Alleviate Financial Solutions Reviews: 3 Things To Know

Did you receive a mailer that ended up signing you 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 and more, so let's get started. 

I became aware of Alleviate Financial Solutions through a call with a person I will refer to as 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 a program 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 two debt consolidation loan companies that we have vetted that 1) only do a soft check to check your credit, and 2) do not charge prepayment penalties. When considering debt consolidation loans, it's helpful to compare rates from multiple lenders to find the best one. 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 by settling your debt once your accounts are behind, but there are three major cons to consider, and I have written 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're struggling with debt and wondering what to do next, we've built a free, unbiased debt options comparison calculator (no 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.

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

One question you may wonder is how much Alleviate Financial Solutions costs so that we will address that 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 precisely why we built a free debt settlement cost calculator, so you are as informed as possible. While the calculator cannot provide your exact Alleviate Financial Solutions debt settlement plan payment, it provides an estimate based on your personalized financial data. It allows you to compare debt relief to other options. 

According to two specific Alleviate Financial Solutions Google reviews (1 and 2), it appears that Alleviate Financial Solutions may charge approximately 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.

Alleviate Financial Solutions appears to have a rating of 4.7/5 on the BBB, with 147 complaints filed in the last 3 years and 68 complaints in the previous year. At the time of this review, Alleviate Financial Solutions holds an A+ rating with the Better Business Bureau (BBB).

One positive review mentioned that the conversion has been quick and that the staff has been knowledgeable. 

One negative review stated that after three years, the settled amount plus fees saved them zero dollars and that the team had 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".

Additionally, BBB provides a list of Alleviate Financial Solutions' BBB complaints that may be helpful to review.

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

2) This redditor stated that the initial promise of paying down five 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 also able to find Google Reviews for Alleviate Financial Solutions. The company has received a 4.7 rating based on over 6,500 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, I found that 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 if you stop paying your accounts, your credit score goes down, and then they will eventually offer a loan with 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 charging more to your credit cards each month than you are paying them off? Do you have a high debt-to-income ratio?

The challenge is that you may qualify for a debt consolidation loan, but the interest rate could be 29.99%, or the loan won't consolidate all of your debt. 

As stated above, if you have unaffordable debt, we have built a 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.