I had a chance to check out a new program called Debteye. I wanted to find out more about how their program worked, and how it’s different from other debt relief companies out there. I had a chance to speak with Kevin Yu, who is one of the co-founders of Debteye.
What exactly does Debteye do?
Debteye aims to provide consumers an alternative to going to an expensive third party debt relief company that you hear about on the TV & Radio. There’s no “one size fits” all solution when it comes to paying down your debt. Debteye automates the entire debt relief process and offers complete transparency into your own program.
How do you recommend the best program with Debteye?
There are a lot of variables that come into play when making a decision. Just to name a few off the top of my head, it depends on your current payment history, your monthly affordability towards a program, and your specific goals.
What type of programs do you offer?
We offer debt settlement, debt management programs, and the traditional debt snowball/stacking approach. We understand the importance of staying out of debt after you’re debt free. Throughout the program we offer different money saving tips to our consumers.
What’s the main difference between Debteye and the traditional debt relief company?
If anyone has ever fallen behind on their bills, they’ve likely been contacted by a debt settlement company. Although debt settlement companies can’t charge up-front fees (unless it’s part of an attorney network), their settlement fees can range anywhere from 15-18% of the consumer’s debt or 25-30% of what they save you. The fees are outrageous and this is something that the consumer can do themselves with our software.
How much does your program cost?
Our software costs $35/month. Our fees typically come in about 50% cheaper than most companies. There is no settlement or savings fee. We don’t charge based on how much debt you have.
What’s your biggest single bit of advice for someone trying to get out of debt?
Believe it or not, it’s all about budgeting and cutting unnecessary expenses. I always encourage everyone to start a spending journal for just 1 month to see where their money is going. Most people can typically save 20% of their total income by just learning to live frugal. If they can apply this savings to their cards, they will be able pay down their accounts a lot faster.
Here’s what Gigaom had to say about them:
“Debteye’s software provides consumer debt counseling as a completely automated service. It may not be at the forefront of tech industry discussions, but the debt collection and credit counseling industry is huge: and it’s currently dominated by firms who deal with each case over the phone (and often have bad reputations for charging high fees to ostensibly help people get out of debt.) Debteye’s team is comprised of top-notch hackers that want to bring a clean, automated solution to the whole mess. It’s not likely to become an investor darling for being “the Airbnb of” anything, but it is aiming at a huge existing market that could seriously use some Silicon Valley-like innovation.”
Kevin is a co-founder of www.debteye.com, an online financial tool that makes getting out of debt worry and stress free. This tool will allow you to track and manage your finances all in one place. Go to www.debteye.com to see how we can help you get out of debt!