If you are dealing with suffocating debt, you may have heard about Debt Solution Network as an option to help consolidate your debt and pay it off faster. We have compiled this Debt Solution Network review to act as a resource in your debt settlement/consolidation journey.
Table of contents
What is Debt Solution Network?
A review of Debt Solution Network shows that it has helped thousands of Americans take control of their debt. It is a company that offers debt consolidation and credit counseling.
Benefits of Debt Solution Network
- Reduces customer debt by an average of 50%
- No fees until the debts are reduced
- Helps fix errors in customer’s credit report
Risks of Debt Solution Network
- No listed details about prices, fees associated with the service
- No customer reviews with the Better Business Bureau (BBB) or on Trustpilot
- Frequently asked question page on the website has no information
- Website is not secure or encrypted
How Does Debt Solution Network work?
- Interested customers should fill out the contact form on the company’s website. Include pertinent details like your first and last name, email address, phone number, and your estimated amount of debt.
- The company will be in touch to discuss the process and set up a free consultation. At the consultation, the company will take your unique circumstances into account and determine whether its debt relief program is suitable for you.
- Debt Solutions Network will help you find a monthly payment that fits your budget and your needs. Next, the company will start contacting your creditors and negotiating your debts.
- The program can take as long as three years, but Debt Solutions Network keeps its customers updated through the process and guides them to ways to rebuild their credit score when all the debt is finally settled.
Debt Solution Network Programs
Debt Consolidation
The first debt consolidation program rolls up multiple debts, typically high-interest debt like credit card bills, into one single payment. If you find yourself dealing with a manageable amount of debt but you are simply looking for a way to reorganize several bills that carry different interest rates, payments, and due dates, debt consolidation is a good option that will allow you to tackle your debt on your own without needing a loan or damaging your credit score.
Debt Settlement
The next program option is Debt settlement, which is also referred to as debt reduction, debt negotiation, or debt resolution. Debt settlements are negotiated with a customer’s unsecured creditors. Typically, creditors will agree to forgive a large part of the debt, allowing debtors to pay off their debts much faster. If you’re looking for more information, be sure to read our guide on debt settlement pros and cons and if it’s a good option for your financial situation.
Debt Validation
Lastly, we have debt validation, or “debt verification”, which refers to a person in debt’s right to challenge a debt and/or receive written verification of a debt from a debt collector. Debt collectors are legally required to send you a debt validation letter, outlasting what your debts are, how much you owe, and other pertinent information. A debt validation notice should include the following information:
- The total amount of debt you owe the institution
- The creditor’s name
- The assumption that the debt will be valid unless disputed by you within 30 days
- Notification that, within 30 days, you can petition verification of the debt within 30 days
- Notification that you can request the name and address of the original creditor within 30 days
Is Debt Solution Network a good company?
There is not a whole lot of information available about Debt Solution Network, neither on the company’s website nor on related review websites. It’s also important to take into consideration that the company is not accredited with the American Fair Credit Council (AFCC) or the International Association of Professional Debt Arbitrators (IAPDA). Those are two prominent organizations that regulate how debt relief companies conduct their business.
But, we do think Debt Solution Network can be a good option for borrowers who have large amounts of debt that need help contacting creditors or getting assistance with debt forgiveness options.
If you’re looking for financial assistance, TurboFinance can connect you to more of the best debt relief companies.