Frequently Asked Questions

1. Am I a good candidate for the ClearOne Advantage Program?
   The Debt Settlement specialists at ClearOne Advantage are happy to answer your questions regarding your fit with our debt settlement program. If you are behind, late, or in default of credit card obligations, the ClearOne Advantage Program may be the best option for you. By answering a few questions about your financial situation, a specialist can determine your debt settlement needs.
   
   Our goal is to negotiate your debts and have those debts settled in as little as 3 years*. View Actual Settlement Letters.
   * Disclaimer - Not available in all states.  Individual results may vary and are dependent on successful completion of program and ability to save funds. ClearOne Advantage does not assume or pay any debt, nor does it provide legal advice or offer credit repair. Read and understand the contract terms before enrolling.
    
2. What information do you need to determine if I qualify for your program?
   We need some basic information about your income, expenses, creditors and the hardship that is preventing you from paying off the debt in full.    Basically, we take a financial snapshot of where things stand and help you figure out if you are a good fit for our program.
    
3. How will my credit be affected if I use the ClearOne Advantage Program?
   As with virtually all debt resolution options, clients of debt settlement programs are likely to experience a negative impact to their credit score.  Remember, your credit score is good for one main reason- to get more debt.  Many of our clients have made the conscious choice that enough is enough and they are generally more concerned with resolving their debt than maintaining a good credit score.  Once you graduate from the program, you can begin rebuilding your credit score.
    
4. How long will it take to complete the ClearOne Advantage program?
   This varies depending upon your individual circumstances.   Most programs are designed to   take 2 to 4 years to complete.  But, projected program lengths vary.  Please contact one of our consultants to find out what sort of estimated program lengths may be available for you.  Generally, the shorter program length debt settlement offers is a significant advantage when compared to some of the other debt management options.
    
5. Will my credit cards be included in the program?
   Our program is designed to specifically settle your unsecured debts, including credit card balances.
    
6. What if accounts won't settle? Will they sue?
   Creditor policies vary and we can’t predict exactly what efforts they may use to collect on a debt in each individual’s circumstances.  They do have the right to send debts to collection agencies and to take legal action to collect a debt. Taking a consumer to court is a costly and time-consuming activity and many creditors would prefer to settle the debt prior to resorting to legal action.  If a creditor does take legal action, we can continue to try to negotiate a resolution of the account. Please understand that we’re not a law firm and cannot provide legal advice.
    
7. How do you get paid?
   Unlike many other debt resolutions options, our fees are entirely success based.  We do not charge up-front fees and don’t collect any fees from you until we obtain a settlement for you, you approve the settlement and at least one settlement payment is sent to your creditor.    It’s that simple.  So, our success is tied to your success!.
   
   If you speak with other debt resolution companies, make sure you ask if they charge advance or up-front fees.  This can sometimes be a sign that they are not confident in their services or that they’re not looking out for your best interests.
    
8. Can I negotiate my credit cards myself?
   If you have the negotiation skills and know how the process works, you can contact your creditors yourself and see if they will negotiate your debt. You could also begin saving and setting aside your own settlement funds to pay the settlements- just as we’d have you do. So why hire us? It’s really no different than hiring a plumber or an electrician- while you could certainly give it a try yourself, hiring a professional is often a good idea.
   
   There are several reasons why our clients decide to higher us instead of attempting to negotiate settlements with their creditors on their own. For example:
   
   
   • Contacting creditors and collection agencies yourself can be very stressful!   A debt collector’s job is to have you pay as much of the balance as possible.   We have professional negotiators that do nothing but negotiate settlements for our clients every single day. 
   • We generally know approximately what creditors and collectors will settle debts for at a given period of delinquency.   We use this information when creating your specifically tailored program projections.   This knowledge has been obtained through years of settling our clients’ debt.   It would be very difficult for you to know if you’re getting a good deal without this specific knowledge.
   • One of the single biggest advantages our clients have compared to trying to settle debt on their own is the motivation and support system we provide.   We are committed to our clients' success.  Many completely overlook the importance motivation and a good support system play in one’s debt resolution success.   Just like a personal trainer works individually to motivate and help their clients succeed, our customer service and negotiations team is committed to doing everything possible to motivate and support our clients through the program.   The same sort of motivation and support system are virtually non-existent for those that try settling debts on their own.
    
9. Where can I find more answers to my questions?
   Click here to go to ClearOne Advantage Knowledge Base

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. 

Other debt resolution options include:

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. 

DMPs generally involve lower amounts of debt than debt settlement programs may accept. While enrolled in a DMP, consumers generally do not receive creditor calls; however typical program lengths are around 5 years in duration. A consumer’s involvement in a DMP may also be reflected on their credit report. Consumer’s that choose CCCS programs generally do not have problems making continued payments on their credit cards, and simply need structure and a modest interest rate reduction.

CCCS often receive funding directly from creditors by what's called a "fair share" payment. This is often based on what the CCC can collect from you.

In comparison, debt settlement programs are generally for consumers that are experiencing a financial hardship and are designed to settle the entire outstanding balance for less than the consumer owes. Also, debt settlement companies do NOT receive funding from creditors- our interests are aligned directly with our clients' interests.

Bankruptcy*

Chapter 7
Filing bankruptcy can be the best solution for some consumers.   Recent laws have made qualifying for bankruptcy more difficult, so if you’re considering bankruptcy, it’s important that you first schedule a consultation with a bankruptcy attorney to see if bankruptcy is even a viable option.  

Remember, a bankruptcy may stay on your credit for up to 10 years and is typically viewed as a last resort by many consumers.

Chapter 13
This debt relief option typically involves filing for bankruptcy and seeking a plan that involves repaying all or a portion of your debt over a period of time- often 3-5 years.  Like Chapter 7, a consumer must qualify for Chapter 13 bankruptcy and not everyone will qualify.

Consumers should consider such an option only by consulting with licensed bankruptcy attorney.

Even if you cannot qualify for bankruptcy, you may be able to qualify for our debt settlement program.  To find out if you qualify for the ClearOne Advantage debt settlement program, call us at 1-888-785-5376 today!

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.

Unlike taking out another mortgage to pay your credit cards off, our program is designed to settle your unsecured debts for less than the outstanding balance.   To learn more about the ClearOne Advantage debt settlement program, call us at 1-888-785-5376 today!