Alleviate Financial Solutions Reviews: 3 Things To Know

Did you receive a mailer where you ended up signed up for a debt relief (debt consolidation program) with Alleviate Financial Solutions? 

What does Alleviate Financial provide? What are the reviews?

We will cover all that an more, so let's get started. 

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 chatting with her to sign up for the debt settlement program. From my research, I believe that Alleviate Financial Solutions is a debt relief 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 2 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.

For example, you may be able to save money from settling your debt once your accounts go behind, but there are 3 major cons to consider, and I wrote articles below covering each of those cons.

1. You could be sued for unpaid debt.

2. Your credit score could fall over 100 points.

3. You may have to pay taxes on forgiven debt if you are deemed tax solvent.

That said, even with these cons, debt settlement may still be the best solution.

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.

Per Alleviate Financial Solution's BBB page, the company has been BBB accredited since 2019, but the company formed in February, 2018. Per BBB, the company is also related to Tripoint Lending, which commonly sends out "pre-qualified loan mailers" to individuals pitching a debt consolidation loan.

One question that you may wonder is how much does Alleviate Financial Solutions cost, so we will cover that questoin next.

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. 

From two specific Alleviate Financial Solutions Google reviews (1 and 2), it appears that Alleviate Financial solution may charge around 25% of the enrolled debt. Here's the example from one of the reviews.

Now, let's cover the reviews.

Let’s look at the Alleviate Financial Solutions reviews to help you make the most informed decision, starting with BBB reviews.

It looks as though Alleviate Financial Solutions scores 4.74/5 on BBB with 89 complaints in the last 3 years and 55 complaints in the last year. At the time of this review, Alleviate Financial Solutions has an A+ BBB rating.

One positive review mentioned that the conversion have been quick and that the staff has been knowledgable. One negative review stated that after 3 years that the settled amount plus fees saved them zero dollars and that the team first promised the world when they signed up. The individual stated that Alleviate Financial Solution pitched another loan to "help them get out of debt".

In addition, BBB also provides the list of Alleviate Financial Solutions BBB complaints that could be helpful to review.

There were many reddit threads covering Alleviate Financial Solutions. Here were some of the examples that I found from Reddit covering Alleviate Financial Solutions

1) This redditor complained that after cancelling with Alleviate Financial Solution that he/she believe that they were getting $1700 back, but only got a check for $371.21 after fees had been taken out.

2) This redditor stated that the initial promise of paying down 5 debts at the end of 31 months and saving $3800 was too good to be true.

3) This redditor stated that the fees were about 25% and was wondering if Alleviate Financial Solutions was worth it.

Let's look at the Google reviews next.

I was able to find Google Reviews for Alleviate Financial Solutions as well. The company has received a 4.7 rating based on 3.873 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. Here's an example of a 5 star review:

One of the negative reviews stated that the company offers you a good deal to get out of debt and says that the company will only collect a fee once you settle the case. The individual stated that because you stop paying your accounts that your credit goes down and then they eventually will offer a loan that has a higher interest rate than what you were paying before. 

But, what if you can't get a debt consolidation loan elsewhere? 

If you can’t get a consolidation loan, 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 the cost and duration of various options. 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.