TurboDebt (sometimes also spelled Turbo Debt) is a Debt Relief Company that offers services like Debt Settlement, Debt Relief, Debt Settlement, Credit Counseling, Credit Repair, Debt Consolidation, Debt Management and debt negotiation. TurboDebt aims to help individuals reduce their unsecured debts by negotiating with creditors to settle debts for less than the full amount owed. However, like most companies in the debt relief industry, TurboDebt has mixed reviews and may not be suitable for everyone.
Legitimacy, Ratings & Reviews
TurboDebt is a certified member of the American Association for Debt Resolution (AADR)
- BBB Rating: A+ (maximum)
- Google Reviews: 4.8/5 stars (4,768 reviews)
- BBB Reviews: 4.93/5 stars (1,292 reviews)
- TrustPilot Reviews: 4.9/5 stars (11,190 reviews)
- Facebook Reviews: 4.4/5 stars (44 reviews)
- SoloSuit: 4.8/5 stars (367 reviews)
TurboDebt is definitely a legitimate company, and they seem to have a lot of great reviews, including an A+ rating by the BBB and a 4.9 out of 5 stars rating from TrustPilot. However, it’s essential to do your own research and consider whether debt settlement is the right choice for your financial situation. Debt settlement may not be the best option for everyone, especially if you have alternatives like credit counseling, debt management plans (DMP’s), or the ability to sell assets to pay off your debt.
Services Offered by TurboDebt
Based on our review, these are the services currently offered by TurboDebt:
- DMP: TurboDebt can offer DMP’s (Debt Management Plans) which can help you more easily manage debt.
- Debt Settlement: this service involves negotiating directly with lenders on your behalf to settle your debt for less than what you currently owe.
- Credit Counseling: Get help from a professional who will look at your situation and offer the best possible advice.
- Credit Consolidation: If your credit scores are fair or good, you can qualify to get a lower interest rate debt consolidation loan to consolidate all your debts into a single monthly payment.
- Debt Forgiveness: Total debt forgiveness is very rare, but their counselors may be to help you see if you qualify for partial loan forgiveness.
- Bankruptcy: When you qualify for none of the above, bankruptcy may be the only solution. The good news is that it will wipe out most of your debt. The bad news is that the impact on your credit score will be felt for years.
If you need any more info about these services, we recommend reading the “How to get rid of debt” article from the FTC.
Pros:
- Not a Lender: Unlike many other so-called “debt relief companies” that are essentially just lenders, TurboDebt clearly and explicitly states on its website that it is NOT a lender and does NOT issue loans. This is good news from our point of view, since you can rest assured that they won’t try to sell you a high-interest loan to pay off your debt.
- Free Consultation: This is a great starting point if you are unsure of which service is best to lower your debt. They offer various services, and the impact on your credit score varies with each service, so ask them for details about your specific situation and what option is best for you.
- Debt Reduction: TurboDebt can help reduce the overall amount you owe by negotiating with your creditors.
- Debt Counseling: TurboDebt offers a free consultation where they can offer advice based on your specific situation.
- Various Debt Relief Options: If you’re struggling to manage your debt, TurboDebt might provide a viable option for you to get back on track, and the good thing is they offer personalized advice based on each client’s financial situation.
Cons:
- Fees: Although they offer free consultations, all debt settlement companies, including TurboDebt, typically charge fees that are a percentage of the debt they help settle. Do your math to see if it makes sense for you.
- Potential Credit Impact: Depending on what service you choose, participating in a debt settlement program can negatively impact your credit score, as it often involves stopping payments to creditors. It is however not as bad and less severe as a bankruptcy or other options.
- Mixed Reviews: Although the reviews are mostly good, some customers report a negative experience with the service, while others have experienced difficulties, including complaints about customer service and outcomes. Do your due diligence.
Debt Types They Can Help With
As listed on their website, TurboDebt can help you with the following types of debt:
- Business Debt: Debt incurred by a business owner to fund or maintain business operations, often including loans, credit lines, or business credit cards.
- Car Debt: Debt resulting from an auto loan taken out to finance the purchase of a vehicle, typically repaid in monthly installments.
- Credit Card Debt: Unsecured debt that accumulates from unpaid balances on credit cards, often carrying high-interest rates.
- Divorce Debt: Debt accumulated during or as a result of divorce proceedings, which can include legal fees, alimony, and the division of shared debts.
- Gambling Debt: Debt arising from money borrowed or credit used to finance gambling activities, often leading to financial strain.
- Medical Debt: Debt incurred from healthcare expenses, such as hospital bills, surgeries, and treatments, that are not covered by insurance.
- Tax Debt: Debt owed to the government due to unpaid taxes, which can include penalties and interest on overdue amounts.
- Veteran Debt: Debt specific to veterans, which can include unpaid benefits, loans, or other financial obligations tied to military service.
- Mortgage Debt: Debt secured by real property through a mortgage loan, typically repaid over a long term, such as 15 or 30 years.
- Retirement Debt: Debt that remains or accumulates during retirement, often from credit cards, loans, or lingering mortgage payments, affecting financial security in retirement.
This review should help you decide whether TurboDebt is right for you. Make sure you read our CuraDebt and Oak View Law Group reviews, are they are also two other legitimate debt relief companies that offer similar services.
Also, make sure you do your due diligence and speak to a financial advisor or credit counseling company to determine the best debt relief option available for your specific situation.
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.
