Done With Debt Reviews

Done With Debt is a debt relief company based in Lake Forest, California, that is available across the United States. Its debt relief plans are only available to clients with over $10,000 in unsecured debt (e.g., credit cards, personal loans, medical debt and private student loans). It is not a debt consolidation loan lender and can’t help you file for bankruptcy.

Done With Debt helps clients gain control of their finances by creating individualized debt reduction and repayment plans. Eligible clients work directly with an account manager who negotiates on their behalf to lower their total amount due and establish a manageable repayment plan.

1. Provide basic information in an online form, including your total amount of debt, the sources of your debt, your employment status and the state you live in.
2. Participate in a free consultation to see if you meet eligibility criteria requiring at least $10,000 in unsecured debt with at least $500 owed to each creditor.
3. Once approved and enrolled, an account manager will analyze your income and expenses to determine how much you can realistically put toward your debt each month.
4. Set up an FDIC-insured special purpose account and start making single, lump-sum monthly payments.
5. You’ll temporarily stop making payments on your debt while your account manager contacts your creditors and negotiates on your behalf. All settlements must be approved by you in writing.
6. Your account manager will begin to make payments to your creditors from your special purpose account. Depending on the total amount of debt, this settlement process can take anywhere from 12 to 48 months to complete.

Done With Debt’s main business is debt relief plans, which let you make a single monthly payment instead of separate payments to each creditor. Plans only work with unsecured debt, meaning there’s no collateral protecting the lender. Examples of unsecured debt include:

• Credit card debt
• Medical bills
• Private student loans
• Payday loans
• Personal loans

There are no upfront costs — the preliminary debt analysis is free — or monthly maintenance fees. However, once you enroll and agree to a debt settlement plan, you’ll be responsible for paying a contingency fee. This fee averages 25% of your total enrolled debt, but the percentage can fluctuate between 20% and 30% depending on state laws. This is then folded into your new monthly payment and prorated over the payment term.

For example, if you have $20,000 in enrolled debt, the contingency fee would be $5,000. If your plan takes 36 months to complete, your total monthly payment would include an additional $138.89 ($5,000 divided by 36) for the contingency fee.

Done With Debt is best for those who are ready to make a sustained effort to pay down their debt within one to four years. If you have over $10,000 of unsecured debt, a regular income stream and you’ve already tried unsuccessfully to pay it back, this kind of settlement plan may be a good option.

However, debt relief companies like Done With Debt don’t offer any guarantees that they will lower your payments. Also, if you’re struggling with secured debt such as car or home loans, this is not the right program for you.