How the Site Works: Ascend's mission is to take the pain out of personal finance for everyone. Not everyone who comes to our site is currently best fit for the Ascend product, so we spend a great deal of time and effort finding partners that we hope will be beneficial to you.
How We Make Money: Our partners sometimes compensate us in the way of advertising. Some partners we recommend pay us referral fees for sending them new customers. If you click through an application link on our site and end up receiving the service, we may receive compensation when your application is approved, and you move forward with this product. Each partner is vetted based on the following criteria:
We prioritize lower interest rate providers.
We prioritize those who do not penalize checking your rate or have prepayment penalties.
We prioritize those that are customer experience focused. We measure this by the reviews on more unbiased review sites.
This article is for informational purposes only and should not be construed as legal or financial advice.
Are you a teacher exploring your debt relief options, wondering if The Debt Free Teacher is the best path for you, or what their reviews say? In this article we'll take a closer look at the potential advantages and disadvantages of working with them, and compare alternative debt relief options.
Who is The Debt Free Teacher?
The Debt Free Teacher is an organization that claims to be dedicated to assisting educators in achieving financial independence.
Source: https://www.thedebtfreeteacher.org/
They offer a range of free financial tools including:
Financial Situation Quiz: To help identify services that could maximize savings on existing debts.
DIY Budget Tool: To assist in creating personalized budgets to enhance financial management.
Debt Free Plan: To provide a customized strategy for debt elimination.
Debt Payoff Calculator: To estimate the time required to become debt-free based on their current situation.
Source: https://www.thedebtfreeteacher.org/
But what do their user and customer reviews say?
Debt Free Teacher Reviews
I could not find any reviews for them on Better Business Bureau or Google, though they do claim to be BBB accredited.
If you click on the link in the screenshot above, you'll be taken to their survey page, where you'll see a badge from the Better Business Bureau at the bottom of the page.
Before we dive into Bill Doctor, let's take a look at their TrustPilot reviews.
TrustPilot Reviews
On TrustPilot, they currently have a 4.6 rating out of 5-stars, based on over 85 ratings.
While they have a high number of positive reviews, most are very complimentary of the customer service rather than the actual services The Debt Free Teacher offers. But what do the less favorable reviews say?
After reviewing their negative feedback, it became clear that being a teacher doesn’t offer any unique advantages to using this program - there are no teacher-specific benefits. So why brand the business as "The Debt Free Teacher" if it doesn’t provide exclusive value to teachers?
Additionally as mentioned in the reviews below, it appears that clients are ultimately led into debt settlement programs. One client even mentions not being made aware that their accounts would need to go delinquent, and that they wouldn't have gone forward with this program if they had known.
Who is Bill Doctor?
If you scroll down on the 'About' page of The Debt Free Teacher's website, you'll notice a blurb that mentions: "TheDebtFreeTeacher is owned and operated by Bill Doctor" - but what/who is Bill Doctor?
Source: https://www.thedebtfreeteacher.org/about
BillDoctor.org positions itself as a resource for individuals seeking to understand and manage their debt, but it appears to function as a marketing platform that directs users to various debt relief or debt consolidation loan providers. Debt settlement is a valid option, but it's not the best option for everyone, and often clients are not given the full picture of how it works. We'll break this down more later in the article.
Source: https://billdoctor.org/
You'll also notice that the 'About' pages are nearly identical for Bill Doctor and The Debt Free Teacher.
In order to use SaveWise, you have to install it directly on your computer. It doesn't seem to be available in the app store, but let's see!
Source: https://app.savewise.ai/download
When I tried searching for the SaveWise app on the app store, it didn't come up. I did find another app with the same name, but it does not see to be affiliated with Bill Doctor's SaveWise app.
Additionally, when I check for reviews of the SaveWise app, nothing comes up, so it's hard to say if it's a helpful tool.
What is Debt Settlement?
Debt settlement is when a third party steps in to negotiate with your creditors to lower how much you owe on your debts. The main goal is to reduce your debt so it's more manageable. For example, knocking $10,000 down to $5,000.
But how does it work? To start, the debt settlement company will advice you to stop paying your creditors, and put that money into a separate savings account, where you'll make monthly deposits. That amount will vary, depending on how much debt you have and the terms of the debt settlement company you're working with.
Since you're no longer making payments to the creditors directly, your accounts will fall behind, which results in a hit to your credit score. However, once you've fallen significantly behind, your creditors will be more willing to settle for less money, as getting some money is better in their eyes than you filing for bankruptcy.
The debt settlement company would then handle the negotiations with your creditors for you. If they manage to get a reduced payoff amount, and you agree to it, you'll continue with the agreed payment until your debts are settled.
All that being said, many companies do not always explain this process upfront, which can leave their customers to feel misled, as we saw in some of the reviews earlier in the article. This is definitely something to be aware of if you're seriously considering this route.
The Way Debt Settlement Companies Earn Money
So you may be wondering: "How do debt settlement companies earn money?"
While this may not be a surprise to learn, debt settlement companies make their money by charging you a fee based on the amount of money they help reduce your debt down to. So for example, if you owed $10,000, and they knock it down to $5,000, you'd technically save $5,000. But here's the catch: they will usually take a fee that's between 10%-25% of that reduced amount. So from that $5,000 they knocked off your debt, they may take anywhere from $500-$1250 in fees. Meaning you'd only be saving $4,500 at the most, to $3,750 at the least.
Are There Other Debt Relief Options?
It’s important to compare all debt relief options to determine what best fits your financial needs. Make sure to weigh the pros and cons before deciding if debt settlement is the right financial solution for you.
If you're interested in further comparing all debt relief options available to you, including bankruptcy, check out this calculator that will show you all potential options and cost estimates:
Let's Compare Debt Settlement vs. Bankruptcy
Debt settlement can be a helpful solution, but it’s not your only option. While bankruptcy may be seen as taboo or a last resort, sometimes it may be the fastest and most affordable option. It just depends on your financial situation.
Check out this video we made comparing Debt Settlement vs. Bankruptcy:
Closing Thoughts
Unfortunately, The Debt Free Teacher does not offer any exclusive benefits for teachers. Instead, it primarily directs clients toward debt settlement programs, which may not always be the best solution and can sometimes be misleading.
At Ascend, we encourage you to explore your options as early as possible, to give yourself more flexibility and peace of mind. Whether you're considering debt settlement, bankruptcy, or consolidation, having a clear understanding of your choices empowers you to make the best decision for your financial future. You deserve a partner that prioritizes your well-being. Debt can feel overwhelming, but you don’t have to navigate it alone - we’re here to help.
Ready to get out of debt sooner than later and talk through your debt relief options with one of our analysts, completely for free? You're welcome to give us a call us today at 833.272.3631 and we'll help set you on the path to financial freedom.
Source: https://billdoctor.org/
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