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Find the Best Debt Consolidation in Richmond, VA

Debt relief is a complex subject that’s often misunderstood. If you’re overwhelmed by debt in Richmond, you should know a few things before hiring a debt relief company. The Richmond Times-Dispatch has partnered with ConsumerAffairs to create this guide by comparing customer reviews, service areas and services offered at more than 15 businesses and choosing seven favorites from the top debt relief companies in Richmond.

Companies pay ConsumerAffairs to be accredited, and the Richmond Times-Dispatch and/or ConsumerAffairs may receive compensation when you click a link, call a number or fill out a form on this site.

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Options for debt relief in Richmond

Richmond Skyline

Many people in Richmond find themselves in need of debt relief because of the high cost of living in certain areas. Although the average home price is lower than the national average, neighborhoods like Wilton and Windsor Farms are particularly expensive.

There are a few options available when searching for help with debt. While searching for a company, it’s essential to consider what type of debt relief the company offers. Debt relief companies typically require you to have a minimum of several thousand dollars of unsecured debt.

The minimum requirements may be different for the various debt relief options, however. For instance, filing bankruptcy can discharge specific types of secured debt but may require you to owe more than debt consolidation.

Debt consolidation typically requires you to take out a loan to pay off your existing debt. This loan usually has a lower annual percentage rate than your current debt, and debt consolidation lets you make one monthly payment instead of paying multiple creditors.

Under debt settlement, you stop paying your creditors and put money into an account created specifically for debt settlement purposes. The debt settlement company uses those funds to negotiate with your creditors in an attempt to settle your debt for less than you owe.

Bankruptcy options in Richmond

Many people with debt are tempted to file bankruptcy, but you should consider the damage bankruptcy could do to your credit history.

Individuals who want a quick resolution to their financial woes and don’t have many assets may want to consider bankruptcy, but those who can afford monthly payments and don’t have excessive debt typically benefit more from other types of debt relief.

What to consider when choosing a debt relief company in Richmond

Before choosing a debt relief company, make sure you’re aware of how the company provides its services. Some debt relief companies only have online services, but others may have a local branch where you can speak to a debt specialist in person.

Some debt relief companies also have credit score requirements, especially for debt consolidation loans. Be sure to ask any company you’re considering working with about its requirements before committing to using its services.

Debt relief cost in Richmond

The cost of debt relief varies significantly depending on the type of debt relief you choose and the complexity of your debt. In Richmond, residents seeking debt settlement should expect to pay the company a service fee of about 15% of your total debt, though some companies charge a percent of the money they save you through negotiation.

For debt consolidation loans, you make monthly payments with interest to pay off the loan. Some companies offer debt management plans instead of loans — these companies charge a fee that’s typically around $25 to $50 per month.

Richmond Debt Relief FAQ

Do debt relief companies hurt your credit score?

Debt relief may hurt your credit score, depending on the program you choose, but your score can recover. If you choose debt settlement, you’ll see a reduction in your score because you stop paying creditors.

Bankruptcy typically has a serious, long-term effect on your credit history. A reputable debt relief company will help you understand how its service will affect your credit score.

What questions should I ask a debt settlement company?

Before working with a company, find out what services it provides. Ask how it handles cases and whether it assigns a case manager to each customer. Be sure to ask about the company’s fees so you clearly understand how much you’ll pay for services.

Can I get a loan after debt settlement?

After you settle your debt, you may be able to obtain a loan. Consider working with your debt relief company to find ways to increase your credit score, which makes it more likely you’ll be approved and typically helps you receive a lower APR.

Most companies discourage customers from taking on additional debt while participating in a debt relief program.

Is debt relief a good idea?

Although debt relief isn’t right for everyone, it’s a smart option for many people. To find out if it’s a viable option for you, speak with an experienced debt relief professional.

Richmond debt relief company information

Accredited Partner

National Debt Relief

National Debt Relief is a national debt relief provider that specializes in debt settlement. National Debt Relief offers a variety of online tools to help Richmond residents take control of their debt. The company offers a free savings estimate and has no upfront cost or obligations.

National Debt Relief Learn More
Accredited Partner

Freedom Debt Relief

Many Richmond residents struggling with debt choose to work with Freedom Debt Relief. Freedom Debt Relief helps you manage existing debt and trains you on how to better manage your finances. Over the past 18 years, Freedom Debt Relief has settled more than $10 billion in debt.

Freedom Debt Relief Learn More (855) 381-0979
Accredited Partner

CreditAssociates

Reviewers commonly say that CreditAssociates is upfront and honest during every step of the debt settlement process. The average program takes anywhere from 24 months to 36 months to complete. Contact CreditAssociates for a free, no-obligation consultation.

CreditAssociates Learn More
Accredited Partner

Accredited Debt Relief

Accredited Debt Relief offers Richmond residents a variety of debt-related services, including financial counseling and debt consolidation. Getting started with Accredited Debt Relief is simple — just contact the company for a free debt consultation with a certified debt specialist.

Accredited Debt Relief Learn More
Accredited Partner

Pacific Debt

Pacific Debt has been in business for 16 years. Its debt settlement program is designed to help you avoid filing for bankruptcy by negotiating with your creditors to reduce your debts. Online reviews report a high satisfaction rate for the cost and quality of services.

Pacific Debt Learn More (213) 330-0553

Clear One Advantage

Clear One Advantage offers online debt settlement services in the Richmond area. With Clear One Advantage, you receive a personalized debt relief plan and no upfront fees. The company guarantees 100% satisfaction for its customers.

Clear One Advantage

New Fidelity Funding

New Fidelity Funding is a loan provider in downtown Richmond. New Fidelity Funding offers loans for multiple uses, including debt consolidation. You can get more information on available loans by filling out the interest form on its website. Its address is 919 E. Main St., Ste. 100, Richmond, VA 23219.

New Fidelity Funding