In this post:
- Company Overview
- Why We Chose ClearOne Advantage
- ClearOne Advantage Debt Settlement - How It Works
- ClearOne Advantage - More Debt Relief Options
- How Much Does ClearOne Advantage Cost?
- How to Get Started with ClearOne Advantage
- How to Cancel ClearOne Advantage
- Customer Service Contact Info.
- Common Questions
- Is ClearOne Advantage Right for Me?
Many people find it hard to pay their bills and deal with debt. This problem is growing, making it tough for individuals to keep up with their financial responsibilities. With the cost of living going up, more people are facing financial stress, looking for ways to manage their debt without falling further behind.
Debt relief companies offer a helpful solution for those trying to avoid bankruptcy. These services work with you to reduce the amount of debt you owe, making it easier to get back on track financially. Among these options, ClearOne Advantage is a well-known choice for debt relief. They provide personalized plans to help tackle debt, giving many a fresh start towards better financial health.
Company Overview
ClearOne Advantage was founded in 2008 by Tomas Gordon, a financial expert with a mission to help people gain financial freedom by paying off unsecured debt and building their credit with the help of a reliable and successful debt settlement program. The company has experienced quick growth since 2012 after appearing in Smart CEO Magazine’s list of the fastest-growing companies in Baltimore.
Pros
- Free consultation prior to setting up a plan
- Saturday chat support hours for clients
- 30-day satisfaction guarantee
- Customers pay only when debts are settled rather than upfront
Cons
- Minimum debt of $10,000 needed to qualify
- Debt settlement plans may take as long as 5 years
- Most people pay as much as 25% of enrolled debt
- Not available in 28 states, including New Jersey, Ohio, and West Virginia
Year Founded: 2008
BBB Rating: Not rated
Areas Served: 22 states
Fees: Up to 25% of enrolled debt
Customer Service Hours: 9 a.m. to 5 p.m. EST Monday to Friday
Although headquartered in Baltimore, ClearOne Advantage helps clients across the United States with their debt resolution. Currently, the company is available in 22 states, including North Carolina, California, and Pennsylvania.
Why We Chose ClearOne Advantage
Although ClearOne Advantage is not currently accredited by the Better Business Bureau (BBB), the company has a widespread number of positive reviews from customers who have used its debt relief service. In addition to creating personalized plans for every client who signs up, ClearOne Advantage doesn’t charge clients upfront fees, offers a team of certified debt specialists to assist customers, and has a helpful online portal for customers to oversee their enrolled debt and the progress they’re making toward financial freedom.
ClearOne Advantage also offers a 100% satisfaction guarantee, helping clients feel confident that they’ll be satisfied with their service or can receive their money back from the debt relief company that hasn’t yet been put toward debt settlements.
ClearOne Advantage Debt Settlement – How It Works
ClearOne Advantage’s debt settlement services begin with a free consultation over the phone. This consultation allows ClearOne Advantage’s debt specialists to learn more about your financial situation, the type of debt you have, and your financial goals for the future. Meanwhile, you can also learn more about the debt settlement company and how its plans work and have an opportunity to ask more questions, if necessary.
When you sign up with Clear One Advantage, you’ll enroll in a debt settlement plan requiring you to pay a monthly payment to put toward your debt. ClearOne Advantage states that most people pay around 40% less per month than if they paid directly to their creditors.
With your monthly payment, ClearOne will work toward settling your debt. Your specialist reaches out to each creditor to negotiate a settlement. Once you have enough money saved in your dedicated account, ClearOne can begin paying off your settlements.
Depending on how much debt you enroll into your debt settlement plan, you can expect to work with ClearOne Advantage for 24-60 months. During this time, you’ll stop paying each creditor and have ClearOne work with your creditors instead.
| Type of Debt Relief | Explanation |
|---|---|
| Debt Settlement | ClearOne Advantage helps reduce the amount you owe through a monthly payment plan, aiming for you to pay around 40% less per month. |
| Debt Management | When a company manages your debt, paying off settlements or installments to creditors, and sometimes including credit counseling. |
| Credit Counseling | Provides advice and plans to help pay off debt and improve credit score, without directly paying off the debts. |
| Debt Consolidation Loans | Combines multiple debts into one loan with a single monthly payment, ideally with a lower interest rate to save money over time. |
| Bankruptcy | A last resort that can clear many debts but affects your credit score for up to 10 years and involves fees and a lengthy process. |
ClearOne Advantage – More Debt Relief Options
When deciding how to get out of debt from large credit card bills or personal loans, you might be considering everything from a debt consolidation loan to bankruptcy. However, debt settlement with ClearOne Advantage is a viable option for many. If ClearOne’s professional debt arbitrators don’t believe their debt relief option is right for you during your consultation, they may suggest other solutions that could help you, like those listed below.
Debt Settlement
Debt settlement is ClearOne Advantage’s primary offering for people looking for relief from their credit card debt or other types of unsecured debt. A debt settlement plan is similar to debt consolidation in that you’ll enroll all qualifying debt and pay just one monthly payment to ClearOne Advantage, allowing them to work with your creditors to reduce the amount you owe.
This form of debt relief could potentially save you a lot of time and money toward paying off your debt. However, there’s never a guarantee with any debt settlement companies, like Freedom Debt Relief or Accredited Debt Relief, that debt specialists will be able to negotiate with your specific creditors successfully. You could also still receive calls from your creditors while enrolled in debt settlement until your debts are paid off.
Debt Management
Debt management is highly similar to debt settlement. In fact, many people and debt settlement companies use the terms interchangeably because their processes work similarly. With debt management services, a company “manages” your debt by using your monthly payment to either pay agreed-upon installments with a creditor or pay off a settlement. Debt management can sometimes include credit counseling services, too.
Credit Counseling
Some debt settlement companies offer credit counseling in addition to their settlement services. Credit counseling is conducted by a credit specialist with expertise in guiding clients toward making the right steps to pay off their debt and build their credit score. However, credit counselors do not help clients with paying off their debts; they merely provide advice, guidance, and personalized plans to help people do it on their own.
ClearOne Advantage’s debt specialists provide some credit counseling during your initial consultation and throughout your program, helping you understand each part of the process to build your financial knowledge.
Debt Consolidation Loans
A debt consolidation loan moves multiple debts into one loan so that you can make just one monthly payment rather than multiple. Debt consolidation loans usually only work well if the interest rate of the new loan is lower than the average interest rate of your other debts. Otherwise, you could wind up paying the same amount or more than you were before and potentially for a longer period.
If you decide to pay off your debts yourself after speaking with a ClearOne Advantage debt specialist, the specialist might suggest a debt consolidation loan. However, try to find one without upfront fees and with as low of an interest rate as possible so that you can successfully pay down your debt.
Bankruptcy
Bankruptcy is a very last resort for anyone struggling with their debt, and it’s important to exhaust all other options first. Bankruptcy can wipe away many of the debts you’re struggling to pay, leaving you with a clean slate to start over and rebuild your credit. However, it comes with attorney and filing fees and can be a long and stressful process.
If you move ahead with bankruptcy, you risk harming your credit score for as long as ten years. Plus, not all debts can be included in a bankruptcy filing, like student loan debt and child support debt, so you’ll still be responsible for paying those.
How Much Does ClearOne Advantage Cost?
There are no upfront fees to get started with ClearOne Advantage, and the company doesn’t charge for initial consultations. You’ll only pay ClearOne Advantage your set fee — which can vary, depending on the amount of money you enroll and the amount of your settlements — when ClearOne Advantage successfully settles your debt.
| Debt Enrolled | Fee Percentage | Settlement Fee Range |
|---|---|---|
| $12,000 | 20% – 25% | $2,400 – $3,000 |
| $20,000 | 20% – 25% | $4,000 – $5,000 |
| $30,000 | 20% – 25% | $6,000 – $7,500 |
| $40,000 | 20% – 25% | $8,000 – $10,000 |
| $50,000 | 20% – 25% | $10,000 – $12,500 |
In most cases, this fee is between 20% and 25% of your debt enrolled. So, if you enrolled $12,000 of debt and ClearOne Advantage works out settlements with your creditors that you approve, you could pay $2,400 to $3,000 as a settlement fee.
How to Get Started with ClearOne Advantage
To speak with a debt management specialist or enroll in a ClearOne Advantage plan, call 1-888-340-4697 for a free consultation. This is a must for anyone enrolling in a plan, as ClearOne Advantage wants to ensure that your debt is a good fit for a debt management program.
Make sure you have information about your debts and creditors available to share with your debt specialist. Also, be prepared to let your debt specialist know what other methods of debt resolution you’ve tried, like a debt consolidation loan or do-it-yourself debt payoffs. If you’re eligible for a plan, your debt specialist will outline the details, and you can choose whether to accept it and enroll.
How to Cancel ClearOne Advantage
ClearOne Advantage has a satisfaction guarantee allowing you to withdraw from your debt management plan within 30 days of signing up if you’re not satisfied for any reason. If you choose to cancel your plan within this timeframe, you’ll receive any money stored in your dedicated account and a refund of any settlement fees you’ve already paid.
You can still cancel outside of this 30-day period as well to receive the money in your account, but you won’t get a refund of the settlement fees you’ve already paid. To cancel your plan, log into your online account to start a live chat or email [email protected].
Customer Service Contact Info.
ClearOne Advantage has different contact methods for people interested in enrolling and those who are already enrolled.
If you’re looking to become a ClearOne Advantage client, call 1-888-340-4697 between 8 am and 11 pm EST Monday through Friday or 9 am to 7 pm EST Saturday and Sunday. Or, email [email protected].
Current clients can instead email [email protected] or log into their ClearOne Advantage account to start a live chat with a debt specialist. The chat is available 8 am to 8 pm EST Monday through Friday and 9 am to 6 pm EST on Saturday.
Common Questions
Is ClearOne Advantage legit?
Yes, ClearOne Advantage is a legitimate debt settlement company that works with you to reduce the total amount of debt you owe so that you can get closer to financial freedom. The company also supports finance-focused community charities and widespread organizations, like the American Cancer Society and the National Multiple Sclerosis Society.
Will ClearOne Advantage hurt my credit score?
Although the initial debt analysis won’t impact your credit score, you might see a dip in your credit while enrolled in the program because you’ll stop paying your creditors while ClearOne Advantage manages your debt settlements. However, after paying your debts, this decline should stop.
How long should I expect my ClearOne Advantage program to take?
Most people take between 24 and 60 months to complete their ClearOne Advantage program. How much debt you enroll and the amount of your monthly payments can affect your program’s length.
Can I change my bank account information for my ClearOne Advantage program?
Yes. You can log into your online account at any time to update your personal or banking information to ensure that ClearOne Advantage has the most accurate information for you.
How soon can my first account be settled with ClearOne Advantage?
This depends on how much debt you enroll and what creditors you have, although ClearOne Advantage will work with your creditors to the best of their ability to try to negotiate debts as early on as possible.
Do I have the opportunity to authorize settlements?
Yes. In fact, ClearOne Advantage requires anyone with a debt relief plan to authorize the settlements they reach before finalizing them. ClearOne Advantage customer service will reach out to you via email and your online portal to request your authorization before moving ahead.
Will I still get creditor calls?
Yes, creditors may still call you when working with ClearOne Advantage, but you aren’t required to speak to them if you don’t want to.
Can I finish my debt management plan early with ClearOne Advantage?
It’s possible. The best way to finish your debt management plan earlier than projected is to add as much money to your dedicated account as you can. For example, if you receive a bonus from work, consider putting it toward your plan so that ClearOne can use that money toward your settlements.
Will my dedicated ClearOne Advantage account be FDIC-insured?
Yes. Dedicated accounts are FDIC-insured up to $250,000.
Is ClearOne Advantage Right for Me?
When you look for the best debt relief companies to help you pay off your debts, you likely come across ClearOne Advantage. This company has several years in the industry and has helped thousands of people become debt-free through their negotiations and settlements. But is it the right debt relief company for you?
If you have at least $10,000 in debt and want to avoid bankruptcy, it could be. Several ClearOne Advantage reviews from real customers note that the company’s customer service excels and that its programs are easy to understand and work through.
To get a better idea of what ClearOne Advantage can do for you, consider calling for your free debt consultation. You can do the same with other debt management companies to compare their features and what your debt plan might look like with each, giving you a better idea of the best option for your finances.
