In Debt? Debt Eye to the Rescue!


Debteye is an automated tool that helps you negotiate with your creditors to get out of debt.     However, one main question is how well this automated software works when dealing with creditors?   I was curious to see how credit card companies respond to faxes/letters compared to the traditional phone method.   I’ll save the answer after we go through their product.

 

What is Debteye?

As I mentioned, Debteye provides an online software that helps people get out of debt.   Unlike many debt relief companies, they don’t charge huge up-front fees to get started.   They are not your typical debt relief company that you hear on TV.   Debteye provides recommendations on how to get out of debt using existing debt relief options out there today.   They are: debt settlement, credit counseling, and accelerated repayment (I think this is debt stacking).

 

Debteye Advantages

Besides the obvious of being a cheap alternative compared to debt relief companies, the biggest advantage is that it truly provides an unbiased solution based on your financial needs.   Consumers are able to track, manage, and view their progress online, which is something that traditional debt relief companies don’t offer.   They allow you to choose your payment and choose your program and never force you into any direction.   Many people get stuck in the beginning trying to figure out how to tackle their debt, but Debteye does all this for you!

 

How it Works

You start by filling out some very basic personal information.   Next, Debteye will obtain a copy of your Transunion credit report.   The cool thing about this is that you can exclude any creditors that you don’t want in the program.   You also have the option to dispute❠a debt if you don’t’ recognize the creditor.   If Transunion doesn’t pull a creditor that you KNOW you have, you can add your debts manually as well.   Next, it will recommend the optimal solution for you.   You can pick your own payment and it will auto-calculate how long it will take for you to get out of debt.   They are extremely transparent with the information they provide.   All the benefits and drawbacks are listed before you pick a program.   Another great feature of Debteye is that they pay your creditors for you.   I’m sure this will be useful for those who hate remembering pay dates!

 

My Thoughts

If I was the CEO at Debteye, there are a few minor changes I would probably make.   When I enter my creditors manually, there’s a HUGE list of creditors I can pick from.   It would be nice to be able to type in your creditor while it begins a search in their database.   I must admit, it was pretty annoying going through that list.   Secondly, I’m not sure if I would give them my checking account information to begin the program before I spoke with a live person.   I think the whole concept of these programs needs to be explained in further detail when someone signs up for it.

The real question is really whether Debteye can deliver on their promise and help you get the same kind of results that professionals❠can.    Are creditors really as willing to negotiate with individuals as companies?  There’s no doubt in my mind that Debteye will be the next big thing in the industry if they can.

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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