is accredited by the BBB, the number of complaints against them raises concerns. In the last three years, 42 complaints have been closed by the BBB, indicating that the company may not be meeting the standards of trustworthiness and transparency required for accreditation.
If you’re considering working with Alleviate Financial Solutions, be sure to do your research first. Read reviews from past clients and see if there are any complaints about the company. If you can’t find any information online, it’s probably best to steer clear.
Conclusion
In conclusion, Alleviate Financial Solutions is a debt consolidation company that offers debt relief services to consumers who are struggling with debt. While the company has been accredited by the BBB since 2019, it has also received a significant number of complaints in the last three years, which raises concerns about the quality of its services.
If you’re considering using Alleviate Financial Solutions to help with your debt, it’s important to weigh the pros and cons carefully. While debt relief can be a useful tool for getting back on track financially, it’s important to understand the potential risks involved, such as the impact on your credit score and the fees associated with the process.
It’s also important to do your research and read reviews from past clients. This can help you get a better understanding of the company and its services and can help you make a more informed decision about whether or not to work with them.
Ultimately, the decision to use a debt consolidation company like Alleviate Financial Solutions is a personal one and will depend on your individual financial situation and needs. If you do decide to work with them, be sure to read the terms of your agreement carefully and understand all of the fees associated with the process. And if you have any questions or concerns along the way, don’t hesitate to reach out to their customer service team for assistance.
