Atlas Debt Relief has an average rating of 3.0/5.0, based on 2 reviews.
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Based in Amherst, New York, Atlas Debt Relief is a debt settlement company that helps consumers with challenging credit card debt. The company works with your creditors to settle your debts for less than you owe and says it can help you resolve and pay off your debt within two to four years.
Atlas Debt Relief offers debt settlement services to help you get out of credit card debt. The company works with you to establish a monthly payment plan, which will be used to pay out your creditors once a settlement has been reached.
It’s unclear whether Atlas Debt Relief is available nationwide, so you’ll need to contact the company directly to see if it operates in your state.
To work with Atlas Debt Relief, you’ll first set up a free consultation, which you can do via phone or email. Once you agree to work with Atlas Debt Relief, you’ll start making monthly payments into a savings account. These funds will then be used to settle your debts once an agreement has been made with your creditors.
Once you have saved up about 40% to 50% of your enrolled debt, Atlas Debt Relief will begin negotiating with your creditors on your behalf to reduce the total amount you owe. The company says you can have your debts settled within 24 to 48 months and that a typical client reaches their first settlement within five to seven months of being in the program.
During this time, it’s also recommended that you stop using your credit cards, as creditors typically only negotiate with delinquent cards. Atlas Debt Relief suggests having another card not enrolled in the program that you can use in case of emergency.
Note that you’ll need to establish financial hardship to work with Atlas Debt Relief, which means you stop paying your creditors. This gives the company leverage for negotiations. During this time, you’ll incur interest charges and late fees, and there is no guarantee a creditor will settle. Be sure to consider the pros and cons before working with any debt settlement company.
Atlas Debt Relief negotiates credit card debt settlements for both consumers and small business owners.
There are no upfront fees with Atlas Debt Relief, and you’ll only be charged if a settlement is successful. The fee is a percentage of your enrolled debt.
Atlas Debt Relief does not clearly publish its fee range, but says its average debt settlement amount between June 2012 and June 2016 was 53% before fees or 28% to 33% including fees.
Atlas Debt Relief does not offer any guarantee that your debts will be lowered by a specific amount or within a specific timeframe. There is also no guarantee that your creditors will agree to settle. However, you will only pay if Atlas Debt Relief is successful in its negotiations, and the company says it only accepts debts held with creditors it has a successful history of negotiating with.
No, Atlas Debt Relief is not a lender and therefore does not offer any debt consolidation loans. Instead, Atlas Debt Relief works with your creditors to reduce how much you owe in total.
Yes. You should expect your credit score to take a hit with any debt settlement company, since you must stop paying your creditors as part of the negotiation process. However, if your settlement is successful and you show responsible financial habits, your credit score will eventually go back up over time.
Yes, Atlas Debt Relief is a legitimate debt settlement company that is a member of the American Association for Debt Resolution (AADR). Deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC).
While Atlas Debt Relief is not accredited by the Better Business Bureau, it does have a B+ rating, as well as a customer review score of 3.67 as of publishing.
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