The debt relief process starts with a debt analysis and savings estimate where a Certified Debt Specialist will review your situation and help you find a realistic repayment plan with a payment that fits your budget. The analysis usually takes less than 20 minutes and can be done over the phone. Since no two situations are the same, your personal debt relief analysis will plainly show what ClearOne can do for you and your potential savings. If you prefer, you can start online on the ClearOne site. Just provide some basic information about yourself and we'll tell you how the plan can help you.
The debt analysis and savings estimate are free, confidential, and require absolutely no commitment. You will just need to provide some basic information about your situation and assist us with creating a spending plan that you can afford. And best of all, with a ClearOne plan there are no upfront costs. We only charge a fee after you have enrolled, accepted and approved the settlement terms, and made a payment towards your settlement.
Your debt analysis will not have an impact on your credit score. Retrieving your information expedites the debt analysis and savings estimate process while allowing us to provide you with a more accurate quote.
Debt settlement is an innovative debt relief option for people who need relief from a serious amount of high interest credit card debt (typically over $10,000). Through debt settlement, ClearOne negotiators will work with your creditors on your behalf to accept less than the amount that you owe – with the goal of "settling" your credit card debt for an amount you can afford to repay. Debt settlement provides short term relief with a reduced monthly payment, long term relief by allowing you to payback less than what you owe, and time savings by getting you out of debt in approximately 24 to 60 months.
Advantages of a Settlement Program
Potential Disadvantages of a Settlement Program
DMPs offered by CCCSs are designed for people who can repay all their debts, plus some interest, in approximately 5 years with a moderate monthly payment. The monthly payment required to complete a credit counseling program may not be much lower than your current credit card payments and could be higher than that of a debt settlement program. A debt settlement program may be faster to complete than a DMP (typically 2 to 5 years for debt settlement compared to 5 years for a DMP).
The first settlement is typically finalized in month 3 or 4 of a client's program (this varies greatly) and depends on your monthly program payment, the delinquency of accounts you have enrolled in the program, and the amount of debt enrolled. In some instances, it could 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. Our average program graduate takes approximately 24-60 months to complete his or her plan.
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).
Every time there is a resolution on one of your debts, we will notify you with the terms of the settlement for you to review and approve. 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 reach a representative in the ClearOne Advantage Customer Loyalty Group Monday – Friday, between the hours of 9 AM – 6 PM EST at 888-768-4767.
Yes, we encourage you to keep up with your progress by visiting your Client Portal on a regular basis. You can also use the “Chat” feature to ask specific questions about your account.
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, 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 888-768-4767 or by email us customerservice@ClearOneAdvantage.com
You can add or remove an account from your program by contacting our Customer Loyalty Group at 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 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 the accounts that are included in the program. Also, any creditors you keep outside of the program are still likely to close the account and/or lower your limit to the current balance. You are in a program that requires you to stop using credit for you to be successful.
Visit the Customer Service tab of your Client Portal and submit a request to change your banking information online at least 5 business days before your next draft. (Please note that this online feature may not be available if you are currently in any active settlements). Or, you can contact our Customer Loyalty Group at 888-768-4767.
To change your personal contact information please contact our Customer Loyalty Group at 888-768-4767.
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 888-768-4767 or email: customerservice@ClearOneAdvantage.com or fax: 443-249-2785.
To make changes to your draft we ask that you contact our Customer Loyalty Group at 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).
Yes, your authorization is required for each settlement and it is very important that you respond as soon as possible because a settlement offer may expire. You can authorize your settlements by contacting our authorization department at 888-820-5928 or by responding to the authorization email. You also can 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 888-768-4767 to discuss your options if you find yourself in a position where you cannot make a program payment.
If you feel you need to cancel your program for any reason, please contact us immediately. Our goal is to help you resolve your debt and there may be alternatives available to you if we understand more about your situation or hardship. Please contact our Customer Loyalty Group at 888-768-4767 to discuss your options or cancel your program.
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 you can afford to pay such an offer).
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.
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 888-768-4767 or email customerservice@ClearOneAdvantage.com or by fax 443-249-2785.