TurboDebt Review – Multiple Ways to Find Debt Relief
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According to Experian, at the beginning of 2024, the average debt held by Americans ranged from $1,188 to $244,498. I know I have a lot of debt between student loans and my mortgage. With the interest rates of those debts, it can feel overwhelming to think about how to eventually become debt-free.
There are several strategies that you can use to get out of debt. One of those is to pursue debt settlement. Debt settlement is resolving delinquent debts for less than the amount you owe. When you pursue debt settlement, you offer the creditor a lump-sum payment in exchange for canceling the debt. You can go through this process alone or work with a debt settlement company and let the experts handle it.
Related: Best Debt Relief Companies
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What is TurboDebt?
TurboDebt is a debt settlement company that can assist customers in getting out of debt. The company provides services to help you get out of debt immediately. Then, the experts at TurboDebt can help you identify the changes you can make to help you stay debt-free. Beyond that, the experts can also help you plan to start building wealth.
Relieve $25k+ in Credit Card Debt or Personal Loan Debt With TurboDebt
- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
How does TurboDebt work?
To get started with TurboDebt, visit the company’s website. Once you’re there, you’ll see a button prompting you to request a free consultation.
When you click the free consultation button, you’ll be redirected to a page where you can select the debt you currently owe. You can choose an amount from $1,000 to $100,000+.
The next step is to tell TurboDebt about your monthly income. You don’t need to give an exact number; if your income varies, that’s okay. You just need to select less than or more than $1,500.
Then, you need to select your state of residence. When going through this process, it’s important to remember that your state can determine the availability and fees associated with TurboDebt’s products.
TurboDebt also needs to know which age range you are in.
After that, you’re done! If TurboDebt thinks you might qualify for debt relief, you can request your savings estimate. You must provide your full name, email address, and phone number. TurboDebt and its service providers will contact you by email, phone, or text.
How much does TurboDebt cost?
It’s 100% free to get a consultation and savings estimate from TurboDebt. However, that doesn’t mean it’s free to go through debt consolidation or another debt relief program. The fees kick in when you accept or enroll in a debt relief program. Here are some of the fees and costs of these programs:
Program fees
When you use the services of debt settlement companies, you can expect to be charged a program fee. Program fees offset the costs of maintaining your account and counseling. These fees vary depending on the company that you use.
For example, Beyond Finance — one of TurboDebt’s service providers — states on its website that its program fees are based on a percentage of your enrolled debt when starting the program. The fee can range from 15% to 25% of your enrolled debt.
Savings requirements
Debt settlement programs may also require you to save up a certain amount before receiving a bona fide settlement offer. The minimum savings requirement will usually equal a percentage of your debts. Beyond Finance has a minimum savings requirement of approximately 40% to 50% of each debt.
Original creditor fees
While starting the debt settlement process, remember to include fees to your original creditors. Your outstanding debt may increase during this period due to the accrual of interest rates and late penalty fees.
Credit score
It’s not directly a financial cost, but debt settlement's impact on your credit score is important to consider. If you stop making payments on your debts, these missed payments will show up on your credit report. It can also be impacted if your original creditors sell your debt to a debt collection agency. All of these can stay on your credit report for up to seven years, and your credit can take a while to recover.
Relieve $25k+ in Credit Card Debt or Personal Loan Debt With TurboDebt
- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
TurboDebt features
Strategic planning
The first step you’ll go through with TurboDebt is the strategic planning phase of the debt settlement process. This is when you work with the experts at TurboDebt and allow them to examine your financial situation to understand better what you’re facing. Then, the experts can create a plan that will allow you to become debt-free in the shortest amount of time.
Advising
Chances are that you might need to change your spending habits if you want to remain debt-free for years after completing the debt settlement program. To help you do this, TurboDebt provides advising services to help you identify your priorities and create a better financial future for yourself.
Consulting
The experts at TurboDebt can help you go from someone buried by debt to someone actively increasing their wealth. They can create strategies and a realistic game plan that you can follow to achieve your financial goals.
Debt relief programs
TurboDebt can help you choose the debt relief program that is right for you. TurboDebt currently offers three programs.
- Turbo Debt Consolidation. This option rolls multiple debts into a single payment, making it easier to reorganize bills and payments to help you get out of debt faster. Debt consolidation is usually done for high-interest debts such as credit card debt. The Turbo Debt Consolidation program does the least damage to your credit score.
- Turbo Debt Settlement. Also known as debt reduction, debt negotiation, or debt resolution, this program aims to settle your debts with your original creditors. In most cases, the creditors will agree to forgive a large portion of the debt in exchange for a lump sum payment for the rest. To use this program, you have to meet the minimum savings requirement, but it can help you get out of debt quickly.
- Turbo Debt Validation. Debt validation or debt verification is the right to challenge a debt or request written verification of a debt from the debt collector. This can help you better understand what debts you owe and your outstanding balances. If a debt does not belong to you or has inaccurate information, TurboDebt will help you dispute it.
Who is TurboDebt best for?
People whose debt has become too difficult to keep up with
If you’re sick of struggling to make your minimum payments each month, TurboDebt may be a good option for you. You have to meet the program's requirements to qualify, but it can be a way to save money on your debts in the long run.
People who don’t want to file for Chapter 7 bankruptcy
For some people, chapter 7 bankruptcy may be a good option to get out of debt. However, it does come with its drawbacks. Debt settlement may be a better option if you are worried about your financial struggles becoming public records. It can also be a good option if you’re worried about being required to surrender property because, unlike Chapter 7 bankruptcy, debt settlement programs do not require this collateral.
People who don’t want to handle debt settlement on their own
You don’t necessarily need to use a debt settlement company, but it makes things easier. When you work with a debt settlement company like TurboDebt, you can rely on the company's experts to negotiate your debts.
Who shouldn’t use TurboDebt?
People who don’t want to pay the fees
Using a debt settlement company can make the process easier for you, but that convenience does come at a cost. If you’re the type of person who hates throwing money away on things you can take care of yourself, TurboDebt might not be right for you.
People who have a manageable amount of debt
If you can make your minimum payments and work on paying down debt yourself, you might want to consider alternatives to debt settlement. For example, you might consider enrolling in a debt management plan with a credit counseling agency. Credit counseling is a free or inexpensive service nonprofits and government agencies offer. Some of these programs even help you receive interest rate reductions and waivers of penalty fees to help you get out of debt quickly.
People who are planning to make a major purchase soon
Are you thinking about applying for a mortgage or an auto loan soon? If so, you might want to explore other options to manage your debt. Debt can hurt your credit score, but debt settlement will hurt it even more. If you need your credit score to remain high to help you get approved and with better terms and interest rates, debt settlement may not be right.
Relieve $25k+ in Credit Card Debt or Personal Loan Debt With TurboDebt
- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
Pros and cons
Pros
- TurboDebt can help you become debt-free and create strategies for continued financial success.
- Working with debt settlement companies like TurboDebt might be able to reduce the total amount of debt that you need to pay off.
- TurboDebt can help you choose the debt relief program that is more appropriate for your needs.
Cons
- It costs money to use TurboDebt’s programs, which can be difficult to manage when you’re already struggling to get out of debt.
- TurboDebt doesn’t provide much information about which service providers to which it will send your information.
- If you decide to use the debt settlement program, you’ll have to stop making your minimum payments altogether. This can damage your credit score and lead to harassing phone calls and letters from debt collectors.
TurboDebt vs. competitors
Debt Consolidation Provider | Fees | Services Offered |
TurboDebt | Depending on the service provider TurboDebt connects you with | Debt settlement, debt validation, debt consolidation, financial advice |
National Debt Relief | About 15%-25% of your total enrolled debt | Debt relief solutions, access via partners to consolidation loans, credit counseling services, and bankruptcy referrals |
Freedom Debt Relief | About 15%-25% of your total enrolled debt | Debt relief via debt negotiations, financial advice |
National Debt Relief
National Debt Relief offers its signature unique Debt Relief solution. The program allows you to deposit monthly payments to a Dedicated Savings Account. Then, when you have enough funds in your account, National Debt Relief will contact your creditors to negotiate and agree on a debt settlement. After you give National Debt Relief authorization, they can use the funds in your account to pay off the debt settlement amounts.
Like other debt settlement companies, National Debt Relief does charge a fee. The fee can vary by state, but it is usually about 15%-25% of your enrolled debt. The unique thing about National Debt Relief’s fee is that it does not charge you until they’ve achieved the desired results. National Debt Relief is an active, accredited member of the American Fair Credit Counsel (AFCC.) The company is also Platinum Accredited through the International Association of Professional Debt Arbitrators (IAPDA.)
Freedom Debt Relief
Freedom Debt Relief offers a customized and flexible program that allows you to retain total control over your finances. With this program, you’ll have a Dedicated Savings Account to deposit money into monthly. Freedom Debt Relief will talk to you about your debt goals, and when you’re ready, negotiate with your creditors to find a debt settlement amount that everyone can agree on. Freedom Debt Relief will send you the settlement terms; if you approve, funds will be processed from your account to pay the settlement.
This program does not require good credit or charge any upfront settlement fees. Instead, you’ll pay the Freedom Debt Relief’s negotiation fee while you pay off a debt settlement. If you’re worried about the cost of debt settlement, you’ll probably be happy about Freedom Debt Relief’s promise. The company is so confident in reducing your debt that it offers a refund if your total program fees are more than the total amount of debt enrolled in the program. If this happens, you’ll be refunded the difference, which can be up to 100% of Freedom Debt Relief’s collected fees. Freedom Debt Relief is also a founding member of the American Fair Credit Council (AFCC.)
FAQs
What kind of debts can TurboDebt settle?
Debt settlement companies can only work with unsecured debts. This includes credit card debt, student loans, medical debt, unpaid rent, and utility bills. It cannot help with secured debts, which are debts backed by property. Some examples of secured debts include mortgages and auto loans. If you default on secured debt payments, the creditor can take possession of your home or vehicle instead of sending your debt to a debt collection agency.
What is TurboDebt Recovery?
TurboDebt Recovery is a debt collection agency based in Columbus, Ohio. This is not the TurboDebt that you want to work on if you’re looking for debt relief options!
Are debt settlement companies a scam?
Unfortunately, there are some debt relief service scams out there. These scams usually charge a large up-front fee and fail to provide services to help you reduce your debt payments. To avoid debt settlement scams, you should ensure that the company is reputable before enrolling in its services.
Relieve $25k+ in Credit Card Debt or Personal Loan Debt With TurboDebt
- Relieve $25k+ in credit card debt or personal loan debt with this special relief program.
- TurboDebt has a Trustpilot rating of 5/5 based on 1288 reviews
- Subject to qualification and approval. $1,500 monthly income required.
- Apply in 5 minutes. If you qualify, chat online with a friendly online debt representative.
The bottom line
TurboDebt is a company that can provide debt relief through debt settlement, debt consolidation, and/or debt validation services. It’s easy to start with TurboDebt — all you need to do is answer a few questions on the company’s website for a free consultation. When you submit this information, TurboDebt and its partners will contact you to discuss your debt relief options and strategies.
TurboDebt also provides services beyond debt settlement. The experts at the company can help you create strategies for your financial future, including a plan to help you stay out of debt. These services can be useful if you’re unsure how to manage your finances moving forward and need guidance.
Though TurboDebt provides a service that can be useful for many, that doesn’t mean that it’s right for everyone. In some cases, you might not want to use a debt settlement company. For example, if you don’t want to pay an additional fee to go through the debt settlement process, you might want to try navigating it independently. In some cases, you might want to consider alternatives, such as Chapter 7 bankruptcy or a credit counseling agency.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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