Cost:  

Debt Management

NetDebt’s debt management program is essentially like those of other rated firms. They negotiate with a client’s creditors to get lower interest rates and fees for unsecured debt. The client pays a single monthly payment to them which is, in turn, dispersed to creditors. NetDebt charges a pretty standard $50.00 monthly service fee but, unlike firms which we rated more highly, they also charge a fairly substantial upfront fee. Initially they told us that the fee would be the equivalent of a monthly payment, which for the comparison that we used with all providers, amounted to $444.00; however, they almost immediately offered to lower that fee to $300.00.

Debt Settlement

Right in line with the charges for debt settlement provided by other companies, NetDebt charges 15% of the entire debt as a fee. Their representatives were a little more candid in the revelation than most other firms by explaining that the fee is deducted from your monthly deposits during the first fifteen months of the program ensuring that their fee is paid early on. Other companies adhere to the same practice but we compliment NetDebt for making that clear without our having to pursue the answer.