Frequently Asked Questions
The debt relief process starts with a debt analysis and savings estimate where a debt specialist will review your situation and help you find a realistic repayment plan that fits within your budget. The analysis can take up to 20 minutes and can be done over the phone. Since no two situations are the same, your personal debt relief analysis will show you clearly what ClearOne could do for you and how much you could save. We'll also be able to provide you with the full details of the plan so you know how it works, the costs, and how it fully benefits you. If you prefer, you can start online on the ClearOne site. Just provide some basic information about yourself and we'll tell you what you owe and how the plan can help you.
The debt analysis and savings estimate is free, confidential, and requires absolutely no commitment. You'll just need to provide some basic information about yourself and assist us with creating a spending plan that you can live with. And best of all, if you decide to go with a ClearOne plan there are no upfront costs or monthly fees for our services. We only charge a fee after your debt is resolved.
Your debt analysis may have a nominal impact to your credit score. As part of the saving estimate and review process, we’ll retrieve your accounts and their balances from TransUnion. This process is considered a hard pull and may affect your credit score by a few points. Retrieving your information expedites the estimate process and it also allows us to provide you with a more accurate quote. For more information, please visit MyFico.com at http://www.myfico.com/crediteducation/questions/inquiry-credit-score.aspx.
Debt settlement is an innovative debt relief option for people who need relief from a serious amount of high interest credit card debt (typically $15,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with your creditors on your behalf to pay less than what you owe – with the goal of "settling" your credit card debt to what you can afford to repay. Debt settlement has short term relief with a reduced monthly payment, long term relief allowing you to payback less than what you owe, and time savings getting you out of debt in approximately 48 months.
- One low monthly program payment – significantly less than your current minimum
- Typically resolve debt faster than you can on your own -48 months
- By settling debt, you can save a substantial amount of money
- While negative to credit, not as severe or long-lasting as bankruptcy
- Program primarily benefits those with high-balance credit cards
- Success relies on making timely and consistent monthly payments
- Creditors could increase collection efforts
- Negative impact on credit due to default on credit agreements
The first settlement is typically finalized in month 3 to 4 of a client's program (this varies greatly) and depends on your monthly program payment and the delinquency of creditors you have enrolled in the program as well as the amount of debt enrolled. In some instances, it may take more than 4 months before the first settlement is reached.
The amount of time you are in the program is based on the amount of debt enrolled, the amount you have agreed to deposit into your dedicated account each month, and the consistency of those monthly payments. It takes our average graduated client approximately 24-48 months to complete his or her plan.
Yes, at any point during your ClearOne Advantage program, you can add funds to your account. Some clients choose to put additional funds into their dedicated account after receiving a tax refund, bonus or additional income. You can submit a request to add funds to your dedicated account online under the Customer Service tab of your Client Portal, or contact our Customer Loyalty Group at 1-888-768-4767 or email us at customerservice@ClearOneAdvantage.com
Every time there is a resolution on one of your debts, we will notify you with the terms of the settlement. Once you complete your program, and your last debt has been settled in full, we will send you a final graduation packet, which includes documentation regarding your settlements and helpful information on moving forward with your new debt-free life!
You can add or remove an account from your program by contacting our Customer Loyalty Group at 1-888-768-4767 or by emailing customerservice@ClearOneAdvantage.com or you can go to your Client Portal Website and submit a request under the Customer Service Tab. We will require a statement dated within the last 60 days in order to add an account to the program.
We do not recommend keeping any accounts outside of the program. Doing so could impact the ability to negotiate with the accounts in the program. Also, any creditors you keep outside of the program are likely to still close your account and/or lower your limit to the current balance. You are in a program that requires you to stop using credit in order for you to be successful.
If you are adding an account we advise you to please send us a copy of your most recent statement either by fax: 443-249-2785, email: customerservice@ClearOneAdvantage.com, or mail: PO Box 9971 Baltimore, MD 21224.
If the account is already enrolled you do not need to worry about keeping us updated with regular monthly statements or delinquent notices. We ask that you just keep us updated with any third party collection notices and any settlement offer letters by contacting our Customer Loyalty Group at 1-888-768-4767 or email: customerservice@ClearOneAdvantage.com or fax: 443-249-2785.
Creditor calls are to be expected. You are not obligated to speak to your creditors. There are many reasons we do not recommend speaking to creditors. Once they know they can contact you they will continue to contact you; they might not want to speak to a 3rd party if they can contact you directly. Also, keep in mind that creditors may use scare tactics such as telling you that they do not work with debt settlement companies. They may tell you they are willing to work with you to convince you to make a payment. Speaking with creditors will interfere with the negotiation process.
Some clients have gone as far as changing their phone number and you can also make sure your phone number is unlisted and unpublished..
Visit Customer Service and submit an online request to change your banking information online at least 5 business days before your next draft. Alternatively, you can contact our Customer Loyalty Group at 1-888-768-4767.
To change your personal contact information please contact our Customer Loyalty Group at 1-888-768-4767.
In order to make changes to your draft we ask that you contact our Customer Loyalty Group at 1-888-768-4767 at least 5 business days in advance of your next scheduled draft. You can also submit changes through the Customer Service Tab of your Client Portal (Please note that this online feature may not be available if you are currently in any active settlements).
You do not need to keep us updated with regular monthly statements and/or delinquent notices. We ask that you just keep us updated with any third party collection notices and any settlement offer letters by contacting our Customer Loyalty Group at 1-888-768-4767 or email customerservice@ClearOneAdvantage.com or by fax 443-249-2785.
DMPs offered by CCCAs are designed for people who need only a moderate monthly payment, and who have the ability to repay all of their debts, plus some interest, in approximately 5 years. The monthly payment required to complete a credit counseling program may not be much lower than your required credit card payments, and could very well be higher than that of a debt settlement program. A debt settlement program may be faster to complete than a DMP (2 to 4 years for debt settlement compared to 5 years for a DMP).
If you receive an offer over the phone from one of your creditors, write down the details and send them to customerservice@ClearOneAdvantage.com. Do not give the creditors any information that could be used against you in the negotiation process (such as whether or not you can afford to pay such an offer).
Yes we always welcome you to contact us by email at customerservice@ClearOneAdvantage.com, However for more urgent matters, we recommend that you please contact our Customer Loyalty Group at 1-888-768-4767.
ClearOne Advantage's hours of operation time are Monday – Friday, 9 AM – 9 PM EST.
ClearOne has worked with our clients to settle over $450 million in debt. We use all of that experience, along with data and knowledge of your particular creditor mix to decide which creditors to tackle first. With some creditors, it is better to negotiate offers early in the program. With others, it is better to wait a bit longer for the lowest possible settlement. Sometimes, it is even better to work with third-party collectors. Of course, it is important that you make your monthly drafts on time in order to save the funds required to settle the debt at the right time.
Yes, your authorization is required for each settlement. You can authorize your settlements by contacting our authorization department at 1-888-820-5928 or by responding to the authorization email. You also have the ability to provide authorization directly from your Client Portal. Payments to your creditors are not made until a settlement is reached.
If you miss a monthly draft, we strongly recommend that you try to make it up so that your program is not delayed. We can work with you to come up with a plan to get back on track. If you are in the middle of a payment plan on a debt that has been settled, then it is incredibly important that you make up that draft as soon as possible so that the settlement with the creditor is not lost. Please contact our Customer Loyalty Group at 1-888-768-4767 to discuss your options if you find yourself in a position where you cannot make a program payment.
Yes, the dedicated account providers that offer these accounts to our debt settlement clients have FDIC insurance and your deposits are fully insured, up to the FDIC limits (currently $250,000).