New Era Debt Solutions Review

New Era Debt Solutions

New Era Debt Solutions is a debt settlement company for individuals who wish to avoid filing personal bankruptcy by negotiating a mutually agreeable settlement on your unsecured debts. As most other debt settlement programs New Era Debt Settlement Program is designed to get you out of debt in less time than debt consolidation or credit counseling, with clients paying back only a portion of the balance, usually 50% or less through their program.new era debt solutions

Here are some quick facts about New Era Debt Solutions:

Company Founded: 1999

Years In Business: 10+ years

Number of Employees: 35

BBB Rating: A+

Fee Information: Performance-Based Fee Model and debt settlement results. (Success Fee)

Monthly Payments Available?: Yes, third party escrow company recommended.

Source of Funds: Client payments

Fee Structure: New Era charges 17% of the account balance that they negotiate on your behalf. Example: if you owe $5,000 on a particular account, and we negotiate a debt reduction to $2,000, that means we’ve saved you $3,000. Our negotiation fee would then be 17% of the starting balance, or $850. So you would pay $2,000 to the creditor, $850 to New Era.

Avg. % Settlement of Amount Owed: On average, 63% of the account balance is settled, customer end up paying 37%

Minimum Debt Required: $10,000

About the Company

New Era claims has settled over $167,066,280 in consumer debt since they started in 1999. The information provided describes a debt settlement company who assists their clients by negotiating debt on your behalf. This company is a member of the International Association of Professional Debt Arbitrators and the new AACC (American Association of Credit Counselors)

American Association of Credit Counselors

aacc american association of credit counselorsNew Era Debt Solutions is a founding member of the new AACC (American Association of Credit Counselors).  The AACC was started up again last year to respond to the new FTC regulations on the Debt Settlement Industry as well as for the purpose of bringing back integrity and responsibility to the debt relief industry as a whole.

As a founding member, it’s good to know that New Era is customer focused and works closely with regulators and legislators to ensure integrity within it’s own business model.

The Program

Once enrolled in the New Era Debt Settlement Program their specialists will negotiate with your creditors to lower your debt allowing you to pay back only a portion of the balance, usually 50% or less. The company is forthcoming in offering information regarding the possibility of lawsuits and the damage that debt settlement has on your credit.

Program Cost

New Era has a performance based fee structure with you paying a fee for each debt settled versus a specific fee upfront which is somewhat common with several settlement companies.

So you only end up paying when your debt is settled, never before.  There are no administrative or setup fees. While New Era has utilized a performance-based model for over a decade, the FTC has made this a requirement effective October 27, 2010.

The Performance-Based Fee Difference

New Era operates on the simple concept that if they can’t settle your account, you don’t pay. In addition, their negotiators are paid based on their averages (the percentage of debt the client pays), so the lower they average for the clients the better they get paid.  This keeps their focus on the best settlement possible for the consumers.

Website Experience

My experience using this website was a pleasant one compared to some other companies I have reviewed. The website is professional in appearance with many different pages to gather information. The information contained was fairly forthcoming for a company in this industry listing most of the important facts that are relevant to debt settlement as a form of eliminating debt. That being said as with most debt settlement companies you will get the most information by contacting the company directly for a free consultation to see how the program would work in your specific situation.

Their Truth and Transparency section gives the reader a good sense that they are dealing with one of the few “good guys” in the industry.  It covers topics like cost of the settlement program, average settlement amount, average length of stay in the program, satisfaction rate, etc.

If you have done business with New Era Debt Solutions, please post a comment below.

Comments

  1. Screw New ERA Debt Solutions. I have a friend who had been working their a month. He was already doing better than most of their staff and had never been late, never left early and had not missed one day. His teenage son has a rare liver disease that makes monitoring his blood sugar closely, well his son’s levels reached critical levels instantly and his son had to be rushed to the hospital. My friend had to leave work a few hours early because any hospital visit means his son is on death’s door. My friend had to stay the next day also, so we are talking about one day missed. What did this heartless company do? They fired him and told him he could come back when he got all this straightened out. STRAIGHTENED OUT?! What do you expect?! The kid to have a miraculous healing?! WHAT IF THIS HAD BEEN YOUR KID?!?! You wouldn’t fire one of your family members if this had happened to them. You can’t treat people like this and to think I almost used this company upon recommendation of my friend but screw them!

  2. Hi Dan,
    I do appreciate your passion for your friend and completely respect that. you are making stements of which you do not have facts about and therefore it is esy to get upset.
    I too fell horrible for what your friend is dealing with. Unlike what you might “think”, I assume you are a responsible business man with a huge hart and can take on people’s difficulties with no impact on your business.
    Therefore I will assume you have been able to help your friend personally. I spoke to your “friend” and he and I have talked about the situation and the possibilities for the future.
    As I said i do feel for the situation but the circumstances were some that were out of all of our control.
    I do wish you and your friend welll and perhaps our paths will cross in the future under more favorable circumstances. you will then have the opportunity to post about the kind of people we really are and how caring we are.
    I would simple add. If you or any of your loved ones had financial difficulties and needed a caring, professional company to help you I defy you to find one that is EVEN CLOSE to New Era Debt Solutions!

    • SPANISHGUY says:

      AV,

      If you are who I think you are, you shouldn’t talk about having a heart.
      You’re the most heartless individual I’ve ever met, and New Era Debt Solutions is a horrible company to work with!

      • SpanishGuy,
        It is pretty evident that you have me mixed up with someone else. If you know me or Dan my partner you would not be able to say that. you comment I realize comes from pain and someone has hurt you as they did on the original comment above.
        Just because we need to run a business and make BUSINESS decision does not mean we don’t have herats, take a look at all the good we do in our community, we don’t talk. WE DO.
        I pray for you and that your pain may be clarified so you can get a better perspective. In the meantime, if you doubt what we do check out our BBB rating or our countless, undedited testimonials on our site. Real people, real results.
        all the best.
        Alex Viecco

  3. Knowyouropponent says:

    Pretty sad comments on here. Aside from the personal stories, I hope that father can continue to help his ailing son, I am currently a client. I have settled one debt and am currently in the process of settling the 2nd. We are down to 13% of the debt owed. I will post if this offer pans out. New era is counter offering 10%. Fingers crossed.

    AV, I hope you do take care of your employees. They seem very nice and professional.

  4. Hi Knowyouropponent,
    I think if you were to ask any employee who has worked here for any length of time they will tell you what a caring group we are.
    If you are referring to the comments above about the brand new employee that missed all the days due to his circumstance. I feel horrible for that, please remember that as a customer you deserve to be serviced and in an attempt to run an efficient business, sometimes tough decisions, they are never popular.
    I am a father and I can only imagine the concerns for a child. But if I start a new job and miss several days right off the bat due to uncontrolled circumstances, I certainly would not expect a new employer to take on the burden.
    I believe we have wonderful people here that absolutely care about the clients and that is what makes New Era special. I believe the employees know how much we care about them as well which comes across to the clients we serve.
    I thank you for your concern and feel free to contact me direct should you have any additional concerns.
    Alex Viecco

  5. KnowYouropponent says:

    My amazing deal fell through. I was a little disappointed at how easily my representative gave up and tried to increase my payout, knowing that I’ve lost my job. I am still happy with most of the services, but completely upset that an offer cam be put on the table, I accept, and just because my agent and the agent w the other company went on sick/ vacation time, I missed out on a 13% payout. :0(

  6. I am sorry to hear that. When we explain to people about time sensitivity, that is what can happen. I am NOT SURE if you are one of our clients but I can tell you that our people will continue to fight for your deals, even if you could not do it now.
    We know we are dealing with real life issues and sometimes things cannot happen but it does not mean you give up.
    Keep your head up, maybe once your situation gets a bit better there could be another great deal in the horizon.
    Alex

  7. Ted Connolly is a lawyer in the Boston office of a large, international law firm, where he concentrates his legal practice in bankruptcy and finance law.

  8. Be very careful and do your research which should include the specific companies that you are considering joining up with and finding as much feed back from those who “have gone before” you.

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