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Ascend Finance is a debt relief company that offers a debt settlement option for customers who want to lower their debt.
In this review, I cover how the debt settlement process works with Ascend, what pros and cons to consider and how to qualify.
But first I want to be clear: Debt settlement is risky. There’s no guarantee of success, and it can seriously damage your credit.
Debt settlement may be an option for those severely overwhelmed by debt. Before opting into a program, NerdWallet recommends exploring other ways to get out of debt, like enrolling in a debt management plan or applying for a debt consolidation loan.
» MORE: What is debt settlement?
Ascend Finance debt settlement at a glance
| Minimum debt required to enroll: | $8,000. |
| Types of debt eligible for enrollment: | Unsecured debt (debt with no collateral). |
| Settlement fee: | 10% to 22% of the total debt enrolled. |
| Account fees: | $9.50 one-time setup fee. $12.50 monthly maintenance fee. |
| How long it may take: | Four years, on average. |
| How much you may save: | 30% of enrolled debt after fees. |
| Availability: | Not available in: Arizona, Florida, Indiana, Maryland, Massachusetts, Missouri, New York, Oregon, South Dakota, Utah and West Virginia. |
How does Ascend Finance’s debt settlement program work?
If you opt into Ascend's debt settlement program, you’ll likely need to stop making payments on your enrolled debts. You’ll instead deposit money in an FDIC-insured escrow account. You own this account completely, and you can access it anytime via an online customer portal.
As the money in the escrow account grows, Ascend will begin negotiating with your creditors to get them to accept a lower amount. Since you’ve stopped making payments on your debts, the thinking is your creditors will want to accept the lower amount versus getting nothing at all.
If a creditor accepts the offer, you’ll pay the creditor from the escrow account, and the debt will be considered settled.
Ascend says it takes about four years on average to successfully settle a customer’s enrolled debts.
🤓 Nerdy Tip
Debt settlement companies often list projected savings on their website. These percentages vary significantly and may not include fees, so take them with a grain of salt. Ascend told NerdWallet that customers may save 30% of their enrolled debt after fees. That means if your enrolled debt is $50,000, you could save $15,000. Projected savings are never a guarantee. How much does Ascend Finance debt settlement cost?
The biggest cost of debt settlement is the settlement fee. Ascend’s settlement fee ranges from 10% to 22% of the total enrolled debt. This percentage is based on the average balance per enrolled account and your state of residence, Ascend says.
Here’s how the settlement fee works: Let’s say you enroll with $40,000 in credit card debt, and you’re able to settle that debt for $24,000. On the low end, you might pay a settlement fee of $4,000 (10% of $40,000). This is in addition to the $24,000 you pay to your creditors. Altogether you’d pay $28,000.
A debt settlement company cannot collect a debt settlement fee until it successfully settles a debt .
Other costs to using Ascend’s debt settlement program include a one-time $9.50 setup fee for the escrow account and a monthly $12.50 fee for maintaining the account.
Is Ascend Finance legit?
Ascend Finance is a legitimate debt relief company founded in 2024, but it lacks key accreditations. At the time of writing this review, Ascend is not accredited by the Better Business Bureau or the Association for Consumer Debt Relief (ACDR).
It’s important to carefully weigh the pros and cons before deciding whether to work with Ascend Finance.
Pros
Low settlement fee
Free consultation
Broad range of services
Cons
Less established
Risky way to get out of debt
No guarantee of success
Costs add up
Pros of Ascend Finance
Low settlement fee: Ascend’s settlement fee range is significantly lower than competitors. While most debt settlement companies charge 15% to 25% of the total debt enrolled, Ascend only charges 10% to 22%. Since this fee is the most expensive part of hiring a debt settlement company, getting a lower percentage here can translate into thousands of dollars of savings. Only enrolled debts of $30,000 or more will qualify for the 10% rate.
Free initial consultation: Ascend Finance offers a free 15-minute phone call, which you can schedule on its website. During this call, Ascend conducts a full “budget and debt analysis,” then gives you a personalized recommendation for how to best pay off your debt. There’s no obligation to sign up for any service after the call.
Broad range of services: Ascend partners with a network of providers to offer services outside of debt settlement. This includes debt management plans, debt consolidation loans and bankruptcy referrals. Ascend emphasizes that it considers all potential debt payoff options when working with a customer and doesn’t default automatically to debt settlement.
Cons of Ascend Finance
Less established company: Ascend Finance is a relatively new company. Most debt settlement companies reviewed by NerdWallet have been in business for 10 years or longer. Ascend also lacks credentials from the BBB and the ACDR. These accreditations help vet businesses and protect consumers by setting industry standards.
Before committing to Ascend, consider researching other debt relief companies like National Debt Relief or Accredited Debt Relief. Both companies have been in business for 15 years or more and hold multiple accreditations.
A risky way to get out of debt: There are risks in working with Ascend Finance, including a major hit to your credit, falling deeper into debt as you await a successful settlement negotiation and even the possibility of being sued by a creditor. Learn more about debt settlement risks lower down.
No guarantee of success: Like all debt settlement companies, Ascend Finance may not be able to settle all your debts even if you follow the program perfectly. This is because not all creditors accept settlement offers.
Costs add up: When working with a debt relief company like Ascend Finance, you may be charged multiple fees, including a monthly account maintenance fee and a settlement fee of up to 22% of the enrolled debt. These fees are in addition to any charges you may accumulate from your creditors, like late fees or interest. Consider alternative ways to get out of debt (listed below) that may have fewer fees and cost less overall.
How to qualify for debt settlement with Ascend Finance
Ascend Finance works with consumers who have at least $8,000 in unsecured debt. Unsecured debt typically includes debts like credit cards, personal loans, payday loans and medical bills.
Ascend doesn’t settle secured debts, meaning any debt tied to collateral, like an auto loan or mortgage. It also doesn’t settle student loans.
Ascend says new customers typically enroll with $50,000 in unsecured debt, spread across eight accounts.
As part of enrollment, Ascend does a soft credit pull, which won’t hurt your credit score. There’s no hard credit check.
Know the risks of debt settlement
It’s important to understand the overall risks of debt settlement before deciding whether to work with Ascend Finance.
Organizations like the Consumer Financial Protection Bureau and the Federal Trade Commission urge consumers interested in debt settlement to consider these risks:
- It will hurt your credit: Because you’re required to stop making payments on enrolled debts, those accounts will be marked delinquent on your credit reports. Your credit score will take a significant hit, especially if you weren’t already delinquent on those accounts. Delinquencies and settled accounts stay on your credit reports for seven years .
- Interest and fees continue to accrue: Until you enter a settlement agreement, you’ll accrue additional interest and late fees on your debt . If you don't stick with the program to completion, or if the debt settlement company can't negotiate a settlement, you may end up with an overall higher balance.
- You may still hear from creditors or debt collectors: There’s no guarantee your creditors will want to work with a debt settlement company, and you may be contacted by debt collectors or sued by creditors during the process .
- Forgiven debt may be considered taxable income: Forgiven debts over $600 may be counted as income on your taxes . Creditors may send a 1099-C form to you in the mail and to the IRS. One exception is if you are insolvent (your liabilities exceed your total assets) at the time the company settles with your creditors.
Alternatives to hiring a debt settlement company
Do-it-yourself debt settlement
Though it may seem easier to have a third party, like a debt settlement company, intervene on your behalf, you could have just as much success calling your creditors and negotiating with them yourself — and you can save thousands by not having to pay a settlement fee.
Same as with using a debt settlement company, success isn't guaranteed, but if you owe only a few creditors, it’s worth a try.
Debt management plan
With a debt management plan, you’ll work with a nonprofit credit counseling agency to consolidate your debts into one monthly payment, while also reducing the interest rate.
This is a good option for consumers with credit card debt who have a steady income to repay the debt within three to five years.
Unlike debt settlement, a debt management plan should help build your credit score.
» MORE: What is a debt management plan?
Debt consolidation loan
By taking out a debt consolidation loan, you can pay off multiple debts at once, so you’re left with only one payment on your new loan.
These loans are available to borrowers across the credit spectrum, and you can often pre-qualify with lenders to see your rates with a soft credit check.
A debt consolidation loan should have a lower interest rate than your current debts, which saves money and helps you get out of debt faster.
Bankruptcy
Bankruptcy lets you resolve your debt under protection from a federal court.
Chapter 7 bankruptcy, the most common form, erases most unsecured debts in four to six months. It’ll also stop calls from collectors and prevent lawsuits against you.
Like with debt settlement, your credit will suffer, so consult a bankruptcy attorney first.
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- 1. Federal Trade Commission. Debt Relief Services & the Telemarketing Sales Rule: A Guide for Business. Accessed Feb 11, 2026.
- 2. Consumer Financial Protection Bureau. How long does information stay on my credit report?. Accessed Feb 11, 2026.
- 3. Consumer Financial Protection Bureau. What is a debt relief program and how do I know if I should use one?. Accessed Feb 11, 2026.
- 4. Federal Trade Commission. How To Get Out of Debt. Accessed Feb 11, 2026.
- 5. Internal Revenue Service. About Form 1099-C, Cancellation of Debt. Accessed Feb 11, 2026.
