- 1 Overview Of New Era Debt Solutions
- 2 What are New Era Debt Solutions?
- 3 How do New Era Debt Solutions work?
- 4 How to qualify for New Era Debt Solutions?
- 5 New Era Debt Solutions BBB Reviews
- 6 New Era Debt Solutions FAQs
- 7 How much does the New Era Debt Settlement program cost?
- 8 Will Debt Settlement work for you?
- 9 What are the Tax consequences of Debt Settlement?
- 10 Can Debt Settlement with New Era Debt Solutions cause a lawsuit?
- 11 How do New Era Debt Solutions affect your credit?
- 12 How to cancel New Era Solutions?
- 13 Is New Era Solutions legit or a scam?
New Era Debt Solution has been in business for over 20 years and has settled over $250,000,000 in debt.
Overview Of New Era Debt Solutions
Our New Era Debt Solutions review gives you an inside look at what New Era Debt Solutions can do for you financially.
Investigating their website and terms and conditions turned up some startling stuff.
Here’s what caught our eye.
- Individuals may get different results from this program based on how much they save and how well they complete all the requirements.
- Neither the program assumes nor pays any debts, nor does it give tax or legal advice.
- Some states don’t have it.
- Performance-based fees are charged by the company.
- It’s also a debt relief referral service.
What are New Era Debt Solutions?
New Era Debt Solutions helps you get out of debt by settling your debts. They have a team of financial experts, attorneys, and support staff who will work with you to reduce your debt and help you get back on track. Their team has been helping people with their debt since 1999, and they are located at 330 Wood Road in Camarillo, CA. They can be contacted by phone at (805) 532-9000.
They have been accredited by the Better Business Bureau since 2001, and they have an average of 100 customer reviews. They have also resolved a total of four complaints in the past three years. Hence, New Era Debt Solutions has an A+ rating from the Better Business Bureau.
How do New Era Debt Solutions work?
By participating in the New Era Debt Settlement program, you can negotiate with your creditors to pay off your debts for a lower amount than what you owe them. In contrast, this purpose is not simply to reduce your interest rate, as is the case with Credit Counseling or Consolidation Loans, which do not reduce the total amount owed.
In a debt settlement, creditors might be willing to accept payments that are less than what you owe to close out an account rather than lose the entire amount in bankruptcy.
How to qualify for New Era Debt Solutions?
New Era Debt Solutions debt settlement programs use key indicators to determine if you qualify. Keep an eye out for these signs, and you’ll get the financial relief you need.
- For people who don’t want to pay their bills, Debt Settlement isn’t a free lunch. A person facing hardship circumstances and preferring to negotiate with creditors rather than declare bankruptcy may find it an honest and ethical alternative.
- Even though debt settlement is often the quickest and most affordable way out of financial difficulties, you need to remain committed, even when things get tough. For those who are willing to see it through, debt settlement can help you get back on your feet faster than any other method.
- Those with unsecured debts, such as credit cards, lines of credit, signature loans, repossession deficiencies, and more, can benefit from debt settlement. If you’re struggling with credit card debt, debt settlement usually offers deeper discounts than other forms of debt negotiation.
- Typically, debt settlement programs require you to set aside money each month to pay off your debt. For example, if you owe $30,000 in unsecured debt, you should be able to consistently set aside $450 per month. Approximately three years would be required to complete the program.
New Era Debt Solutions BBB Reviews
Founded in 2001, the company has an A+ rating from the Better Business Bureau. They have an average of 100 reviews and have closed four complaints in the last three years.
Ruby M 10/24/2022
I was with New Era Solutions for two years and they have helped me every step of the way. They are fantastic!
Cierra A 10/19/2022
I love New Era Debt Solutions because they did everything they could to make sure I was successful. Months when I was short or couldn’t make it they adjusted my payments. They kept me up-to-date with any new activity and settlements. They were so easy to work with. They were always very responsive. I would recommend them to anyone struggling to get back on track financially.
Helen J 10/09/2022
I would use them again if I needed to. Very professional with you and with the companies while settling your debt. They keep you informed of your progress every month. A-1
Initial Complaint 05/09/2022
Complaint Type: Billing/Collection IssuesStatus: AnsweredMore info
I contracted a new era for debt consolidation. They promised around 40% of my debt I would have to pay back in the end. Right now I’m around 70% and have had my check garnished, paid back the largest creditor on my own in full (100% plus fees and interest accrued for years) had multiple court visits where I was unprepared and had no knowledge of what to say or how to prepare and was practicing left to the wolves. I feel like I have been completely scammed in this process and yet they continue to come up with more fees and less transparency.
New Era Debt Solutions FAQs
How much does the New Era Debt Settlement program cost?
If you’re going to be debt-free, a lot of things will go into it. Your credit balances, your ability to make monthly escrow payments into your debt resolution program, how much can be negotiated from your outstanding balance, and any fees you’ll have to pay New Era Debt Solutions.
New Era Debt Solutions charges performance-based fees. They don’t charge upfront fees, but the percentage of their costs isn’t revealed anywhere.
Will Debt Settlement work for you?
There’s nothing wrong with debt resolution, but it’s not right for everyone. It can help you get out of debt, but it won’t solve all your problems.
What are the Tax consequences of Debt Settlement?
Debt forgiveness may be subject to taxes, but it’s unlikely. The reason is that financial institutions have to report any canceled debts over $600 to the IRS, and the debtor has to say it as income.
When you cancel the debt, there are some tax implications, but there are ways to offset them. You can deduct any debts that you canceled from your income as long as you were insolvent when you withdrew them. If you own more than you own, you’re insolvent.
Since they’re less likely to be insolvent, debtors with a high net worth will pay more taxes on the forgiven debt. They usually have a lot of home equity to offset their debt and make their net worth positive. However, this isn’t always the case, and most debtors won’t have to pay taxes.
Can Debt Settlement with New Era Debt Solutions cause a lawsuit?
Although creditors have the legal right to sue for not paying a debt, they don’t happen as often as aggressive credit collectors think. Creditors don’t want to spend more money taking a customer to court (with no guarantee of getting a judgment). They’d instead work out a settlement amicably.
Depending on the creditor’s legal action, you might be legally required to pay a creditor’s outstanding debt balance in full.
How do New Era Debt Solutions affect your credit?
If you choose to settle your debt, it will hurt your credit score for 7 years. This is because it initially reduces your credit score by 100 points and then lessens over time. In addition, the events that usually lead up to your need to settle debts (missed payments, etc.) will also adversely affect your credit score.
How to cancel New Era Solutions?
When trying to get out of a debt settlement contract with New Era Debt Solutions, it is easy to do so before you start making any payments. However, once you begin paying, you will likely lose the funds you sent them. To prevent the debt settlement company from drafting fees directly from your bank account, you must contact your bank and cancel any agreement that allows you to do this.
You can cancel your debt settlement program by following these steps:
- Both you and your creditors are obligated to adhere to the terms of your debt settlement agreement. It is important to understand that terminating the agreement prematurely will result in penalty fees. In special circumstances, debt settlement companies may waive these fees.
- Your debt settlement company and the financial house will not automatically start the exit process when you notify them of your intent to leave. You will still need to follow the company’s cancellation process. Most companies will send you a message with instructions on how to cancel the contract. You should continue making your original monthly payments unless otherwise stated.
- To exit the debt settlement contract, you may need to pay a specific amount. Exiting the contract without making requisite payments may leave you in a legally undesirable position.
- Once you’ve left the debt settlement contract, it’s time to meet with your creditors. You must inform them of your repayment plan, negotiate a new payment plan, or make payments according to the original agreement. Any payments missed or owed must be repaid.
Is New Era Solutions legit or a scam?
It can be tricky to settle debts, but New Era Debt Solutions has 22 years of experience and an A+ rating from the Better Business Bureau.
Before deciding on debt settlement, do your research and read reviews. Depending on your financial situation, debt settlement may have serious consequences.
Share your experience and review of neweradebtsolutions.com.
Thanks for reading!
New Era Debt Solutions
New Era Debt Solutions
New Era Solutions Review
With the New Era Debt Settlement program, you can negotiate with your creditors to get your debts paid off for less than what you owe them. It is not just a matter of reducing your interest rate, as with Credit Counseling and Consolidation Loans, which do not reduce your total debt.