Frequently Asked Questions
- Am I a good candidate for the ClearOne Program?
The Debt Settlement specialists at ClearOne 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 Program may be the best option for youf. 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 less than 3 years*. * Disclaimer - Not available in all states. Individual results may vary and are dependent on successful completion of program and ability to save funds. ClearOne 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.
- What information do you need to determine if I qualify for your program?
We will only need the balance, your first and last name, and the creditors names on all of your credit card and unsecured statements. You can black out all sensitive information like SSN, account info, and address. If you can't find all of your statements, you can access your credit on www.Free–Annual-Credit-Report.com. It will take 5 minutes to run and then you can fax the report to ClearOne. Again, you can black out all sensitive information like SSN, account info, and address. You will NOT need any income documentation or equity to qualify for this product.
- How will my credit be affected if I use the ClearOne Program?
Your Credit will definitely be negatively affected.* While participating in the ClearOne program and after completion, the account will appear on your credit as “settled for less than full value.” It will appear as if you handled the pay off in debt on your own, which will look more favorable for you. But due to the nature of the program, it is highly likely that your credit will be negatively affected. *Disclaimer - Individual results may vary and are dependent on successful completion of program and ability to save funds. ClearOne 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.
- How long will it take to complete the ClearOne program?
Our program is designed to take 2 to 4 years to complete. This is a significant advantage to other debt management options which can take much longer.
- Will my credit cards be included in the program?
Our program is designed to specifically settle your unsecured debts, including credit card balances.
- Where can I find more answers to my questions?
Click here to go to ClearOne Knowledge Base
The ClearOne Advantage
There are many options for managing debt, but the ClearOne program has several advantages over other recently publicized choices. Please review below your other options and when you speak to your ClearOne Debt Advisor, ask them any questions about ClearOne's program or your other options. After all, our goal is to get you Debt Settled, even if it is with some other program.
Consumer Credit Counseling
Their debt option can be for up to 5 years or more, while the ClearOne program is between 2-4 years with similar monthly payment. The CCCS program may show up on your credit as the borrower in a “consumer serving program”. In contrast, during and after completion of the ClearOne program, the account will appear on your credit as “settled for less than full value.” It will appear as if you handled the pay off in debt on your own, which will look more favorable for you.
Bankruptcy
Chapter 7
While this option might meet some individual needs the credit repercussions are great. A bankruptcy may stay on your credit for up to 7-10 years and should only be looked at as a last option.
Bankruptcy not only affects your credit but may even affect your ability to secure certain job promotions or positions. Chapter 7 also includes possible significant up front costs for a lawyer to represent you in bankruptcy court. This program does not guarantee acceptance even after payment of your lawyer's fees.
Chapter 13
This debt option is for 5 or more years, while our program is between 2-4 years with similar monthly payments. Like a chapter 7, credit repercussions may be significant. A chapter 13 bankruptcy will stay on your credit for up to 7-10 years and should only be looked at as a last option. This option may also require significant up front costs while our upfront costs are zero.
Home Refinance
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 will not significantly reduce your debt and you will be paying on this interest and debt for 15 to 30 years, while the goal of our program is designed to have you out of debt in 2-4 years.
Refinancing is a less desirable option, because people may get turned down or not qualify based on income, time on job and equity in their home. Between the up front appraisal fee, title fees, escrows fees (taxes and insurance) and origination fee-which could end up costing you a total of up to $15,000-you are not getting rid of your debt but only transferring it from your credit cards to your home, while losing equity. If you hit a hardship and can't afford the new higher monthly mortgage payment you are now in risk of losing your home to foreclosure.
