Logo of New Era Debt Solutions (credit: neweradebtsolutions.com)
New Era Debt Solutions (https://neweradebtsolutions.com/) is a well-established, legitimate debt settlement company that’s been helping people get out of debt since 1999, which makes it one of the oldest debt settlement providers in America. Based in Camarillo, California, they operate nationwide (EXCEPT Maine, Oregon, and Iowa), and specialize in negotiating with creditors to settle unsecured debts, like credit card debt, personal loans and others for less than what you owe.
New Era Debt Company’s Snapshot
New Era Debt Solutions takes the #1 spot in our debt relief company rankings this year due to their combined score of 4.84/5 stars, as you can see below. This objective score takes into account their ratings on multiple third-party review sites.
- Name: New Era Debt Solutions
- Website: https://neweradebtsolutions.com/
- Phone: 1 800-527-4421 (Open daily 7am-8pm EXCEPT Sunday)
- BBB Rating: A+ (4.95/5 – 59 reviews)
- Google: 4.9/5 (207 reviews)
- TrustPilot: 4.8/5 (398 reviews)
- Certifications: IAPDA
- Combined Reviews: 664
- Average Rating: 4.84/5
New Era Debt Solutions has a good profile on Google reviews
What Services Does New Era Debt Offer?
New Era primarily offers debt settlement services, meaning they work with your creditors to reduce the total amount you owe. This service is specifically for unsecured debt (like credit cards, medical bills, personal loans and certain other types of debt). Their service cannot help for things like mortgages or student loans.
New Era Debt aims to create a plan that helps you become debt-free in as little as 24 to 48 months. One of the standout aspects of New Era is that they don’t charge any upfront fees. You only pay them when they’ve successfully settled your debt and you have agreed with their plan.
Reputation & Legitimacy Factors
In terms of reputation, New Era Debt Solutions has solid reviews across multiple platforms, as we covered earlier in the “company’s snapshot” section. They hold an A+ rating with the Better Business Bureau (BBB).
On Trustpilot, they’ve received mostly positive reviews, with customers praising them for professionalism and their ability to reduce large amounts of debt. Like any company, there are a few negative reviews, but those are often about the downsides of debt settlement itself (such as its impact on credit scores), rather than the company’s service.
Management Team
New Era’s CEO, Dan Smith, has a strong background in finance and a focus on ethical, transparent practices. The company is committed to not only helping clients get out of debt but also educating them on how to stay out of it in the future. They pride themselves on being a debt settlement company that actually does the work in-house—they do not outsource anything, so you’re always dealing with New Era directly.
Which States Do They Cover?
New Era Debt Solutions serves clients across the United States, except in the states of Maine, Oregon, and Iowa as we covered in the beginning of this article. This may change in the future, so it’s always a good idea to fill out their pre-qualification form to see if your address allows debt settlement and if New Era operates there.
What’s the Process Like?
When you sign up, you’ll first have a consultation to review your financial situation. After that, they’ll create a plan tailored to your debt and begin negotiating with your creditors. You’ll make monthly payments into an escrow account while New Era works to settle your debts for less than what you owe. It’s a fairly straightforward process, but as with any debt settlement plan, it’s important to know that your credit score will take a hit. While under negotiation, there are also risks like collection calls or lawsuits.
Is New Era Debt Solutions Right for You?
New Era Debt Solutions has been around for over 20 years, and their track record, coupled with strong reviews and no upfront fees, makes them a legitimate option if you’re considering debt settlement. They are especially appealing if you’re struggling with large amounts of unsecured debt and need an alternative to bankruptcy. That said, debt settlement isn’t for everyone—make sure to understand the pros and cons before diving in.
If you’re dealing with overwhelming debt due to this high-inflation economic landscape, and are looking for a company that can help you decrease and/or pay off your debt, and has a great reputation, New Era could be the right fit for you. Make sure you take advantage of their free consultation to ask which of their various debt relief options is best for you.
FAQ
Here’s a frequently asked questions (FAQ) section covering the most common questions new users have about New Era Debt Solutions:
1. How much does New Era Debt Solutions charge?
New Era charges between 14% and 23% of the initial enrolled debt amount. There are no upfront fees; they only get paid when they successfully negotiate a debt reduction. This is a contingency-based fee structure.
2. What types of debt does New Era handle?
They handle unsecured debts like credit card debt, personal loans, private student loans, medical bills, and some types of business debts. They do not handle secured debts like mortgages or car loans.
3. Will using New Era affect my credit score?
Yes, debt settlement, regardless of which company you choose to work with, will negatively impact your credit score. Settling a debt means paying less than the full amount owed, which creditors deem a negative event. However, the impact is less damaging than bankruptcy.
4. Is New Era Debt Solutions accredited and reputable?
Yes, New Era has BBB accreditation and has an A+ rating. They have generally positive reviews from clients on platforms like TrustPilot and the BBB website.
5. Where is New Era available?
New Era is accessible in 46 states as well as Washington D.C. and the Virgin Islands. They do NOT operate in Maine, Oregon, and Iowa.They collaborate with the Consumer First Legal Network to offer services in certain states where they may not directly operate.
6. What happens if a creditor refuses to settle?
If a creditor refuses to negotiate, they could potentially take legal action, which might result in lawsuits or wage garnishments. However, most creditors prefer to negotiate rather than pursue costly legal action.
7. How long does the debt settlement process take?
The typical debt settlement program with New Era takes around 28 months. The exact duration depends on the amount of debt, your monthly contributions, and how quickly creditors agree to settlements.
8. Can I cancel my program with New Era Debt Solutions?
Yes, clients can cancel their program with New Era at any time. However, any funds put towards fees or those that are in the dedicated account may be subject to the terms of the cancellation agreement.
Amine is an entrepreneur, investor and financial writer that covers the US economy, inflation, alternative investments, cryptocurrencies and more. He has been involved in the space for over a decade.
