Frequently Asked Questions
The ClearOne Advantage
There are many options for resolving debt and there is no one-size fits all debt resolution method. We believe our program is best suited for people that are either behind on their payments or are about to fall behind and are experiencing some type of financial hardship. We provide an aggressive debt resolution option that attempts to resolve your debt for what you can afford- not simply what is owed. We offer creditors a reduced payoff in full satisfaction of the entire outstanding balance (including any interest and fees) in lieu of potentially receiving nothing if our clients elect to file bankruptcy. Remember, not everyone qualifies for the program. Please speak to a ClearOne Advantage Debt Advisor to find out if you are a good candidate for the ClearOne Advantage debt resolution program.
Consumer Credit Counseling Services (CCCS) - Debt Management Plans
Debt Management Plans (DMPs) offered by CCCS can be an effective debt relief option for those that mostly need budgeting help and a reduced interest rate to pay off their debts in full.
Home Refinance (e.g. HELOC)
With the downfall and uncertainty of today's housing market and depreciation in home values, consolidating unsecured debt into a secured mortgage debt can be an uncertain option. Also remember, this option involves turning your unsecured debt (e.g. credit cards) into secured debt (e.g. a HELOC) and paying off the entire amount, plus interest. What this means is that if you fall behind on paying off your second mortgage or HELOC, your lender may be able to pursue foreclosure of your home as a means of having the debt satisfied. In addition, many people do not have enough equity in their home to utilize in order to obtain a Home Equity Line of Credit or Home Equity Loan.