New Era Debt Solutions Steps Up to Truth and Transparency for Consumers

Back in April I published an article A Call, Make That a Scream, for Transparency in the Debt Settlement Industry that asked debt settlement companies to disclose key metrics about their services so consumers could make informed decisions when deciding who to work with.

U.S. Debt Resolve was the first company to step-up and immediately embrace openness and transparency. Now I’m proud to say New Era Debt Solutions is also willing to be open and honest about the services they provide.

These companies, New Era Debt Solutions and U.S. Debt Resolve are rare open companies at a time when most debt settlement companies and their trade associations want to hide instead of embracing openness.

In my call for openness I asked legitimate debt settlement companies to revel the answers to the following questions.

  1. Cost of program.
  2. Link to debt settlement program terms and conditions.
  3. Ongoing success rate of past clients that settled only some debt.
  4. Ongoing success rate of past clients that settled all debt.
  5. Average length of time in the program.
  6. Average settlement amount.
  7. Customer satisfaction data.
  8. Percentage of clients that were sued for a debt that was included in the program.
  9. Percentage of clients that continue to get collection calls while in the program.
  10. Reason why clients left the program before settling all debts, broken into category.

If you look at this page on the New Era Debt Solutions site you will see the information New Era has now published in order to help consumers.

Way to go New Era.

So who has the confidence to step up next and answer the challenge?

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Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

See also  I'm Worried About Signing Up With New Era Debt Solutions

10 thoughts on “New Era Debt Solutions Steps Up to Truth and Transparency for Consumers”

  1. Steve I enjoy your article and I’m delighted to inform you that RALDI Financial and RALDI Debt Support will be taking appropriate measures to provide our clients and prospects with full transparency. I do have one question though. I see you have NEW Era listed as being one of the first fully compliant debt settlement companies under the new FTC rules. Not to put anyone down but how is that. On their site it states the charge 3% of the debt over the 1st 2 months and they also charge a $29 monthly fee. That seems upfront to me. I don’t know a lot of clients that have had some of their debts settled with in the first 3 months.

    Reply
    • Ricky,

      I believe I was congratulating them for adopting my transparency measurements and not their compliance with the new rules. I wrote the article long before the new rules came out.

      Hopefully they will post a comment to answer your observation on their fee structure to help clear up their plan for compliance.

      Steve

      Reply
    • Hi Ricky and Steve,
      We need to update the site, but rest assured that we have all the necessary disclosures in our agreements as well as the fee structure. We will update the website shortly to ensure we are all current.
      As you can imagine some things become a bigger priority. I do thank you for the reminder. For anyone wondering our current fees are 17% fee with ZERO until it is earned. NO RETAINER, NO ADMINISTRATION- Only a Settlement Fee due at the time of settlement.
      Alex

      Reply
  2. We have the same- success based model- Our success rate ( i believe) is actually a little higher. Look at it this way, if we only get paid at settlement, how could we stay in business unless we actually settled consumer’s debts? It’s that simple. No success- no pay…
    Alex- Keep it up- Props to you. We know EXACTLY what you’ve been thru in this business!
    Regards-
    -Sean

    Reply
  3. Hi Steve and David,
    I think that unfortunately the industry is so tainted with poor performers that good numbers are so hard for people to believe. Here is the factor that i believe has allowed us to have a higher success rate than many if not most. We have been doing this for such a long time and have NEVER wavered from the original model of “Performance Based” fee. This means we TRULY underwrite file to ensure a good client and good performance.
    Let’s face it we are talking about helping people that have faced a very difficult financial situation, they will need a lot of hand holding and if it happens to take the 3 or so years, you need to be able to keep your head up and hold the client’s hand through the process.
    We all know there will be challenges but when properly qualifying a client will certainly minimize the hurdles. unlike many companies that will take all we actually will not. We will NOT take all creditors either.
    This is not a mysterious business, it is all based on Federal banking Laws and what banks will and will not do, when you establish a good reputation with the banks, they will know who is really doing a good job for the consumer, rather than enroll every person breathing.
    I hope this will help people understand why we have been around for a decade.
    Alex Viecco
    VP/ Co-Founder
    New Era Debt

    Reply
    • I certainly want to applaud New Era Debt Solutions for being so open and stepping up to the Truth and Transparency challenge.

      Speaking of Truth and Transparency at New Era Debt Solutions. There was an “anonymous” personal attack written about me back in March and it is hosted on the New Era Debt Solutions server. This attack site claims to have been written by “consumer advocates” yet strangly the site gives no indication at all as to the true author of this attack. How does this fit into New Era’s new found model of Truth and Transparency?

      As you are now a truthful and transparent organization, I would appreciate it if you told me who wrote it and also, asked that person to sign their name on the site so consumers will also know who wrote it. If you want to attack me, you certainly have the right to do so, but, by not informing consumers of the true source of the information, it could be considered by many to be deceptive and misleading and not very transparent. Don’t you agree?

      Reply
  4. Hi Steve,
    I love your site, it is fantastic that you got these companies to publish their statistics. Point #4 is especially vital. I am reviewing the data on #4 on the New Era transparency page, and it says their drop out number is 19.9%, meaning a 80% success rate. In your article “The Truth About The Success Rates…” it says “…while about only 1% settle all their debts.” So New Era claims 80% complete the program, but the reality is most companies get 1% to complete the program. Doesnt the New Era claim of 80% success seem hard to believe?

    Reply
    • There are plenty of poor performing companies to bring the average way down. Until there exists a mandate to require third-party authentication we will have to take them at their word. Some information is better than no information.

      Steve

      Reply

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