Though it has years of experience, it's vague about costs, fees and service areas.
Bottom line: While Fast Track Debt Relief has been helping people get out of debt for over 20 years, it lacks transparency. It publishes nothing about debt settlement costs on its website, nor does it list which states it serves. This means you’ll likely need to sign up for a free consultation to learn more.
12 to 36 months
Not stated for debt settlement, 3.99% to 29.99% APR for debt consolidation
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.
What is Fast Track and is it legit?
Fast Track is a debt settlement company that’s been around been helping people solve their debt problems since 1998. It offers in-house debt settlement and can connect borrowers with debt consolidation loans, if consolidation is a better option.
And though the company has been around for over 20 years, it isn’t accredited with any major trade organizations like the American Fair Credit Council (AFCC) or International Association of Professional Debt Arbitrators (IAPDA). Neither is its parent company, Cornerstone Legal Group — which receives an F rating from the Better Business Bureau (BBB) for operating without a required license.
Fast Track Debt Relief reviews and complaints
BBB customer reviews
4.67 out of 5 stars, based on 45 customer reviews
4.3 out of 5 stars, based on 7 customer reviews
Customer reviews verified as of
29 October 2020
Fast Track gets mostly positive reviews — but the majority of its five star ratings are from customers who recently signed up for the program, not those who have completed it. Reviews from people who have been enrolled in the program for a while are less-than-stellar. One customer also reports the company wouldn’t give them an estimate of the costs without running a hard credit check.
I noticed that there are only a few recent reviews. It’s possible that it’s scaled back operations over the recent years — though its website’s list of settled accounts is current as of October 2020. A few customers complain they couldn’t get in touch. And I also had trouble reach out to customer service.
How does it work?
After you sign up for a free consultation, you’ll meet with a Fast Track debt specialist to discuss your options and find a program that fits your needs. If you’re facing financial hardship, it might suggest debt settlement. If not, it might connect you with a lender for a debt consolidation loan.
If you end up going with debt settlement, you’ll likely make one payment every month into an escrow account while Fast Track negotiates with your creditors. Once it’s able to reach a settlement with your creditor, it’ll use those funds to pay it off. You’ll continue this process until all of your debts have been repaid — which can often take several years.
How much does it cost?
Fast Track doesn’t disclose the cost of its debt settlement program. Typically debt settlement companies charge between 15% and 25% of the accounts you enroll. Costs vary depending on where you live, how much debt you owe, how willing your creditors are to settle and the length of your program.
Its partners also offer debt consolidation, which come with rates that range from 3.99% to 29.99% APR and terms from 12 to 84 months. These rates include an origination fee of up to 4%. This is standard for a personal loan product.
How much can I save with Fast Track?
Fast Track Debt Relief customers typically see a high savings of around 60% to 70% of their balances, depending on the customer, according to the list of top settled accounts on its website. But since it doesn’t disclose fees, it’s unclear how much you can actually save through this service.
Is it safe?
However, be aware that the live chat feature on its website is not secure, so we’d refrain from sharing any sensitive information through that platform.
Debt relief companies typically charge a percentage of a customer’s debt or a monthly program fee for their services. And not all companies are transparent about these costs or drawbacks that can negatively affect your credit score. Depending on the company you work with, you might pay other fees for third-party settlement services or setting up new accounts, which can leave you in a worse situation than when you signed up.
Consider alternatives before signing up with a debt relief company:
Payment extensions. Companies you owe may be willing to extend your payment due date or put you on a longer payment plan if you ask.
Nonprofit credit counseling. Look for free debt-management help from nonprofit organizations like the National Foundation for Credit Counseling.
Debt settlement. If you can manage to pay a portion of the bill, offer the collection agency a one-time payment as a settlement. Collection agencies are often willing to accept a lower payment on your debt to close the account.
Frequently asked questions
You can get in touch with Fast Track Debt Relief by calling 888-332-8004, emailing info@FastTrackDebtRelief.com or by using its live chat feature on its website.
Working with Fast Track itself won’t result in a lower credit score, but debt settlement can have a negative impact on your credit. You can learn more with our page on debt relief programs.
No, while Fast Track will negotiate with your creditors on your behalf, there’s no guarantee it will be able to settle your debts.
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