Freedom Financial Network Review

Freedom Financial Network

Freedom Financial Network is widely known for its debt settlement service, the thang they aptly called Freedom Debt Relief. Sure, they do have other offers like credit counseling, personal loans, and home equity solutions, but what got everybody’s eyes on ‘em is on their debt relief. Yeah, everybody including the authorities, CFPB and New York State Office in particular. Is it bad news? Guess you’ll have to find out in my Freedom Financial Network review below.

NEXT: Compare This To Debt Settlement Services

Before the big reveal, lemme describe what the heck even is Freedom Debt Relief. Just like any other debt settlement companies, Freedom Debt Relief under Freedom Financial Network works by “negotiating” with creditors on their customer’s behalf. What to negotiate, then? Well, obviously, it’s about negotiations on debt. Like, how you’ll pay that off in the most cost-effective way. That’s the promise, anyway.

Specifically, they promise that you’ll save hundreds, even thousands of dollars when you opt to avail their service. Even with the fees they’d be charging on top of your debt, they say. Also, they’ll make it possible to get you on an affordable monthly program payments. That’s their talk, but do they walk it?

From my mention of authorities earlier, you better bet that they don’t actually walk the talk. C’mon now, CFPB is THE Consumer Financial Protection Bureau. They don’t usually enter the scene giving flowers to great companies. Instead, they make their appearance to slap sh*tty ones with lawsuits and formal charges. Their involvement with Freedom Financial Network is no exception.

They, CFPB, accused Freedom Financial Network’s Freedom Debt Relief of deceiving customers. Means Freedom Financial Network misled customers on the extent of their service, on their fees, and on the willingness of creditors to deal with third-party companies like them. Heck, CFPB even dragged Freedom for their claim of debt settlement expertise and told outright that there’s no such thing with them at all. Oof.

Lemme expound on ‘em points, um-kay? First is the extent of their service. They, Freedom Financial Network, made customers believe that the negotiations will all be handled directly by ‘em. In reality, they’ll likely just give pointers on how to settle debts by yourself. Not them doing the work, but YOU only. What the hell, right? No point paying their crazy fees, then. About that…

Second point is on their fees. Not only is it expensive (Freedom Financial Network’s costs starts at around $400 a month), they’re also charged regardless of job completion. Like, they’ll still charge despite not taking any action on settling their customer’s debts. Don’t trust ‘em when they say otherwise. Just don’t. They won’t get sued if they’re not this consistent with lies and unfair fees. Just saying.

Third point is somehow connected to the extent of their service. They know damn well that there are creditors who won’t deal with anyone, but the one who owes the debt themselves. But they won’t say it plus some more risks on the customer’s part (chance of getting sued by creditors, credit score damage, etc.) because, again, this service is usually just desired for the promise of them doing the hard work. Admitting they won’t be doing any of that is a tough sell. And they don’t want that or else, they won’t be able to charge expensive fees.

Freedom Financial Network Review

On top of that, Freedom Financial Network also fails to disclose customers’ rights to their funds. What funds to be exact? It’s the amount the customer deposited on Freedom’s bank account. You can get the remainder of it once you leave the debt settlement program, but they won’t tell you that. I mean, their scummy ass would like to keep it to themselves, duh!

They’d be so greedy for money and that sh*t caught the eye of authorities, deservingly so if I may say. Not one government body, but two of them. Two lawsuits against them and their former CEO Andrew Housser later, Freedom Financial Network had to agree to pay millions in settlement. For instance, the CFPB lawsuit made ‘em pay around $20 million in restitution to affected customers and $5 million in civil money penalty.

How the tables have turned, right? A scummy debt settlement company paying lawsuit settlement money. Poetic justice, ha! They’re bad news and all these problematic sh*t I listed above are my reasons to not recommend Freedom Financial Network. Heck, I won’t be recommending any debt settlement companies at all. What they say, they do nothing you can’t do yourself. ‘Member that, alright?

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About the author: If you want someone who will talk straight with you, respect your time, and show you a business that might actually work for you, you should watch this short video.