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Greenwise Debt Relief is a debt relief company that offers a free consultation and a debt solution that can help you pay off unsecured debt in 12 to 48 months. Founded in 2018, this company is a newer player within the debt relief industry. However, Greenwise does have positive customer reviews and a good reputation.
- Pros & Cons
- Key Takeaways
- Company Overview
Free evaluation lets you learn more about debt settlement and how much you can save
Member in good standing with the American Fair Credit Council (AFCC)
Fees are as high as 25% of your settled debt
No mobile app or client dashboard
Less than transparent about their fees and services
- Greenwise Debt Relief can help you get out of debt in 12 to 48 months, depending on your situation.
- You may be able to settle your debts for 68% to 75% of what you currently owe, after you factor in your current debts (including fees and interest) and debt settlement fees.
- A free consultation can help you decide if debt settlement is right for you––as well as how much you could save.
- Debt settlement works for unsecured debts such as credit card debt, personal loans, and medical debt.
Greenwise Debt Relief was only founded in 2018, which means they are somewhat new within the debt relief industry. While the company is headquartered in Boca Raton, Florida, Greenwise Debt Relief offers services nationwide online and over the phone.
- Year Founded 2018
- Program Length As little as 12 to 48 months
- Fee Schedule 18% to 25% of settled debts
- Customer Service Telephone and email
- Phone Number 800-674-9498
- Official Website www.GreenwiseDebtRelief.com
Greenwise Debt Relief is not one of our top-rated life debt relief companies. You can review our list of the best debt relief companies for what we think are better options.
Greenwise Debt Relief claims they want to be your "compassionate ally" in your journey out of debt, and they accomplish this goal through a process known as debt settlement. Unlike other debt relief strategies such as debt consolidation or debt management plans (DMPs), debt settlement requires you to stop making payments on your bills and to set aside the money for your payments in a dedicated savings account instead. Once you have enough money in your savings account to get started with debt settlement, Greenwise will begin working on your behalf with the goal of helping you pay off your debts for less than you owe.
Greenwise doesn't offer a lot of information on their website, but they do show that customers could settle their debts for 68% to 75% of what they currently owe after paying debt settlement fees. Fortunately, they do offer a free consultation that can help you determine if debt settlement is for you as well as how long your program might take.
Debt settlement can cause damage to your credit score due to the fact you have to stop paying your bills before you can negotiate. In the fine print on the company website, Greenwise Debt Relief explains this risk very clearly. They write: "The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest."
- Free evaluation lets you learn more about debt settlement and how much you can save: Greenwise Debt Relief does offer a "free savings estimate" and a free consultation. This is a phone call that can help you decide if debt settlement is right for you.
- Member in good standing with the American Fair Credit Council (AFCC): Greenwise Debt Relief is a member within the AFCC, which is the "leading association of professional consumer credit advocates."
- Fees are as high as 25% of your settled debt: Greenwise lists fees of 18% to 25% in their fine print, which is a higher range than many competitors charge.
- No mobile app or client dashboard: Where some debt relief firms have a mobile app or a client dashboard customers can access online, Greenwise doesn't offer these perks.
- Greenwise Debt Relief is less than transparent about their fees and services: By and large, the Greenwise Debt Relief website is mostly devoid of helpful content. You'll have to call in to speak with a representative to get most of your questions answered.
Types of Debt Addressed
While Greenwise Debt Relief doesn't actively advertise the types of debt they help settle, debt settlement is a process geared to settling unsecured debt. This includes most types of debt that are not secured by collateral. By contrast, you cannot use debt settlement to settle secured debts like a mortgage on your home or an auto loan for the car you drive.
If you have the following types of debt and you need help, debt settlement could be right for you:
Credit Card Debt
If you have out-of-control credit card debt you cannot seem to pay off on your own, Greenwise Debt Relief can help you settle for less. Also note that their debt settlement plans address the entire amount you currently owe, including all interest and fees you have accrued.
Debt settlement also works for unsecured personal loans you have, which could come from a bank or an online lender. Other unsecured lines of credit you have could also qualify.
Unpaid Medical Bills
Greenwise Debt Relief can also help you bundle any unpaid medical bills you have into your debt settlement plan. This means they'll work with hospitals, doctors, and other medical providers to help settle debts on your behalf.
If you are struggling to pay off secured debts but you still need help with debt management, you'll need to consider another option outside of debt settlement. You can check with your creditors to see what options they might offer, and you can look into alternatives like refinancing, debt management plans, and credit counseling.
Like other debt relief firms, Greenwise Debt Relief lets you start the process with a free phone consultation. During this call, you get the chance to find out how much you could save and how long your debt settlement program might last. You can also take this time to ask any questions you have so you can determine if debt settlement is right for you.
To qualify for help from Greenwise Debt Relief, you need to have at least $5,000 in unsecured debt.
Greenwise Debt Relief employs trained debt specialists who know how to help you settle debts for less than you owe. Meanwhile, these experts also know the law inside and out, so they can help you use rules like the Fair Credit Reporting Act, the Fair Credit Billing Act, and the Fair Debt Collection Practices Act in your favor.
This company offers customer service options via email or over the phone, and you can also send them a message using their Meta page. However, they do not offer online chat, a mobile app, or a client dashboard that lets you contact them.
If you choose to call into Greenwise Debt Relief, you may be able to reach someone Monday through Thursday from 11 a.m. to 8 p.m. EST and Friday from 10 a.m. to 7 p.m. EST.
The debt relief industry has plenty of shady players, so you'll need to be diligent when it comes to researching companies to work with. Fortunately, you can find quite a bit of information about debt relief companies online, and you can read reviews to find out about user experiences.
We suggest starting your research by checking the Consumer Financial Protection Bureau (CFPB) database for complaints. We also suggest checking with the Federal Trade Commission (FTC) to make sure any company you're considering is not under investigation or part of a lawsuit.
Fortunately, Greenwise Debt Relief doesn't show any complaints on the CFPB database during the last three years, and this company has not had any reported problems with the FTC. Finally, Greenwise is a member in good standing with the American Fair Credit Council (AFCC).
If you have a complaint about the services of a debt relief company, you can file a complaint with the FTC or call 877-FTC-HELP.
Average Relief Amount
Greenwise Debt Relief says customers pay an average of 68% to 75% of their enrolled debt amounts after accounting for debt settlement fees. This means total debt savings typically falls between 25% and 32% of amounts originally owed.
Average Time for Relief
Like most debt relief companies, Greenwise Debt Relief claims to help most of their clients over a timeframe of 24 to 48 months. However, their website information does claim they have helped some customers settle debts in as little as 12 months.
Greenwise Debt Relief charges fees that range from 18% to 25% of your enrolled debts. This fee range is slightly higher than the industry average of 15% to 25%.
|Greenwise Debt Relief||National Debt Relief|
|Accreditation||Member in good standing with the American Fair Credit Council; Not accredited with the International Association of Professional Debt Arbitrators (IAPDA)||Accredited with the American Fair Credit Council; Accredited with the International Association of Professional Debt Arbitrators (IAPDA)|
|Services Offered||Debt Settlement||Debt Settlement|
|Customer Service Touchpoints||Free consultation; phone and email customer service||Free consultation; phone and email customer service; online client portal|
|Fee||No upfront fees; pay 18% to 25% of your debt||No upfront fees; pay 15% to 25% of your debt|
|Average Program Time||24 to 48 months||24 to 48 months|
Before you put your fate into the hands of a debt settlement company, you should research several of the top options within the debt relief industry. To help in your decision, we compared Greenwise Debt Relief to National Debt Relief, one of the most highly rated and respected debt relief companies out there.
While both firms promise they can help you get out of debt in approximately 24 to 48 months and both offer a free consultation, National Debt Relief can easily be seen as a "safer" option.
Not only does National Debt Relief charge debt settlement fees that start at 15% of your settled debts (instead of 18%), but they have a highly coveted online client portal that lets customers track their debt relief progress over time. They are also accredited with the IAPDA, and they are an accredited member with the AFCC instead of just a member in good standing.
Greenwise Debt Relief may be worth considering if you have unsecured debt you desperately need to pay off. At the very least, you can call to speak with one of their debt specialists who can help answer your questions so you can decide if debt settlement might work for your situation.
In the meantime, take the initiative to research other debt relief firms and options. You may find that another debt settlement company offers more benefits and customer service options with lower fees.
How We Review Debt Relief Companies
Investopedia compared more than 15 debt relief companies for the purpose of our reviews. Factors we considered include customer service and satisfaction, third-party reviews and rankings, cost and transparency, debt relief services offered, and company reputation.
We gave the highest rankings to debt relief companies that offer transparent pricing and plenty of information for consumers, as well as those who are not subject to lawsuits or complaints with federal departments like the Federal Trade Commission. We also compared debt relief companies based on their accreditation or standing with the American Fair Credit Council, and the International Association of Professional Debt Arbitrators.