New Era Debt Solutions Review
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Like many other debt relief companies, New Era Debt Solutions aims to help consumers get out of debt using a strategy known as debt settlement. With debt settlement, consumers stop making payments on their unsecured debt and instead start saving a fixed amount in a separate account.
After a while, the debt settlement company (in this case, New Era Debt Solutions) begins to use the money you have raised to negotiate and settle debts that are less than the amount currently owed. New Era Debt Solutions says your first settlement will be made within six months of starting the program, but progress could be made sooner.
New Era Debt Solutions does not charge any upfront fees to create your debt relief plan. Instead, they charge a fee for each debt they settle. Unfortunately, New Era does not disclose its fee range like many of its competitors do.
Although the timeline for your program may vary, New Era claims that its clients complete their debt settlement plans within an average of 28 months. During this period, you could save 52.23% on your listed debt amounts, not including fees.
Since debt settlement requires you to stop paying your bills while you wait for your debts to be negotiated and settled, this debt relief strategy can hurt your credit score. If you’re worried about your credit, consider debt relief alternatives like debt management plans (DMPs) and debt consolidation.
The benefits explained
- No upfront fees charged and you can get started with a free debt analysis: New Era Debt Solutions offers the benefit of a free consultation where you can get your questions answered and learn more about their services. Fees are only paid upon settlement of the debt.
- The Customer Dashboard makes it easy to track your debt settlement program online: Most debt relief companies do not offer an online portal for their clients, but New Era Debt Solutions does.
- Most clients can get out of debt in two to three years: Although the length of your program varies, New Era says most of its clients get out of debt in three years or less. In fact, the average duration of a program is currently 28 months.
Disadvantages Explained
- Not available in all states: New Era Debt Solutions does not offer services in Delaware, Illinois, Iowa, Maine and Oregon.
- Does not disclose range of fees for debt settlement: While most major debt relief companies are transparent about their fees online, New Era Debt Solutions does not disclose a fee range for their clients.
Types of debt handled
New Era Debt Solutions can help you settle your unsecured debt, which they claim is any debt that is “not related to a specific material item that could be taken over by the creditor”. This means that debt settlement does not work for a car loan or your home loan.
Debts you can settle with New Era include the following:
Credit card debt
Credit card debt is usually included in debt settlement plans because it is unsecured and tends to carry high interest rates. New Era Debt Solutions points out that store card debt can also be included.
Medical bills
If you have overdue medical bills or medical debt so large you can’t pay it off, New Era Debt Solutions can help you pay less than you owe.
Personal loans and lines of credit
Unsecured personal loans may also qualify for debt settlement, as may unsecured lines of credit you may have with a bank.
Private student loans
Finally, you may be able to include private student loans in a debt settlement plan. However, federal student loans guaranteed by the federal government cannot be negotiated.
New Era Debt Solutions reminds customers that credit union debts cannot be included in their debt settlement plans. “This is because a credit union is a member-owned organization, where settlement would be at the expense of your fellow credit union members,” they write. “For this reason, credit unions are unwilling to accept anything less than the full balance due.”
Customer onboarding
New Era Debt Solutions offers an online calculator that shows how much you could save on your debt. From there, they also offer a free debt analysis phone call that can help you determine how much you can save, as well as how long your debt settlement program will last.
While other debt relief companies list a minimum amount of unsecured debt you need to get started, New Era Debt Solutions does not disclose this information.
Customer service
New Era Debt Solution allows you to speak with a qualified debt specialist for free. You can find out more about their services during this call and you can ask questions about laws such as the Fair Credit Reporting Act, Fair Credit Billing Act and Fair Debt Collection Practices Act. At the end of the call, you should have an idea of how much you would need to save each month for your debt settlement plan, how long your program will last, and how much you can save.
In terms of ongoing customer service, New Era Debt Solutions really stands out with its online customer dashboard. You can also speak with a debt specialist from 7:00 a.m. to 8:00 p.m. PST, Monday through Saturday, or a regular customer service agent from 8:00 a.m. to 5:00 p.m. PST, Monday through Friday.
New Era also claims to offer “after hours appointments” if you need to talk to someone outside of their regular office hours.
Company reputation
The debt relief industry does not have a great reputation, and this is mainly due to the many shady companies making false promises in this space. If you want to avoid dealing with a company that is not reputable, you will want to do your research beforehand.
At the very least, we suggest you search the Consumer Financial Protection Bureau’s (CFPB) database for complaints about each company you’re considering. In the meantime, check the Federal Trade Commission (FTC) website to make sure each company isn’t part of a lawsuit or investigation.
New Era Debt Solutions has not registered any complaints in the CFPB database. They have also not been the subject of legal action by the FTC.
If you have a complaint about the services of a debt relief company, you can file a complaint with the FTC or call 877-FTC-HELP.
Average amount of relief
New Era Debt Relief claims that its clients save an average of 52.23% on listed debt amounts, not including fees. However, settlement amounts can vary significantly depending on your specific and unique situation.
Average backup time
While debt settlement programs can vary based on how much debt you have and how much you can afford to save each month, New Era says their average program length is currently 28 months. This is at the upper end of the industry average for debt settlement, which is around 14 months.
Cost
New Era Debt Solutions does not charge any upfront fees. Their fees can vary between 14% and 23% of the initial amount of debt entered into the debt relief program.
The competition
| New era debt solutions | Ecological debt relief | |
|---|---|---|
| Offered services | Debt settlement | Debt settlement |
| Customer Service Touchpoints | Free Consultation Phone and Email Customer Service Online Customer Dashboard | Free consultation Customer service by phone and email |
| Fees (estimated | 14% to 23% of the initial amount of debt registered | No upfront fees Pay off 18% to 25% of your debt |
| Average program duration | 24 to 48 months, the average is 28 months | 24 to 48 months |
If your goal is debt settlement, there are many debt relief companies to choose from. To help you in your search, we compared New Era Debt Solutions to another debt settlement company, Greenwise Debt Relief.
As you can see from the table above, New Era Debt Solutions stands out with its online client dashboard that allows you to monitor your debt settlement program online and at any time of the day or night.
With that in mind, we think New Era is a better choice for debt settlement than Greenwise Debt Relief.
Verdict
New Era Debt Solutions is a quality debt relief company with excellent reviews. They also have some great features, including an online debt settlement calculator and a virtual customer dashboard.
They also have an average debt settlement term of less than 28 months, which is on the lower end of the industry average. This means that ultimately, this company could help you get out of debt faster.
That being said, it is slightly disconcerting that New Era Debt Solutions does not disclose its fees online. If you choose to work with this company, we suggest you figure out exactly how much you would pay with them and compare their fees to a few other debt relief companies in this industry.
How We Review Debt Relief Companies
To help us review debt relief companies, we compared over 15 companies based on factors such as customer service, cost and transparency, third party rankings, accreditation, services offered, etc
We have categorized each debt relief company into different categories with a star rating system. Overall, the top-scoring debt relief companies are those that offer transparent pricing, unique online features, and great user reviews. We also compared debt relief companies based on their standing with the American Fair Credit Council and the International Association of Professional Debt Arbitrators.
