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Fast Track Debt Relief Review 2022: Is It a Good Solution?

Fast Track Debt Relief works with you and your creditors to try to settle your debt for as little as 20% of the total. You can potentially reduce your balances in just 12 months.

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Editorial Score
Andrew Koopman
Finance Writer
June 21, 2022

Overview

Fast Track Debt Relief specializes in debt settlement programs customized to fit your situation. These programs can reduce the total amount of your debt that you have to pay back. It also offers debt consolidation loans to lower your monthly payment and make it easier to pay your debts over time.

With a debt settlement program from Fast Track Debt Relief, you can pay as little as 20% of the amount you owe and be debt-free within as soon as a year. That said, Fast Track offers no guarantee that your debts will be successfully reduced. Its programs require you to pay as you go with no refund if your debtors refuse to settle.

After testing out Fast Track myself, I recount my experience in this first-hand review of the company. From how the debt relief programs work to how much you can expect to pay, I answer all your questions and tell you everything you should know before signing up for debt relief.

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Products & Services

Debt Settlement

Apart from filing for bankruptcy, debt settlement is one of the few ways to lower your total debt. Fast Track Debt Relief negotiates with your creditors to try to reach an agreement for less than you owe. However, the lenders have no obligation to accept.

When you enroll in debt settlement, Fast Track will instruct you to stop making payments on your debts, which can significantly damage your credit score. During this time, you must instead make a monthly payment into an escrow account set up in your name. If Fast Track is able to get the creditor to agree to accept a lower amount, it will pay this settlement in a lump sum from the funds in escrow.

Applying for a debt settlement program through Fast Track takes less than a minute on the company’s website. Once you fill out a form with basic information about yourself and your debt situation, a representative from Fast Track will reach out to discuss your settlement program options.

While the website does not post any fee breakdowns, a representative can give you a free, detailed quote through email or over the phone. However, you must provide your Social Security number and permission to pull your credit history from Experian and TransUnion, which can lower your credit score.

Keep in mind that only certain types of debt can be settled. Your debts have to be unsecured to qualify with Fast Track, meaning nothing backs (secures) the loan, such as a home or a car. Types of unsecured debts that can be settled with Fast Track include:

  • Credit cards
  • Personal loans
  • Medical bills
  • Private student loans

Conversely, debts that cannot be settled include:

  • Mortgages
  • Federal student loans
  • Auto loans
  • Secured personal loans

Debt settlement through Fast Track typically costs 15% to 25% of the settled debt amount. Most programs last from 12 to 36 months. To work with the company you need to have between $10,000 and $100,000 worth of qualified debt.

Note that some settlement programs with Fast Track require you to pay as you go, even if you opt out of the program early or the company does not achieve debt settlement. In either case, you would not receive a full refund. In contrast, many competitors, including Accredited Debt Relief, never take fees without an approved settlement.

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Debt Consolidation Loans

The company’s website has limited information about debt consolidation loans as an alternative method of debt relief. I wasn’t aware that Fast Track offered this type of financing until I came across the “About Us” page, which is mostly dedicated to debt consolidation loans.

These debt consolidation loans are actually personal loans offered by the company’s partner lenders; Fast Track Debt Relief does not provide direct loans.

Using this type of loan to combine your credit card balances and other unsecured debts into one lump sum payment can reduce the number of monthly payments you have to make and the amount you have to pay each month.

Fast Track does not disclose minimum or maximum loan amounts when it comes to debt consolidation as terms vary by lender. For debt consolidation loans, APR ranges from 3.99% to 29.99% (including autopay discounts) and terms range from 12 to 84 months.

Rates and Terms

One benefit of Fast Track Debt Relief is the lack of upfront fees. The consultation with the debt specialist is free, with no cost to begin your customized debt settlement program or apply for a debt consolidation loan.

The final rates and terms that you’re offered will vary based on your financial situation. The biggest factors that will affect them are your credit history, income, how much debt you have, and the type of program. Here is a breakdown of both services:

Service Rates Terms
Debt Settlement 15% to 25% (of settled debt) 12 to 36 months
Debt Consolidation Loan 3.99% to 29.99% APR 12 to 84 months
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For debt settlement, the rates shown here represent the amount you pay Fast Track for its services, in addition to the amount you pay your creditors. For example, if you owed $2,000 in debt and Fast Track helped you settle it for $500, then you have to pay your creditors $500 along with a fee of $75 to $125 to Fast Track.

If you opt out of your debt settlement program early, the company will not refund anything you’ve paid towards the service fee. You are only entitled to a refund of any money in the escrow account. Your contract will detail the full costs of ending your Fast Track program early, but they may be buried in the fine print.

For debt consolidation loans, the lenders that the company works with charge an origination fee of up to 4% of the loan amount.

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Application Process and Qualifications

Applying for a debt relief program through Fast Track is straightforward and can be done online in less than 60 seconds. To get started, you just need to click Get a Free Quote and provide the following information:

  • First name
  • Last name
  • Phone number
  • Email address
  • Amount of unsecured debt
  • State of residence

By submitting your information, you agree to let Fast Track contact you via phone number including auto dialed phone calls, pre-recorded phone calls, and text messages. Soon after submitting the form, usually within the same business day, a representative from the company will reach out to discuss your situation and begin working with you.

From this point, the Fast Track representative will handle the application process. Before they go over debt relief options with you, you’ll have to provide more personal information including:

  • Date of birth
  • Social Security number
  • Home addresses for the last 2 years
  • Permission to pull credit history

After pulling your credit history and reviewing your situation in more detail, the specialist can provide a customized debt relief program if you are eligible. You must have at least $10,000 in qualified unsecured debt and enough income to make monthly payments toward your debt settlement or consolidation loan.

Approval Time

Following your consultation with a debt specialist from Fast Track, you should hear back with the customized debt relief plan options in a few days. If you opt for a debt settlement program, you’ll spend the next few months making payments to the escrow account the company will eventually use to settle your debts.

It will seem like nothing is happening for as long as 6 to 12 months, as you keep making payments and increase the balance of your escrow account. During this time, Fast Track’s representatives will instruct you to cut off communication with your creditors. This creates leverage as the lenders prefer to get some payment rather than no payment at all.

Once enough time has passed, the company will reach out to your creditors to negotiate a settlement offer. While every situation is different, Fast Track says that most settlements take 12 to 36 months.

If you opt for a debt consolidation loan from Fast Track, the amount of time for approval and disbursement of funds varies by lender. The industry average for online lenders offering debt consolidation loans is around 5 to 7 days from the time you finalize your application.

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Customer Service

The easiest way to contact Fast Track Debt Relief is by phone. While the company does not post hours of operation on the website, the call is toll-free so you have nothing to lose by trying. If you fill out the online form discussed above during the application process, then a representative from the company will reach out to you to discuss your situation.

When I spoke with the representative on the phone, I stated that I was looking to get back on top of my debt and wanted to explore my options. After discussing my situation, the representative seemed to push debt settlement over anything else. That said, they were eager to help and answered which questions they could without obtaining my Social Security number and conducting a hard credit check.

Fast Track Debt Relief also offers email support. I sent the company an email asking a couple of questions and providing details on my situation. You can see a screenshot of the email below. Unfortunately, I cannot share the response from Fast Track as stated in the terms of the email response I received.

Customer Service

While I cannot share the email, I can say that the representative was polite and knowledgeable in their response. They answered my questions, mentioned which debts were qualified, and provided multiple program options for me.

Fast Track also offers a live chat option, but you don’t actually get a response. After sending my message during normal business hours, I was redirected to the screen below and have not received any response from the company since.

Customer Service

Finally, the company has chat support with an artificial intelligence bot. Interested in seeing how helpful the bot actually is, I asked it a few basic questions. Take a look at the screenshots below to see how that conversation went.

Customer Service

Customer Service

Customer Service

As you can see, chatting with the AI bot (Sarah) does very little but direct you to fill out the form so that a representative can contact you. With such limited information, you may be better off with a different customer support option.

At first glance, Fast Track seems to have plenty of ways for you to contact customer service. Unfortunately, neither of the live chat options seem to function properly or provide much useful information. But if you get in contact with the company via phone or email, the representatives are knowledgeable and eager to help you figure out a program to get you out of debt.

Summary

A free consultation with Fast Track Debt Relief can help you come up with a customized debt relief plan through either debt settlement or a debt consolidation loan.

While debt settlement through Fast Track can save you up to 80% on your debt, it can also damage your credit and make it harder to get loans in the future.

Because it can damage your credit and requires at least $10,000 in qualifying debt, settlement with Fast Track may not be the best option for your situation. If you do decide that debt settlement is right for you, I recommend companies such as Accredited Debt Relief or National Debt Relief with strong reputations for transparency and good customer service.

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FAQ

Is Fast Track Debt Relief a legitimate company?

Yes, Fast Track Debt Relief is a legitimate company with a long track record in the financial services industry. Although the company is not accredited with the Better Business Bureau, it does hold a B rating with the agency.

How much does Fast Track Debt Relief cost?

Fast Track does not disclose its fees until you undergo a hard credit check, but typically charges 15% to 25% of total settled debt. For example, if you owed $10,000 in debt and Fast Track helped you settle it for $2,000, then you pay your creditors $2,000 from escrow along with a fee of $300 to $500 for the company’s debt settlement services.

How do you qualify for Fast Track Debt Relief?

To use Fast Track Debt Relief, you need to have at least $10,000 of qualifying unsecured debt. You must also be able to make monthly payments toward a settlement. The company does not have specific credit score or income requirements, but a representative will gather financial information during the application process to find out if you are eligible.

Andrew Koopman
Written by

Andrew Koopman is a freelance finance writer. He's written hundreds of articles over the years, specializing in topics such as improving credit, paying off debt, and applying for loans. Andrew graduated from Miami University with a Master's degree in mechanical engineering. He loves watching sports and enjoying the great outdoors with his friends and family.

Pros:
  • Requires no upfront fees
  • Reduces qualified debt by up to 80%
  • Offers personalized debt relief options
Cons:
  • Fee of up to 25% of your settled debt
  • Negative impact to your credit score
  • No guarantee and limited refunds
Bottom Line

Fast Track Debt Relief may be an option if you’re overwhelmed with debt and need help finding a solution. The consultation with a debt specialist is free and can result in a customized plan tailored to fit your needs, whether through settlement or consolidation.

However, debt settlement can damage your credit, making it more difficult to get a loan in the future. Even though you have to pay over time, Fast Track doesn’t guarantee debt settlement or provide a refund if your program does not succeed in reducing your debt