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Federal Debt Settlement Program – How reliable are they?

Federal Debt settlement program is an organization that offers debt relief and also educates debtors to manage their debts better. FDRS was formerly known as DBA Carefree Debt Inc. It closed down its shutters and started functioning again this time with a new name.

The company helps you to get rid of debts if you owe more than USD$10,000. The company offers free consultation for consumers. However, not everyone will qualify for their debt settlement program. You need to qualify for the debt termination programs offered by the company.

The company name is often misleading

The word Federal is often misleading and there are many consumers who consider it as a government agency. However, this isn’t true.

With the help of this debt relief company, you can get rid of your unsecured debts. Not all unsecured debts are included.

Why do some consumers complain about the company?

There are many consumers who criticize the manner in which Federal Debt Relief System functions. Given below are few instances when consumers have complained –

  • The company claims that they work in tandem with attorneys to solve debt problems of debtors. But reports suggest that when a debtor wanted more information about how the attorneys help in the process of debt relief, the company failed to give any explanation.
  • FDRS lays more stress on promoting their products and services rather than helping consumers with their debt problems.
  • There are reports that the company avoids any kind of documentation and prefer verbal agreements instead
  • There are complaints about Federal Debt Relief System charging fees before delivering their services
  • If you have signed up for the company’s debt relief program and for some reason or the other you drop out of the program, you don’t receive any help as a “back-up program”.
  • A debtor who had enrolled in the debt termination program was shocked when he was asked for the Social Security Number and other bank details.

Some of the instances mentioned above have played an instrumental role in placing the company in wrong books. However, there are other debt help companies that indulge in unethical activities but don’t come to the forefront. So, if you are planning to get rid of debts with professional assistance, check the company’s Reliability report and go through past records of the company.

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July 23, 2010 um 4:48 am
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