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Founded in 1998, Fast Track Debt Relief aims to help its clients get out of debt through a process known as debt settlement. But it also offers debt consolidation loans that can help you save on interest and become debt free within up to 84 months. A free phone consultation is offered, which can help you determine if this company offers a debt relief solution that works for your needs.
- Pros & Cons
- Key Takeaways
- Company Overview
Free evaluation can help you walk through potential solutions to help you get out of debt
Live chat available if you prefer to get some of your questions answered online
Can help you settle debts for 30% of what you owe or potentially even less
Debt settlement and debt consolidation loans are offered to clients
Fast Track Debt Relief doesn't disclose its fees for debt settlement
No major accreditations
- Many debt relief companies focus on debt settlement only, but Fast Track Debt Relief also offers competitive debt consolidation loan options.
- It's possible that you could settle your debts for as little as 30% of what you owe, and sometimes less.
- Ask questions and get answers during a free consultation, or use the online chat feature to learn more about Fast Track Debt Relief's process.
- Debt settlement and debt consolidation can work well for unsecured debts such as personal loans, credit card bills, and medical debt.
Fast Track Debt Relief was founded in 1998, so it has a much longer company history than many other top debt relief companies. The firm is located in Fort Lauderdale, Florida, but it helps bulk of its clients online and over the phone.
Fast Track Debt Relief offers debt settlement as well as debt consolidation loans, and you can get started with a free consultation.
- Year Founded 1998
- Program Length As little as 12 to 36 months for debt settlement, up to 84 months with a debt consolidation loan
- Fee Schedule Not disclosed
- Customer Service Telephone, email, and online chat
- Phone Number 1-888-DEBT-004
- Official Website www.FastTrackDebtRelief.com
Fast Track Debt Relief is not one of the top-rated debt relief companies we profiled in our internal study. You can review our list of the best debt relief companies to learn which firms ranked the highest.
Fast Track Debt Relief is unique in that it offers more than one potential debt relief solution. First, this firm offers debt settlement, which is a type of debt relief that asks you to stop making payments on your bills and save your money in a dedicated savings account instead. Fast Track Debt Relief gets to work negotiating your debts on your behalf when you have enough money saved up to reach your debt settlement program goals.
This company does not disclose its debt settlement fees, but it shows many top settlement examples where consumers have settled their debts for 30% of what they owe or less.
Fast Track Debt Relief also offers debt consolidation loans with interest rates from 3.99% to 29.99% APR, including autopay discounts. Its origination fees are from 0% to 4% of the loan amount. Repayment terms are offered from 12 to 84 months, which could be enough time for you to pay down all the debts you owe. You won't pay less than you owe on your debts with a personal loan for debt consolidation, but you can save money on interest compared to what you're paying now.
Debt settlement can cause damage to your credit score because you stop paying your bills while you save up the cash to settle your debts. By contrast, debt consolidation via a personal loan can actually increase your credit score because you'll reduce the amount of revolving balances you owe.
- Free evaluation can help you walk through potential solutions to help you get out of debt: Like other debt relief companies, Fast Track Debt Relief lets you speak with a debt specialist who can help you determine your next best steps.
- Live chat available if you prefer to get some of your questions answered online: Most debt relief companies don't offer a live chat option, but Fast Track Debt Relief does.
- Can help you settle debts for 30% of what you owe or potentially even less: Debt relief examples on the company website show how clients have settled debts for 30% of the amounts they originally owed, and sometimes less than that.
- Debt settlement and debt consolidation loans are offered to clients: Fast Track also stands out because it focuses on more than one debt relief option for consumers. You can use the company to create a debt settlement plan, but it will also give you advice on debt consolidation.
- Fast Track Debt Relief doesn't disclose their fees for debt settlement: The average debt settlement fee is 15% to 25% of settled debts, but Fast Track doesn't disclose its fees or offer any type of fee range for debt settlement.
- No major accreditations: Fast Track Debt Relief isn't accredited by the American Fair Credit Council (AFCC), or by the International Association of Professional Debt Arbitrators (IAPDA).
Types of Debt Addressed
Fast Track Debt Relief doesn't list specific types of debt it helps clients pay off, but the two types of debt relief it offers, debt settlement and debt consolidation, are both geared to unsecured debts. Generally speaking, unsecured debt includes most types that aren't secured by collateral. Fast Track Debt Relief may be able to help you with a few types of debt.
Credit Card Debt
Fast Track Debt Relief can help you in one of two ways if you have high-interest debt on credit cards. It can help you negotiate and pay off your credit card bills for less than you owe, or it can help you save money and get on a debt repayment plan with a debt consolidation loan.
Past Due Medical Bills
Medical debt can also be problematic, but you can potentially pay less for your medical bills by lumping them into a debt settlement plan.
Personal Loans and Unsecured Lines of Credit
Other unsecured debts you could settle include personal loans and lines of credit that you may have with a bank or credit union. You can also consolidate personal loans and other debts with a new debt consolidation loan.
Be sure to look into debt settlement and debt consolidation alternatives like debt management plans (DMPs) and credit counseling as you consider all your debt relief options.
Fast Track Debt Relief offers a live chat feature that can help you get answers to some basic questions without having to speak with someone over the phone. You have the option to get a free quote to see how much you can save, and you'll get the chance to speak with a debt specialist who can talk through your options and help you decide which type of debt relief to pursue.
The company has excellent user reviews on Trustpilot, although not very many considering how long this company has been in business.
Fast Track does have one location in Fort Lauderdale, Florida if you want to speak with someone in person. Otherwise, you can reach out to the company via its online chat function or call the office. Fast Track Debt Relief doesn't list any specific hours of operation.
The debt relief industry isn't known for being reputable as a whole, but there are plenty of good companies out there. It's smart to research companies you're considering and get to know their processes inside and out before you sign up for debt settlement or work toward any other debt relief solution with any company.
You should also check with the Federal Trade Commission (FTC) to ensure that any company you're considering isn't involved in a lawsuit with the Commission.
You won't find any complaints with the CFPB within the last three years when you conduct these searches for Fast Track Debt Relief. Fast Track isn't part of any lawsuits with the FTC.
The company isn't accredited by the American Fair Credit Council (AFCC) or the International Association of Professional Debt Arbitrators (IAPDA), unlike many other debt relief companies out there.
You can file a complaint with the FTC or call 877-FTC-HELP if you have a complaint about the services of any debt relief company.
Average Relief Amount
Fast Track Debt Relief has a debt settlement example page where it lists some of their most successful settlements to date. Some of their examples show debts settled for 30% or less of the original amount owed, but these examples don't take debt settlement fees into account.
Average Time for Relief
Fast Track Debt Relief doesn't advertise an average amount of time for relief on its website, but the examples it shares include clients that have completed a program within 12 to 36 months. It says that it can take up to 84 months to complete the process.
The industry average for debt settlement is 15% to 25% of debt amounts settled. But Fast Track Debt Relief doesn't disclose its fee range for debt settlement. That said, this firm does advertise debt consolidation loans with origination fees that range from 0% to 4%, and interest rates that range from 3.99% to 29.99%, including autopay.
Many companies offer personal loans without an origination fee if you plan to pay off debt with a debt consolidation loan.
|Fast Track Debt Relief||National Debt Relief|
|Accreditation||Not a member with the American Fair Credit Council (AFCC) Not accredited with the International Association of Professional Debt Arbitrators (IAPDA)||Accredited with the American Fair Credit Council (AFCC) Accredited with the International Association of Professional Debt Arbitrators (IAPDA)|
|Services Offered||Debt Settlement Debt Consolidation Loans||Debt settlement|
|Customer Service Touchpoints||Free consultation Phone and email customer service Live chat||Free consultation Phone and email customer service Online client portal|
|Fee||Not disclosed for debt settlement||No upfront fees Pay 15% to 25% of your debt|
|Average Program Time||12 to 36 months||24 to 48 months|
When it comes to debt relief, there are dozens of companies you can reach out to for help. But you'll be a lot better off if you compare the best debt relief companies in terms of the services they offer, their company reputation, and the fees they charge.
We decided to compare Fast Track Debt Relief to National Debt Relief, the most highly rated debt relief company out there, to help you with this step. National Debt Relief only offers debt settlement with no option for debt consolidation loans, but it truly stands out from the competition. Not only is National Debt Relief accredited by the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA), but it also discloses its fees upfront.
National Debt Relief also offers an online client portal that can help you track your debt settlement plan in real time.
Fast Track Debt Relief may offer the answer you're looking for, but make sure to speak with the company about its fees ahead of time. It's transparent about the terms and conditions of its debt consolidation loans, this company doesn't offer any information about the debt settlement fees it charges.
Fortunately, it does offer an online chat feature and a free consultation that can help you get your questions answered before you commit.
Frequently Asked Questions
How does debt relief affect your credit?
Debt settlement companies often seek relief for you by putting pressure on your creditors to negotiate your balance owed into a lesser obligation. This pressure often involves not paying your debts for a period of time to get their attention. Not only can this tank your credit score, but your creditors might file collection lawsuits against you that will also become negative entries on your credit report.
Is Fast Track Debt Relief legitimate?
Fast Track Debt Relief has been around since 1998 and it's been awarded an A- score by the Better Business Bureau, so it’s a bona fide debt relief company. But it isn’t accredited by the BBB, and nine complaints have been filed against Fast Track with the BBB in the last three years. Fast Track isn't accredited by the American Fair Credit Council (AFCC) or the International Association of Professional Debt Arbitrators (IAPDA), either.
It’s legitimately in the debt relief business, but it may not provide you with the best services that are available from other, similar companies.
Do you need good credit for debt relief?
The vast majority of consumers who seek debt relief have poor credit. In fact, many are so buried in debt that they seek this type of relief rather than file for bankruptcy, which may feel like their only other option. Eligibility for a program or company can depend on just how bad your credit is. You may have to owe a significant outstanding amount to qualify for help, such as $10,000 or more.
What types of debt does Fast Track provide relief for?
Fast Track Debt Relief focuses on solutions for unsecured debts. These include personal loans, medical bills and credit cards that aren’t backed by collateral. Mortgages aren’t unsecured because lenders can foreclose and claim the asset to settle at least a portion of the debt if the loan goes unpaid. You may have other options for resolving secured debt.
Investopedia conducted an internal survey of more than 15 debt relief companies in order to provide rankings and star ratings for our debt relief reviews. We compared debt relief firms based on the services they offer, the fees they charge, transparency, company reputation, and third party reviews.
Overall, we gave the highest scores to debt relief companies that are transparent about their offerings and the fees they charge, as well as to those who have a solid company reputation and excellent reviews from past customers.
Fast Track Debt Relief. "Options."
National Foundation for Credit Counseling. “The Short and Long-Term Effects of Debt Settlement: What Consumers Can Expect through the Process and How Long it May Take To Rebound.”
International Association of Professional Debt Arbitrators. "IAPDA Certified Debt Specialists."
American Fair Credit Council. "View Members."
Trustpilot. "Fast Track Debt Relief."
Better Business Bureau. "Fast Track Debt Relief, LLC."
Credit.org. "Is Debt Settlement a Good Idea?"