Perhaps you got a Alleviate Financial Solutions debt consolidation loan mailer or found them when Google searching for debt relief online.
What is actually happening here?
What Is Alleviate Financial Solutions?
I became aware of Alleviate Financial Solutions from a call with a person I will name Kelsey. Kelsey was feeling incredibly stressed about her debt situation so she decided to sign up with Alleviate Financial Solutions after a quick Google search.
The representative began pushing her to sign up for the debt settlement program. My initial hypothesis is that Alleviate Financial Solutions is a company that markets something called debt settlement (also known as debt consolidation programs). This is not to be mistaken or confused with a debt consolidation loan where proceeds would be sent to your bank account. Now, if you are looking for a debt consolidation loan, there are 3 debt consolidation loan companies that we have vetted that 1) Only do a soft check to check your credit 2) Do not charge prepayment penalties. With debt consolidation loans, it may be helpful to check your rate from multiple places to get the best rate. If you aren’t able to qualify, then some individuals look at debt settlement.
If you are unfamiliar, Debt settlement is the process in which a third party negotiates and settles with your creditor on your behalf. The goal of a debt settlement firm is to find a lower payment that will fully satisfy the debt that you owe. So, a debt settlement may try to settle a $10,000 credit card balance for $5,000. This can provide ample savings and a potential lower monthly payment.
I was the previous CEO of a debt settlement company, and I believe debt settlement can be a good option for some, but not for others.
Now, if you are struggling with debt and wondering what to do next, we built a free unbiased debt options comparison calculator (not even an email address is required). It provides a wide range of debt options that may be able to fit your budget, it can be found below. The data is personalized to your income and expenses, so you can get accurate costs, pros and cons, and options.
Alleviate Financial Solutions History
I was able to find a BBB page for Alleviate Financial Solutions, which informed me that the business has been around for about 5 years.
When viewing their website, it appears as though they offer different options of ways they can help. Debt settlement, debt consolidation loans, bankruptcy and more.
How Much Does Alleviate Financial Solutions Cost?
At Ascend, we believe that debt settlement may be a good option, but it’s only in the context of understanding all of your options and understanding the cost of that option. This is exactly why we built a free debt settlement cost calculator so that you are MOST informed. While the calculator cannot provide your exact Alleviate Financial Solutions debt settlement plan payment, it provides an estimate based on your personalized financial data and allows you to compare debt relief to other options.
Debt settlement can be much less expensive than your current obligations, but it is a debt relief option, meaning that there are debt settlement pros and cons associated with it. For example, while debt consolidation loans can help increase your credit score, debt settlement can hurt your credit score.
Alleviate Financial Solutions Reviews
Let’s look at the Alleviate Financial Solutions reviews to help you make the most informed decision, starting with BBB reviews.
Alleviate Financial Solutions BBB
It looks as though Alleviate Financial Solutions scores 4.74/5 on BBB with 52 complaints in the last 3 years and 22 complaints in the last year. They received an A+ on BBB.
One review on BBB that I found very interesting and important was that Alleviate may have sold their account to a collection agency instead of paying directly to the company. Their other accounts had not even been contacted about the settlement , so late fees were being added to their account without their knowledge.
Where Are Other Alleviate Financial Solutions Reviews?
I was able to find Google Reviews for Alleviate Financial Solutions as well. They have received a 4.7/5 on Google with 2,109 reviews.
After reading many reviews from the past couple of months, people had many positive things to say. They said the staff was friendly and efficient and they had an overall great experience. However, as I continued to read through the reviews, some people did not have a great experience. Some reviews mentioned that they were referred to this company and felt very reassured during their initial call. After a little more time, they realized the company was “misleading” or “shady.” Some reviews also mentioned that both their creditors and Alleviate were taking money out of their accounts every month, so they felt ripped off and overcharged.
Other reviews said they felt as though no one knew what they were doing or talking about and gave empty promises.
Summing It All Up
From the reviews given online, it seems as though Alleviate Financial Solutions is a debt relief company that advertises many different options for people, but I am unsure if they are actually helping people or just profiting.
One question I have is whether Alleviate Financial Solutions actually ever actually helps people with consolidation loans as they are advertising. Or, potentially, if it markets people who can’t qualify for a loan, but do qualify for a debt consolidation program, which is 100% different.
For example, California debt relief is a marketing firm for debt settlement companies, but it’s been around for many years with consistent volume.
If you need debt consolidation, let’s discuss options next.
What If I Can’t Get a Debt Consolidation Loan Elsewhere?
If you can’t get a consolidation loan from Alleviate Financial Solutions, what are your options? Are you putting more on your cards each month than reducing them? Do you have a high debt to income ratio?
The challenge is that you may qualify for a debt consolidation loan, but there interest rate could be 29.99% or the loan won’t consolidate all of your debt.
As stated above, if you have debt that is unaffordable, we built the free free debt options and costs calculator below that allows you to compare options such as non-profit credit counseling, debt settlement and debt payoff planning. If you are already in financial hardship, the calculator also allows you to understand bankruptcy. No email address is required unless you’d like some additional free assistance.