Frequently Asked Questions
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 36 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 we negotiate 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 email 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 our ability to negotiate with the accounts in the program. Also, your creditors you kept outside of the program are likely to still close your account and/or lower your limit to the balance you have so you wouldn't be able to utilize it. 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.comor 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 will use scare tactics like 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. Lastly, you can register your number in the National Do Not Call Registry by visiting https://www.donotcall.gov.
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.
Some creditors will not honor the change of address request on our form. You can change your address directly with your creditors by sending back the next statement you receive with the change of address portion filled out. You may also be able to request the change of address by visiting your creditor online.
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 negotiation program. A debt negotiation program may be faster to complete than a DMP (2 to 4 years for debt negotiation 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 – Thursday, 9 AM – 6 PM EST and Friday, 9 AM – 5 PM EST.
ClearOne has negotiated settlements on over $150 million on behalf our clients’ debts. We use all of that data to help us make decisions, depending on your particular creditor mix, as to which creditors to tackle first. With some creditors, we are able to negotiate better offers early in the program, with others we need to wait a bit longer for the lowest possible settlement, and with some it is better to work with third party collectors. Of course, also important is that you continue to make your monthly drafts on time each and every month to save the funds required to settle the debt.
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.
If you miss a monthly draft, we strongly recommend that you try to make it up so that your program is not delayed, and we can work with you to come up with a plan to get back on track. If you are in the middle of a structured payment plan on a debt that we have negotiated for you, 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 do find yourself in a position where you cannot make a monthly program payment.
COA does not make payments to your creditors until a settlement is reached.
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).