Franklin Debt Relief is named after the 2 most Franklins in American history, President Franklin D. Roosevelt and the patriot Benjamin Franklin. The company’s logo features Benjamin Franklin’s silhouette and his famous saying, “I’d rather go to bed with supper than rise in debt.” Franklin Debt Relief (FDR) aspires to provide hope for those in financial trouble, just as President Roosevelt’s “New Deal” deal gave hope to the nation during the Great Depression in the 30’s. At this time, this company is NOT accepting new clients.

The Good

FDR provides hope for those who have fallen behind financially through their debt settlement program called the “New Deal.” The company offers a free consultation to those who would like to find out how the program works and if they would qualify for the service. The company works with various types of unsecured debts including credit cards, department store debts, and medical bills; then negotiates with the creditors to lower the total amount owed. Once the debt is settled, there is a one time fee of about 15%. FDR claims that if the customer can make their payments on a consistent basis, they can lower the total amount of unsecured debt by 50%, which is a very high number. The company’s objective is to have customers debt free in as little as 18 months and up to 60 months max.

There are no upfront fees and if the debt is not settled, all funds made to the escrow account will be placed directly back into the hands of the client. FDR offers a detailed breakdown of how they negotiate with credit card companies, as well as potential setbacks they might encounter during the negotiation phase with the creditors. There are also testimonials from past clients that can help a current customer decide what to expect when doing business with this company.

Our teams of reviews like how honest the company is by stating that settlement may not be the best route for everyone. They also state that those without a steady source of income might not be the best candidate for the fact that they may have a hard time accumulating the funds necessary for settlement. Note that these guidelines can be applied to any settlement company, and not just FDR. Franklin Debt Relief has a section has a section on their website that details how settlement companies work, how they get paid, how your credit will be affected, and what factors lead to a successful settlement process and which ones don’t.

Franklin Debt Relief other pros include:

  • Free Consultation
  • Nearly a decade in business

The Bad

Consumers are taking a risk when deciding to settle their debt. Risks include tax liability, credit score hits, and the potential for litigation, especially on well overdue debts. We are concerned about the company’s lack of AFCC accreditation. Although the company has a good rating, there is little to no information updated information on this company to be found.

There is also little transparency how the company works to actually assist their clients. You can find a blog archive featuring articles about credit scores and debt relief myths, student loan debt information, and how to avoid being scammed on the company’s website. These pieces of information are based on solid financial principles that can be applied to any situation at any time. Unfortunately, the company has not added to the material on their site since 2012, and this is a letdown.

We would also like to see more tools and educational resources offered to consumers on their site. At this time, FDR’s training program lacks some needed structure. Compare to the top rated debt settlement companies.

 

 

The Bottom Line

Franklin Debt Relief has almost 10 years of experience. They are not accredited with the AFCC, although they do have accreditation with the IAPDA. Our team of researchers encountered multiple, illegitimate contact numbers, so we recommend taking advantage of their free consultation to find out more about the company’s services. We also recommend looking into other top recommended companies that have been reviewed on the site.