Franklin Debt Relief Review

Where does Franklin Debt Relief do business?

Franklin Debt Relief is a debt settlement company based in Wood Dale, IL. It offers debt relief services to borrowers in 50 state across the USA. Founded in 2006, it is a well-established company that has been in business for over 10 years.

Key takeaways:

• Minimum debt balance of $10,000. Franklin Debt Relief only considers clients who have at least $10,000 in debt. This is a typical requirement for most debt settlement companies.
• AFCC and IAPDA accredited. Franklin Debt Relief is a member of the American Fair Credit Council (AFCC), which is the largest trade association for the debt settlement industry. It also employs debt resolution specialists that have been trained and accredited by the International Association of Professional Debt Arbitrators (IAPDA).
• Well-established firm. Franklin Debt Relief has been in business for 14 years.
• Types of debt settled. Franklin Debt Relief will only settle unsecured debts. These include credit card accounts, personal loans, payday loans, and medical bills.
• Available in most states. Franklin Debt Relief is available in 50 states.
• Does not service its own debt relief cases. Franklin Debt Relief uses a third-party company to service debt settlement accounts.
• Customer service availability. Franklin Debt Relief provides customer support seven days a week.

Franklin Debt Relief Pros and Cons:

Pros	Cons
Has IAPDA accredited debt specialists on staff AFCC member	Charges a monthly consultancy fee Only considers clients with a minimum debt balance of $10,000

What does Franklin Debt Relief do?

Franklin Debt Relief offers debt relief services for the following types of debt:

• Unsecured debt, such as credit card debt, personal loans and medical debt

What does Franklin Debt Relief charge?

Franklin Debt Relief operates on a contingency fee basis. Companies operating under a contingency fee model charge fees that are based upon a percentage of the debt at the time the consumer enrolled; occasionally they are based on a percentage of the savings negotiated by the debt-settlement company. Across the industry in general, debt settlement clients typically see a 45% to 60% reduction of their enrolled debt.

Franklin Debt Relief charges fees for their service but they do not disclose their specifc rates.

Debt relief service pricing / costs can vary greatly from one client to another so it's best to speak to Franklin Debt Relief directly to determine an accurate quote.

Does Franklin Debt Relief offer a guarantee?

No, Franklin Debt Relief does not have a money back guarantee. Some debt settlement companies advertise a money-back guarantee that typically states you won't be charged until your debt is settled. However, it is illegal for debt settlement companies to charge upfront fees before an account is settled. So these guarantees offer little added value to consumers.

What is the minimum debt Franklin Debt Relief will consider?

Franklin Debt Relief will only consider customers with unsecured debt of $10,000 or more. Customers with less than $10,000 of unsecured debt may benefit from a debt consolidation loan or credit counseling services.

Does Franklin Debt Relief perform its own servicing in-house?

No, Franklin Debt Relief partners with third party service providers who negotiate on behalf of the clients they enroll.

What accreditations does Franklin Debt Relief have?

The two main trade associations in the debt relief services space are the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA).

• Franklin Debt Relief is an accredited AFCC member.
• Franklin Debt Relief is an IAPDA member.