Home Credit score New Era debt solutions: 2022 review

New Era debt solutions: 2022 review

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Founded in 1999 and based in Camarillo, California, New Era Debt Solutions is a debt settlement company. He is a member of the American Fair Credit Council (AFCC) and the Independent Association of Professional Debt Arbitrators (IAPDA).

Since its inception, New Era Debt Solutions has settled over $250 million in debt. Its team is made up of debt relief specialists, financial experts, lawyers and support staff. New Era Debt Solutions prides itself on its excellent customer service and positive reputation in the debt settlement industry.

Overview of New Era Debt Solutions

Type of debt relief

Debt settlement

Costs

Not disclosed

Minimum debt settled

Not disclosed

Eligibility criteria

Must live in a state other than Delaware, Illinois, Iowa, Maine, North Carolina, Oregon, and South Dakota

Customer Reviews

A +

Impact on credit score

Can hurt your credit score

New Era Debt Solutions is Best with No Upfront and Spanish Speaking

New Era Debt Solutions has no upfront fees, making it a good choice for people who are willing to pay fees over time but may not be ready to pay fees immediately. However, people should understand the fees throughout the process before using a debt relief company.

New Era Debt Solutions does a great job of accommodating Spanish speakers. If you’re drowning in unsecured debt and you speak Spanish, his debt settlement program may be a smart choice. You can view New Era Debt Solutions entirely in Spanish. Plus, once you schedule your free consultation and progress through the program, you can also work with a Spanish-speaking debt specialist.

How New Era Debt Solutions Works

To start the process, you will need to complete an online contact form and schedule a free consultation. The form will ask you to share your name, phone number, state, email address, and the amount of unsecured debt you owe. From there, a debt specialist will contact you, explain the program and answer any questions you have.

Once the specialist learns more about your situation, they can help you figure out how much you can save and how long the debt settlement process would take. If you decide to continue with the program, you will make a deposit into a savings account each month.

In 6 to 12 months, when funds start to accumulate, debt specialists will negotiate settlements with your creditors. Once you have settled and repaid all of your accounts, you will complete the program.

What types of debt New Era Debt Solutions settles

New Era Debt Solutions settles unsecured debt or debt that is not secured by collateral. This may include:

  • Credit card
  • Department store cards
  • Loans signed
  • Personal lines of credit
  • Old seizures
  • Other unsecured debts
  • Old judgments
  • Defaulted Private Student Loans

Requirements and Eligibility

Since New Era Debt Solutions is not available everywhere, you can only take advantage of its services if you live in a state other than Delaware, Illinois, Iowa, Maine, North Carolina, Oregon and South Dakota. Minimum debt requirements are unclear.

Costs

New Era Debt Solutions is not transparent about its fees. While it’s clear there’s no upfront fee and uses a “performance-based” fee model, the company doesn’t reveal a free range like many of its competitors do.

Advantages and disadvantages of New Era debt solutions

Advantages

  • Free Debt Analysis: New Era Debt Solutions offers a free consultation. You can find out more about his services and find out if you are a good candidate.
  • Services and resources available in Spanish: If you prefer Spanish to English, you can view the website in Spanish. You can also complete the program with a Spanish-speaking debt relief consultant.
  • Most clients are debt free in two to three years: Although the duration of your program depends on several factors, most New Era customers become debt free in three years or less. The average duration of the program is 27.73 months.
  • The inconvenients

    • Unclear Minimum Debt Requirements and Charges: Even though New Era Debt Solutions states that they do not charge monthly or upfront fees, the fee range is not transparent. It also fails to disclose minimum debt requirements.
    • No weekend support for existing customers: New Era Debt Solutions does not serve its clients on weekends. This can be a problem if you are particularly busy during the week.
    • Not available in all states: Although New Era has a widespread presence in the United States, it is not everywhere. Its services are not an option if you live in Delaware, Illinois, Iowa, Maine, North Carolina, Oregon, and South Dakota.

    Customer Reviews New Era Debt Solutions

    New Era Debt Solutions has earned an A+ rating on the Better Business Bureau (BBB) ​​as well as positive reviews on sites like TrustPilot. In April 2021, however, Oregon filed a lawsuit against New Era Debt Solutions for its debt relief practices.

    According to the filing, New Era Debt Solutions failed to register with the state, violating Oregon state law. Because the company helped its clients complete applications with the CFLN rather than directly providing debt relief services, it had to cease and desist from its operations in Oregon.

    New Era Debt Solutions also had to pay a $50,000 penalty. $40,000 of it has been suspended, as long as the company does not violate Oregon law within the next three years and pays Oregon customers $22,265.21 in fees within 18 months. . Currently, the company states that it does not service Oregon.

    Debt settlement risks

    Although debt settlement can help you get out of debt, it is not for everyone as it comes with certain risks. Depending on the program, you can pay between 15% and 25% of the debt that is resolved. Your credit score can also suffer and prevent you from getting approved for low rates and favorable terms. Additionally, the process may take longer than you think and you may also have to pay taxes on the canceled debt.

    Alternatives to New Era Debt Solutions

    If you decide that New Era Debt Solutions isn’t right for you, consider these alternative options.

    • DIY Debt Relief: You can tackle your debt on your own with a strategy like a snowball or debt avalanche. Or you can try to negotiate with your creditors yourself.
    • Balance transfers: If you have credit card debt, a balance transfer may be a good choice. You can transfer debt from one credit card to another. You can enjoy a 0% introductory APR, which means you won’t pay interest if you pay off your debt by the end of the introductory period.
    • credit advice: Some non-profit organizations offer free or low-cost credit counseling services. Although they don’t usually negotiate debts, you can work with a credit counselor to design a budget or payment plan.
    • Debt Consolidation: With debt consolidation, you consolidate all your debts into a single debt. This can leave you with a manageable monthly payment and streamline the process.

    Key points to remember

    New Era Debt Solutions has been in the debt settlement business since 1999. Although the company does not disclose a range of fees or minimum debt requirements, it offers a free consultation that can give you more information . With New Era Debt Solutions, you can get out of debt in three years or less, depending on your situation.

    How Bankrate rates New Era Debt Solutions

    Discount rate score

    4.3

    Services

    Services were rated based on eligibility for minimum debt, eligible debt types, and whether or not the company offers free credit counseling.

    Affordability

    Affordability was assessed based on associated fees and whether or not the company specifies money-back guarantee terms.

    Client experience

    Customer experience was evaluated based on website usability and functionality, as well as application availability. Customer satisfaction and company reputation were assessed based on Better Business Bureau accreditation and ratings, as well as TrustPilot ratings.

    Stability

    Stability was assessed according to the duration of the activity of the company and the maintenance or not of its membership in a professional association.