TurboDebt

TurboDebt Reviews

TurboDebt Reviews
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About TurboDebt

TurboDebt is a Florida-based debt settlement company that was founded in 2019 and is available to consumers in most U.S. states. It offers debt negotiation and settlement services for debts such as credit cards and medical debt, and says it can help you become debt-free in 24 to 48 months. TurboDebt says it is the fastest-growing debt relief company in the U.S.

Pros & Cons

Pros
  • Spanish support available
  • Low debt minimum
  • Can help with business debt
Cons
  • Not available in Oregon, Vermont, West Virginia
  • No legal support

What is TurboDebt?

TurboDebt is a debt relief company that negotiates with your creditors on your behalf, with the aim of settling your debt for less than what you owe. It is available in most states (except Oregon, Vermont and West Virginia), as well as Puerto Rico, the U.S. Virgin Islands and Guam.

Initial consultations are free, and the company says customers saved an average of 54% before fees in 2022.

How does TurboDebt work?

To work with TurboDebt, you’ll first set up a free consultation, which you can do via phone or an online form. The form will ask how much you owe (anywhere from $1,000 to $100,000), how frequently you miss payments and your contact information.

From there, one of TurboDebt’s representatives will contact you to discuss options, and if you decide to move ahead, you’ll enroll in its program.

TurboDebt will then begin negotiating with your creditors to reduce your total amount owed. You’ll make monthly payments to an account with TurboDebt — once an agreement with your creditors has been reached, those funds will be used to pay the settled amount.

TurboDebt says you can be debt-free in 24 to 48 months with its program.

Note that debt settlement programs typically require you to stop paying your creditors in order to give the company leverage for negotiations. During this time, you’ll incur interest charges and late fees, and there is no guarantee a creditor will agree to settle. Be sure to consider the pros and cons before working with any debt settlement company.

TurboDebt services

TurboDebt says it can help people who are struggling with the following types of debts:

  • Credit card debt
  • Divorce debt
  • Business debt
  • Medical debt
  • Homeowner debt
  • Retirement debt

Debt settlement programs are typically for unsecured debt, so while TurboDebt lists homeowner debt as one of its customers’ concerns, mortgages and home equity loans are most likely ineligible for negotiation. However, TurboDebt may be able to help with unsecured debt from other expenses related to homeownership.

TurboDebt says the average amount of enrolled debt with its program is $23,000. Its website features several examples of past and present customers, showing their total debt amount, monthly payments and overall savings.

TurboDebt fees

TurboDebt does not clearly publish its fees but says customers who stick with the program have savings on their debt of approximately 46% before fees and 25% after fees.

The company says it will ensure its solutions can fit your budget. It also says you can customize your deposit schedule. The initial consultation is free of charge.

TurboDebt FAQ

Does TurboDebt have a money-back guarantee?

TurboDebt 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 a fee for TurboDebt’s services if the company is successful in its negotiations.

Is TurboDebt a debt consolidation company?

No, TurboDebt is not a debt consolidation loan provider, although it does have information on its website about how debt consolidation loans work and how to find a lender.

What is the minimum debt needed to work with TurboDebt?

TurboDebt’s online intake form has a starting debt amount of $1,000.

Will working with TurboDebt hurt my credit score?

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.

Is TurboDebt legit?

Yes, TurboDebt is a legitimate debt settlement company that is available in most states. The company says it has settled $15 billion in debt to date and that over 500,000 customers have enrolled in its program.

While TurboDebt is not accredited by the Better Business Bureau, it does have an A- rating, as well as a customer review score of 4.96 as of publishing.

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TurboDebt Company Information

Company Name:
TurboDebt
Website:
www.turbodebt.com