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Net Debt offers debt settlement and debt management programs to consumers with overwhelming personal debt problems. They provide access to caring debt counselors via telephone and live website chat, in addition to email support. The debt settlement program is similar to other firms like ACCC Consumer Credit and Credit Solutions, whereby consumers initiate getting signed up for the program and pay a small monthly fee, in addition to 15% of their total debt into a special accrual savings account. During this time, the agency contacts creditors to negotiate a lower repayment amount and a reduction in late fees, then pays a monthly amount to settle these accounts until they are satisfied. This is a good way for consumers to manage debt, especially those who cannot commit to making regular monthly payments on their own.
The unique thing about Net Debt is that it works in tandem with a real legal team that is only interested in helping consumers get out of debt. Net Debt gives every effort to get creditors to reduce debt to management levels so customers can get them paid off much faster. They advertise that consumers can pay off between 20-30% of the total fees charged in debt when signing up for their 20-31 month program. This puts things into perspective for those who are afraid of paying a large monthly sum. We contacted Net Debt and they advised us that this fee ranges from $150 to $400 per month, depending on how much debt is outstanding.
Where we found some weaknesses with Net Debt is that the website is not geared towards helping educate consumers about debt, like other company websites are set up. Also, the online signup form does not offer access to any form of credit counseling so this may leave some consumers wanting more. Overall, the Net Debt services are straightforward and they believe in full disclosure with customers upfront so there are no surprises. Unfortunately, we did find a poor rating with the Better Business Bureau based on consumer complaints about them.
Be sure to check out our recommended credit consolidation companies such as Care One and ACCC Consumer Credit for help and support concerning your debt needs.
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