This article is for informational purposes only and should not be construed as legal or financial advice.
Are you a veteran that is considering working with Veteran Debt Assistance to get out of debt, and were curious about their reviews? In this article we'll dive deeper into how exactly veterans can benefit from their program, and look into other debt relief options available.
Who is Veteran Debt Assistance?
Veteran Debt Assistance is an organization that claims to be dedicated to empowering U.S. veterans to overcome financial hardships and achieve long-term financial independence.
Source: https://veterandebtassistance.org/
Source: https://veterandebtassistance.org/about
They offer a few free 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://veterandebtassistance.org/
Additionally, they're partnered with Disabled American Veterans (DAV), claiming they have a "shared mission of empowering America’s ill and injured veterans to lead high-quality lives with respect and dignity."
However, it's important to note as stated in the fine print of the Veteran Debt Assistance website that "Veteran Debt Assistance and the programs/services offered through its providers are not affiliated with, approved, sponsored, or endorsed by any state or federal government agency."
YouTube Interview Testimonials
On Veteran Debt Assistance's homepage, there are a few videos of veterans being interviewed about their experience with finding debt relief, implied that they worked with Veteran Debt Assistance to find a solution.
Throughout these interviews, they refer to a "program" that helped them, but overall are relatively vague. It's also unclear if they actually worked with Veteran Debt Assistance, or with a different company.
Before we dive into Bill Doctor, let's take a look at their TrustPilot reviews.
TrustPilot Reviews
On TrustPilot, Veteran Debt Assistance currently have a 4.7 rating out of 5-stars based on over 400 reviews.
Veteran Debt Assistance does have a high number of positive reviews, but you'll notice that the majority only seem to be about their customer service, not the program they're enrolled in. But what about the negative reviews?
As seen in the negative reviews below, it turns out that Veteran Debt Assistance is not exclusive to veterans - anyone can use this service, even though their marketing is targeting veterans.
Additionally, a few reviews mention the reality of the service: debt consolidation programs. We'll talk more about debt consolidation later on in the article, but to quickly summarize: when you work with a debt consolidation company, you're required to stop paying on your credit cards, and put that money in a separate escrow account. Since you've stopped paying your creditors, your accounts then begin to fall delinquent, and your credit score drops. After some time, the debt consolidation company will then negotiate with your creditors to lower your payments. However, these details aren't always explained clearly to customers that sign on, much like the second reviewer.
Reddit
On this Reddit post, the poster asks if anyone has been getting ads from Veteran Debt Assistance and if anyone has used their services. A different user goes on to reply that it's a debt consolidation service, generalizing that they wreck your credit. While another user responds in defense of debt consolidation services. Debt consolidation is absolutely a valid option, but it isn't the best choice for everyone. It's crucial to consider the pros and cons before deciding.
Another user then mentions that their parent company is Bill Doctor, and that they have similar websites for veterans and nurses.
On the 'About' page of Veteran Debt Assistance's website, you'll find a blurb that states: "Veteran Debt Assistance is owned and operated by Bill Doctor". But that raises the question, what/who exactly is Bill Doctor?
Source: https://veterandebtassistance.org/about
BillDoctor.org presents as a resource for those looking to better manage their debt, but it seems to mainly serve as a marketing platform that connects its users to different debt relief or debt consolidation loan providers. While debt settlement can be a legitimate solution, it's not the right fit for everyone, and often many people are not given the full picture of how it works. We'll go over debt settlement more in-depth later on.
On the homepage of Veteran Debt Assistance, you might have seen a promotion for a budgeting app called 'SaveWise'.
Source: https://veterandebtassistance.org/
SaveWise is a free app that aims to help users manage their unnecessary spending habits and adopt healthier saving practices. But how can you take advantage of it?
To use SaveWise, you have to install it directly on your computer. I wonder if it's available in the app store?
Source: https://app.savewise.ai/download
When looking for SaveWise in the app store, but I couldn't find it. However, I did come across another app with the same name, though it doesn't seem to have any connection to Bill Doctor's version.
It's hard to say if users find it to be a helpful tool, as I couldn't find any reviews for it.
Let's Talk About Debt Settlement
Time to break down debt settlement, and what exactly happens during this process.
For some background: debt settlement is when a third party negotiates with your creditors to lower the amount of debt you owe, to give you financial relief.
To begin, you'll be advised by the debt settlement company to stop making payments to your creditors. Instead, you would make monthly deposits into a separate savings account. The amount you'd deposit would depend on the total debt amount you owe, along with your agreement with the debt settlement company.
Your accounts will then start to fall behind, which will negatively impact your credit score. Once you've fallen behind enough, the debt settlement company can then try to negotiate a lower amount with your creditors, who will be more willing to settle for a lower amount.
All that being said, we often see that many companies don't always do a great job at explaining the entire process upfront. Ultimately this leaves their customers blindsided and frustrated.
So How Do Debt Settlement Companies Make Their Money?
To make their money, debt settlement companies charge anywhere from 10% to 25% in fees based on the amount of money they helped you save. So for example, let's say you owe $20,000 in debt and they're able to get that lowered to $10,000. You'd think you're saving $10,000, right? Not quite. Instead, after their fees, it would be anywhere around $7,500-$9,000 in your pocket.
Let's Consider Other Debt Relief Options
Make sure to weigh the pros and cons before pulling the trigger on debt settlement, as there may be a better choice for you.
Check out our calculator below to compare your debt relief options, including bankruptcy. The calculator will show you also show you cost estimates of everything, so you can have a fuller picture:
What to Consider When Comparing Debt Settlement and Bankruptcy
Debt Settlement is just one way to tackle your debt, but it's far from your only choice. Though bankruptcy is commonly seen as bad or controversial, you may be surprised to learn it can be the fastest and most cost-efficient option. However, this is subjective based on your specific financial situation.
Check out our video for a more in-depth breakdown:
In Conclusion
Sadly, Veteran Debt Assistance does not offer any benefits that are exclusive for veterans, meaning its marketing is misleading. Rather, it funnels clients toward debt settlement programs, which may not always be the best solution and can sometimes be misleading if the entire process isn't explained thoroughly. If you're considering debt settlement, definitely prioritize weighing the pros and cons before deciding if it's the right financial solution for you.
If you're deciding between debt settlement, bankruptcy, or consolidation, we believe that having a clear understanding of your choices will give you confidence to make the best choice for your financial future. You deserve to work with a company that prioritizes your well-being. Know that you don’t have to navigate the overwhelm of debt on your own - 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? (Did we mention it's free?)
You're welcome to give us a call us today at 833.272.3631 and we'll help you move forward on your path to financial freedom.
Source: https://veterandebtassistance.org/
Source: https://veterandebtassistance.org/about
