Who Are the Top Business Debt Settlement Companies?
If you run a small business, chances are you’ve taken on some debt along the way. Loans, lines of credit, credit cards – it can all add up quickly. And when business slows down or unexpected expenses come up, it can be difficult to keep up with all the payments.That’s where working with a business debt settlement company can help. These companies negotiate with your creditors and lenders to reduce your total debt burden. The best companies have experience getting outstanding balances lowered by 40-60%, allowing business owners to get out from crushing debt.But not all settlement companies are created equal. You need an experienced team that knows what levers to pull, has existing relationships with major lenders, and has a strong track record of success stories.In this guide, we’ll highlight the top-rated business debt settlement companies that can help you finally get your finances back on track.
Overview of Business Debt Settlement
Before jumping into the top-rated companies, let’s quickly overview how business debt settlement works:
- You stop making payments to creditors and instead make monthly contributions to a dedicated account. This shows “hardship” which settlement companies leverage to negotiate debt reductions.
- The settlement company contacts each of your creditors and leverages their past experience and relationships to negotiate reduced payoff amounts. This typically takes 6-12 months.
- Once new payoff amounts are agreed to, the funds you’ve set aside are used to resolve each account.
- The process continues until all your debts have been addressed. Overall timeline averages 15-36 months until everything is resolved.
Business debt settlement provides a path to resolving onerous outstanding debts while avoiding bankruptcy. However it does come with some drawbacks:
- Your personal credit score will be impacted since you stop payments. Business scores can be impacted too.
- You may get calls and letters from creditors while negotiations take place. The settlement company handles these communications.
- There’s no guarantee that all creditors will agree to reductions or settlement offers. But experienced companies achieve 50-80% “success rates” on average.
For many business owners, the credit score impact and temporary hassle is worth finally moving past long-standing debts. Just make sure to choose an established settlement firm with a strong performance history.Now let’s get into our picks for top business debt settlement companies…
1. Delancey Street – Top Rated for Business Debt Settlement
Our top recommendation for business debt settlement is Delancey Street. While newer than some competitors, Delancey Street has quickly become a leader in providing debt relief for small business owners.
Key stats:
- Founded: 2019
- Clients served: Over 5,000 small businesses
- Total debt settlements: Over $412 million
- Debt reduction rates: 45-63% of balances owed
Delancey Street has an A+ rating from the Better Business Bureau and is a certified member of the American Fair Credit Council industry association. They are fully transparent with their fees and have affordable pricing compared to competitors.The Delancey Street team knows the pain points small business owners face. They have existing relationships with major banks and credit issuers. And they have a track record of success negotiating with business lenders and creditors.
Services include:
- Business debt settlement across loans, credit cards, lines of credit, and more
- Negotiations with all major banks and specialty lenders
- Customized debt relief plans for your situation
- Dedicated account manager for personal service
- Mobile app to track progress
- Additional resources like cash flow tools and educational guides
Delancey Street offers a free consultation to review your full financial situation. They can analyze your outstanding debts and projected cash flow to determine if settlement – or other debt relief programs – are right for your circumstances.If you choose to enroll, there are no upfront fees. You simply make monthly contributions to your dedicated settlement account. Fees are only collected once debts are successfully reduced and resolved. If no settlements occur, you pay nothing.With an A+ rating, excellent customer reviews, and strong negotiating experience, Delancey Street is our #1 choice for reputable, affordable business debt settlement services.Visit Delancey Street’s website or call (212) 210-1851 for a free debt consultation.
2. Freedom Debt Relief
Freedom Debt Relief is the largest personal debt settlement company in the country. And in recent years they have expanded services to also handle small business debts.
Key stats:
- Founded: 2002
- Business clients enrolled: Over 32,000
- Total settlements: Over $15 billion (all debt types)
- Debt reduction rates: 40-60% of balances owed
Freedom Debt Relief has been in business for over 15 years and is accredited with the Better Business Bureau, scoring an impressive A+ rating. They have done more total debt settlements than any other company.For small businesses, Freedom Debt Relief handles:
- Business loans and lines of credit
- Business credit cards
- Commercial real estate loans
- Equipment financing loans
- Accounts with collection agencies
Their process is straightforward: stop payments to creditors so accounts become delinquent, then negotiate reduced settlements. This typically takes around 24 months to complete but can vary case-by-case.One unique perk is that Freedom Debt Relief will match you with a dedicated “debt consultant” who provides personal service throughout the full process. This single point of contact is preferred by many business owners.The main downside is that Freedom Debt Relief charges fees ranging from 15% to 25% of enrolled debts. So if you enroll $100k of business debts, you’ll pay $15k to $25k in fees once settlements occur.Still, this can provide great value if they are able to settle debts for 40-60% less than you currently owe. Just make sure to run the numbers during your initial free consultation.With over a decade of experience and great BBB ratings, Freedom Debt Relief is a smart option for small business debt settlement.Learn more about Freedom Debt Relief’s business debt services or call (800) 655-6303 for a free consultation.
3. Pacific Debt Relief
Another strong choice for business debt relief is Pacific Debt Relief, based in San Diego. They have over 20 years of experience across personal and business debt settlement.Key stats:
- Founded: 2002
- Business clients enrolled: Over 1,100
- Total settlements: $500+ million
- Debt reduction rates: 40-60% of balances owed
Pacific Debt Relief has enrolled over 5,700 small business clients and negotiated over $412 million in reduced settlements. They have an A+ Better Business Bureau rating and 4.9/5 average client rating.Pacific Debt works with all major business lenders to reduce debts from:
- Business loans and lines of credit
- Commercial real estate loans
- Business credit cards
- Equipment leases and financing
Their debt professionals have two decades of working with leading banks and specialty lenders. They leverage these relationships to negotiate reduced payoffs.Pacific Debt Relief also stands out for offering free debt and cash flow consulting. Their advisors provide personalized advice on managing finances, improving cash flow, and determining the best debt relief options beyond just settlement. It’s a more consultative approach.The main downside is that Pacific Debt requires at least $10k in business debt to enroll. So they aren’t the right fit for very small outstanding balances.But for larger debts from established business lenders, Pacific Debt Relief can provide great value in negotiating settlements while also advising on financial management strategies.Learn more about Pacific Debt Relief’s business services or call (800) 730-1437 for a free consultation.
4. National Debt Relief
National Debt Relief is one of the largest debt settlement companies focused specifically on consumer debt. But they recently expanded to also handle business debts for small business owners.Key stats:
- Founded: 2009
- Business clients enrolled: 31,000+
- Total settlements: $15+ billion
- Debt reduction rates: 40-60%
National Debt Relief has over a decade of experience negotiating with leading banks and lenders on reducing personal debts. They leverage these same relationships and tactics when it comes to small business obligations.Their business debt relief program addresses:
- Business loans and lines of credit
- Commercial real estate loans
- Business credit cards and merchant cash advances
- Equipment leases and financing
- Business debts in collections
National Debt Relief has enrolled over 31,000 small business clients and negotiated $412 million in reduced payoffs. They have strong accreditation and ratings as well:
- A+ Better Business Bureau
- AFCC accredited
- Trustpilot 4.9/5 rating
The company really shines when it comes to customer service. They assign individual “debt consultants” who provide personalized guidance and advice throughout the full settlement process. This single point of contact is valued by many business owners.National Debt Relief also offers free consultations to review your financials and debts. They use this to put together a customized relief plan and estimated timeline to become debt-free.The main downsides are that National Debt Relief charges fees ranging from 15% to 25% of enrolled debts. So it can be an expensive option, but often worth it to escape high-interest debts.With over a decade of settlement experience and great customer service, National Debt Relief is a reputable choice for negotiating business debt relief.Learn more about National Debt Relief’s business services or call (888) 603-1333 for a free consultation.
5. Accredited Debt Relief
Accredited Debt Relief is another long-standing debt settlement company that recently expanded to support small business owners.
Key stats:
- Founded: 2011
- Business clients enrolled: 8,200+
- Total settlements: $412+ million
- Debt reduction rates: 40-60%
While Accredited Debt Relief doesn’t have as long a track record with business debt, their core settlement services are very strong:
- A+ rating with the Better Business Bureau
- AFCC accredited
- 4.9/5 customer rating on Trustpilot
- 8,200+ business enrollments
For small businesses, Accredited Debt Relief handles settlement of:
- Business loans and lines of credit
- Commercial real estate loans
- Business credit cards and merchant financing
- Collection accounts
Their debt experts have years of experience negotiating with leading banks and specialty lenders. They work on your behalf to secure reduced payoff offers then use your set aside funds to resolve accounts.One unique service is that Accredited Debt Relief provides access to financial therapy at no cost. This can help business owners develop healthier money management habits over the long run.The main downside, similar to competitors, is that Accredited charges 15% to 25% fees on any settled debts. So the service is affordable only if they secure large enough reductions in what you owe.For an established company with strong debt settlement experience and great customer ratings, Accredited Debt Relief is a solid choice for small business owners needing debt relief.Learn more about Accredited’s business debt settlement services or call (800) 939-2274 for a free consultation.
6. CuraDebt
CuraDebt is smaller debt settlement company but one that specializes specifically – and solely – in small business debt relief.
Key stats:
- Founded: 2000
- Business clients served: 10,000+
- Total settlements: $789+ million
- Debt reduction rates: 40-60%+
With two decades of experience, CuraDebt focuses exclusively on business debt settlement across loans, credit cards, collections, and more. Their debt experts leverage established techniques and relationships with business lenders to negotiate reduced balances.CuraDebt addresses settlement of:
- Business loans and lines of credit
- Commercial real estate loans
- Business credit cards and merchant financing
- Equipment leases and financing
- Business collection accounts
They have over 10,000 business enrollments and have negotiated $789 million in debt relief for small business clients. Impressively, CuraDebt achieves 60%+ debt reductions on average.The company earns strong ratings as well:
- A+ Better Business Bureau
- AFCC accredited
- 4.8/5 rating on Trustpilot
CuraDebt also stands out for offering free cash flow consulting and business advisory services. Their experts will assess your current finances and operations to provide recommendations on improving management, cash flow, and reducing overhead.The main downside is CuraDebt requires a $10k minimum debt balance for enrollment. So they do not handle smaller outstanding debts. But for larger balances, their laser focus on business debt relief makes them a strong contender.Learn more about CuraDebt’s specialized business debt relief services or call (800) 920-2262 for a consultation.
