New Era Debt Solutions Review: Are They A Scam Or Legit? Find out here

New Era Debt Solutions wants to turn the tide by offering a more transparent and personalized experience. The company has been rated highly for its commitment to customer service, which means you can expect prompt responses from its support staff if needed. However, it’s not guaranteed to work, and you won’t be able to get help with medical bills or credit union debt.

Reputation of New Era Debt Solutions

The debt relief industry is a tricky business and many companies that promise relief turn out to be unreliable. If you want the security of knowing that your money will go to an established company with good customer reviews that have already been burned, do your research beforehand. New Era Debt Solutions has not registered any complaints with the Federal Trade Commission or the Consumer Financial Protection Bureau.

How much does it cost?

New Era Debt Solutions understands the challenges military members and veterans face when trying to pay off their debt. They charge a fee ranging from 16% to 20%, depending on the amount of your listed debts as well as what your budget or financial stability needs can afford for the services to be provided free of charge.

However, New Era does not charge more than 20% of your debt. And the charges only apply after you reach a settlement.

How much could I save with New Era Debt Solutions?

New era debt solutions

New Era Debt Solutions offers its clients the opportunity to see an average savings rate of 56.27%, but when you factor in fees and other costs, that rate drops to between 36% and 40%.

Say you take out $10,000 in credit card debt with New Era Debt Solutions, which will grow to $14,489.89 at the end of the program. You can expect to save approximately $8,114.33 or between $5,216.36 and $5,795.96 after fees, which will effectively reduce your originally listed debt by more than 50%.

Keep in mind that the IRS treats settled debts of $600 or more as taxable income.

How do New Era Debt Solutions settlements work?

Debt settlement is a great option for people with credit issues. However, this may not save you as much as you hoped because your debts will continue to grow during their participation in the program and if they completely stop repaying their creditors after entering into this type of agreement with them, then how much money can be saved could well go down.

New Era is different from most debt settlement companies in that it begins negotiations earlier. This means that your debts might not increase as much while you are registered with them, and they will start discussions about reducing those balances before 50% of what is owed has yet been paid off.

What are the pros and cons of New Era Debt Solutions?

Advantages

  • High completion rate: Only 18.28% of New Era Debt Solutions clients leave the program before the end. For perspective, the average was around 90% before the 2010 Federal Trade Commission (FTC) crackdown on the industry.
  • Discounts for military personnel and veterans: Service members are eligible for a fee discount of approximately 4%, depending on the amount of debt incurred.
  • Available in most states: The New Era site lists 43 states served by debt settlement, with major centers in New York, San Diego and other metropolitan areas.

Disadvantages

  • Restrictions on types of debts: New Era offers many payment plans for unsecured debt, but you are limited to settling medical or credit union debt with them.
  • Success is not guaranteed: This is not unique to New Era, but listing does not mean debt settlement will work for you. You will not pay any fees if your debts are not settled and you can withdraw at any time if you are not satisfied.
  • Fees are not transparent: It is difficult to quickly compare specific fees given the lack of information on their site. But customer service is happy to provide statistics if you call them.

What exactly is New Era Debt Solutions?

Founded in 1999, New Era Debt Solutions is a pioneer in its industry and claims to have settled over $200 million in debt for its clients.

Accredited debt relief reduces your total debt by up to 50

The transparency and reach of this program is what sets it apart from other programs. You can easily find all the information you need about how much money will be saved, as well as why customers often give up before reaching their goals.

It is also one of the few debt settlement companies that serves more than a handful of states. New Era refers clients from states where debt settlement is limited to the Customer First Legal Network (CFLN), a law firm that specializes in debt settlement while adhering to FTC debt settlement regulations. With CFLN clients, New Era does some of the work, including negotiations and customer service.

New Era Debt Solutions can help you with all unsecured debt, but they refuse certain types of listings. These include:

  • Debts of credit unions
  • Federal student loans
  • Medical or hospital bills
  • Mortgages
  • Car loans
  • Other secured debts

What does the internet say about New Era Debt Solutions?

As of December 2018, this company has not received any customer complaints and its BBB rating is A+. Although there are some negative reviews about the helpfulness or lack of professionalism of the staff when dealing with them; most customers were pleased, if not surprised, with the amount of money they saved.

It is clear that New Era has paid attention to what customers are saying about it on other forums. They made an effort to write personal responses and provide detailed responses, something we have never seen before from any other company in this situation.

Best Debt Consolidation

Is it safe to use New Era Debt Solutions?

When you visit the New Era Debt Solutions website, your personal and financial information is encrypted using SSL technology. They are a certified member of the International Association of Professional Debt Arbitrators (IAPDA), which sets industry standards for arbitration services; they have also been accredited by BBB since 2001.

How to start?

Do you think New Era Debt Solutions could help you? Follow these steps to begin the process:

  1. Go to the New Era Debt Solutions website.
  1. Enter your name, the amount of debt you want to take on, your state, and your contact information before clicking.
  2. Check your email for a note from New Era Debt Solutions asking you to gather a list of your creditors and any debts you wish to list while you wait for a representative to contact you. You also have the option of emailing this information to New Era so that your representative is better prepared for your conversation.
  3. A representative calls you to discuss your options and whether you will benefit from debt settlement.
  4. Hopefully, your representative will guide you through the process of registering your debt, determining the length of your program and the amount you will deposit into your settlement fund each month.

I signed up. What happens next?

In the New Era Debt Settlement Program, you can expect to go through the following steps:

  1. Set up with a team: New Era Debt Solutions offers you the opportunity to work with a competent and dedicated team throughout your debt settlement program. You will receive information on how they can help you, as well as contacts in case of questions.
  2. Start saving: First, you will create an escrow account, a third-party account, for your monthly contributions to your settlement fund. At this point, most people stop paying their creditors.
  3. Keep New Era informed: New Era requires monthly statements on your escrow to ensure that all payments are made.
  4. New Era negotiates: New Era will work with you to come to an agreement on the amount of your debt to be repaid so that it does not affect future payments.
  5. New Era reimburses your creditors. New Era will work with you to negotiate your structured settlement or monthly payments of the settled amount plus interest. You will also be charged a fee at this point.

If you are unable to make a decision, contact your New Era representative or another person in the directory. You can also log in to our Customer Dashboard for help with basic questions.

3 tips to make New Era Debt Solutions a smart move

Here are some tips to help you get the most out of your debt settlement program:

  • Don’t miss payments: Settling a case can be an emotional and difficult process. The longer you wait to contribute, the more interest accrues, which could make your family’s financial life more difficult in years to come.
  • Ask for help: New Era has been providing customers with exceptional service for decades. If you ever need help, their knowledgeable staff will help you in any way possible.
  • Get used to budgeting: The key to financial freedom is getting out of debt. But if you want a mastered plan to stay above water, make budgeting your new habit.

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Conclusion

New Era Debt Solutions has a surprisingly high completion rate and does not impose minimum debt requirements. They also have rave ratings from creditors, so if you’re looking for someone who will work hard on your behalf, it’s definitely worth checking out. Make sure, however, that your debts are eligible before applying.

Signing up doesn’t guarantee its services will work, and debt settlement can plunge you into a deeper hole if your creditors won’t budge.

New Era Debt Solutions Review

  • New Era Debt Solutions

New Era Debt Solutions Review by DemoDirt

The debt relief industry is a tricky business and many companies that promise relief turn out to be unreliable. If you want the security of knowing that your money will go to an established company with good customer reviews that have already been burned, do your research beforehand. New Era Debt Solutions has not registered any complaints with the Federal Trade Commission or the Consumer Financial Protection Bureau.

Robert P. Matthews