New Era Debt Solutions: 2022 Review
Founded in 1999 and headquartered in Camarillo, California, New Era Debt Solutions is a debt settlement company. She 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 a positive reputation in the debt settlement industry.
Overview of New Era Debt Solutions
Type of debt relief
Minimum debt settled
Must live in a state other than Delaware, Illinois, Iowa, Maine, North Carolina, Oregon, South Dakota
Impact on credit rating
Can damage your credit score
New Era Debt Solutions is the best with no upfront fees and Spanish speakers
New Era Debt Solutions has no upfront fees, making it a good choice for people who are willing to pay the costs over time but may not be ready to pay the 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 welcoming Spanish speakers. If you are drowning in unsecured debt and speak Spanish, their debt settlement program may be a good choice. You can view New Era Debt Solutions fully in Spanish. Additionally, once you have scheduled your free and advanced consultation in 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 determine 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 the funds start to accumulate, debt specialists will negotiate settlements with your creditors. Once you have paid and paid off all of your accounts, you will complete the program.
What Types of Debt New Era Debt Solutions Settle
New Era Debt Solutions settles unsecured debts or debts that are not covered by guarantees. This may include:
- Credit card
- Department store maps
- Signature loans
- Personal lines of credit
- Former repossessions
- Other unsecured debts
- Old judgments
- Private student loans in default
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, l ‘Oregon and South Dakota. The minimum debt requirements are unclear.
New Era Debt Solutions is not transparent about its fees. While it makes it clear that there are no upfront fees and that it uses a “performance-based” fee model, the company is not showing off as many of its competitors do.
Pros and Cons of New Era Debt Solutions
- Unclear minimum debt requirements and charges: Even though New Era Debt Solutions states that it does 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 customers 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 strong 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.
New Era Debt Solutions customer reviews
New Era Debt Solutions has earned an A + rating from the Better Business Bureau (BBB) as well as positive reviews on sites like TrustPilot. In April 2021, however, Oregon filed a lawsuit to sue New Era Debt Solutions for its debt relief practices.
According to the record, New Era Debt Solutions failed to register with the state, violating Oregon state law. Because the company was helping clients complete CFLN applications rather than providing debt relief services directly, it had to cease and desist from operations in Oregon.
New Era Debt Solutions also had to pay a penalty of $ 50,000. $ 40,000 has been suspended, as long as the company does not break Oregon law over the next three years and pays Oregon customers $ 22,265.21 in fees within 18 months. Currently, the company says it does not serve Oregon.
Debt settlement risks
While debt settlement can help you get out of it, it isn’t for everyone because it comes with some risk. Depending on the program, you can pay between 15% and 25% of the debt that is resolved. Your credit score can also suffer, making it difficult for you to get 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 is not right for you, consider these alternative options.
- DIY Debt Relief: You can tackle your debt through a strategy such as snowballing or debt flooding. 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 take advantage of a 0% introductory APR, which means you won’t pay interest if you pay off your debt before the introductory period ends.
- Credit counseling: Some nonprofits offer free or low cost credit counseling services. While they don’t usually negotiate debt, you can work with a credit counselor to devise a budget or a payment plan.
- Debt consolidation: With debt consolidation, you consolidate all your debts into one 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 industry since 1999. Although the company does not disclose a range of fees or minimum debt requirements, they do offer 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
Services were rated based on minimum debt eligibility, eligible debt types, and whether or not the company provides free credit counseling.
Affordability was assessed based on the associated costs and whether or not the company specifies the terms of the money back guarantee.
The customer experience was evaluated based on the usability and functionality of the website, as well as the availability of the applications. Customer satisfaction and the company’s reputation were assessed based on Better Business Bureau accreditation and reviews, as well as TrustPilot reviews.
Stability was assessed on the basis of the length of business activity and whether or not it remains a member of a professional association.