Those struggling under the burden of debt can feel like there’s no way out. A debt relief company can help consumers resolve their debts and repair their credit. This process can be cumbersome and emotional, and if not handled well, can lead to further credit troubles.
Beyond Finance Debt Relief is a firm devoted to helping their customers pay or settle their debts. We took a close look at this company to see how they compare to other debt relief providers. Read our in-depth review of Beyond Finance below.
What is Beyond Finance Debt Relief?
Beyond Finance is a debt relief company that provides debt consolidation services to help consumers repair their credit. They reach out to creditors, such as credit card companies, personal loan providers, and
Beyond Finance says that they offer custom solutions to give their clients a single monthly payment, as opposed to multiple payments to multiple creditors.
‘The company says most customers can expect to see their debt reduced by 50-60 percent, which helps them become debt-free within one to four years.
How Does Beyond Finance Debt Relief work?
Beyond Finance offers a free assessment of each potential customer’s debts. They use a proprietary system that analyses the debts and creates a personalized relief plan. This may involve requesting creditors to settle a debt (the customer pays a portion in order to close their account) or reduce the amount owed.
It’s worth noting that Beyond Finance does not provide credit repair services. Their goal is not to boost your credit score, but rather to provide relief from debt burden. Customers who successfully complete the program may see a higher credit score once they start using credit responsibly.
Beyond Finance Debt Relief Programs
Beyond Finance Debt Consolidation
Customers get a personalized debt relief plan with a single monthly payment. This payment is a manageable portion of their overall debt, which the firm works to reduce by settling with creditors.
Beyond Finance does not provide loans or other ways to replace the debt. They also do not assume customers’ debts. Rather, they make it possible for consumers to have one monthly payment at a reduced amount, rather than struggling to pay hundreds or even thousands of dollars each month.
Beyond Finance Debt Settlement
Beyond Finance says that most customers should budget for 40-50% of each debt included in their plan. Their monthly payments will be a portion of the total amount. While in the program, customers should be prepared to keep paying on debts until a settlement is reached.
Once the creditor agrees to a debt settlement, the customer must approve the arrangement and start making payments as planned. Their monthly payment will then reflect the settled amount.
Note: Not all creditors are willing to accept settlements, so some consumers may only be able to tackle part of their debt through the program. They would still need to make payments directly to those creditors.
Is Beyond Finance a good company?
Beyond Finance prides itself on good customer service. Starting with their free assessment, they take a highly personalized approach to debt relief. They do not use a “one-size-fits-all” method that may not work for everyone.
Customers report that they enjoy the convenient account portal, helpful explanations of their options, and manageable payments. They appreciate that Beyond Finance finds ways to settle their debts and reduce their debt burden.
Plus, the company is transparent about their processes, which helps consumers who are trying to track their progress. Beyond Finance lets their customers know when debts are eligible or ineligible for the program. As they reach settlements with credits, they alert customers so that the monthly payment can be made.
Overall, customers report being able to get out of debt and achieve their financial goals with Beyond Finance. For those who are struggling to make all their monthly payments and want to live debt-free, Beyond Finance lives up to its name.
Beyond Finance does charge fees for their services. According to their website, these fees range from 15 to 25 percent of a consumer’s debt when they enroll in the program. The fees are only charged once a settlement is reached and vary depending on the debt.
For consumers with a lot of debt, though, these fees might be worth the cost. Often, they are less than the late fees and interest fees they would normally However, everyone should take note of these fees before signing up.
Debt consolidation can also be a long process. Beyond Finance notes that it can take up to six months to reach a settlement. If you’re looking for a quick fix, Beyond Finance is not for you.
It’s also worth noting that debt consolidation can have a negative impact on one’s credit score. While Beyond Finance is attempting to settle debts, interest and late fees can pile up, and some credits may place accounts into collections. All these factors negatively impact the credit score.
However, the benefits of becoming debt-free far outweigh the drop in credit score. Customers may be able to re-build credit once they’re in a place where they’re not drowning in payments.
Beyond Finance debt relief
If you’re eager to get out of debt, Beyond Finance provides helpful debt consolidation services. However, it’s important to read the fine print. You should continue to make payments to any creditors who don’t settle, and always be sure to budget for your payments.
Our verdict: Beyond Finance is an excellent choice for consumers who have a lot of debt with high monthly payments. This company is best for those who are willing to be patient and who can budget for regular payments until the debts are settled. Beyond Finance’s innovative debt relief programs and transparent approach can help consumers improve their credit responsibility and eliminate debt. However, those with relatively low debt or who want quick results may be better off with another option.