Clear Coast Debt Relief is one of the companies in the consumer debt relief industry. They aim to reduce credit card debts, personal loans, and other unsecured debts. The company claims that their services are specifically oriented towards consumers with overwhelming debts and high-interest loans. But how exactly does Clear Coast Debt Relief achieve its goal? In this review, we will delve into the features, advantages, and potential shortcomings of Clear Coast Debt Relief.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
About Clear Coast Debt Relief
Clear Coast Debt Relief provides services that help relieve consumers of their debts. Their services include consolidation, debt settlement, and negotiation. They promote their services on their website, clearcoastdebt.com, and via direct mail prescreen credit offers. Clear Coast Debt Relief is operated by ALAS Services Inc. and Clear Coast Financial Group, which is a Limited Liability Company situated in Florida.
You may have received a mail offer from Clear Coast Debt Relief recently. It may have said something like this:
You may have received a mail offer from Clear Coast Debt Relief recently. It may have said something like this:
“FINANCIAL RELIEF FOR AFFECTED FAMILIES. You have been exclusively selected for Clear Coast Financial Hardship Recovery Loan for up to $25,141. You may consolidate these balances into a single loan with an interest rate of 4.99%.”
At first appearance, it appears to be a fantastic value.
We therefore made the decision to research this company to learn more about it.
- Consumers can obtain debt settlement services from Clear Coast.
- They don’t promise that your debts will be paid off in full, by a certain percentage, or within a certain timeframe.
- Their fees may differ from state to state, and their service is not available in all states.
- Their debt settlement services may have a negative effect on your rating, result in collections from creditors or lawsuits, and raise your overall debt due to fees and interest accrual.
What is Clear Coast Debt Relief?
Clear Coast Debt Relief, also known as Clear Coast Financial, is a financial company that specializes in assisting clients with debt management and offers a variety of programs to do so. The company has been in business since 2018 and is a member of the American Fair Council; it is located at 1070 East Indiantown Road, Suite #404, Jupiter, FL 33477 and can be reached at (866) 837-0095 or [email protected].
Contrary to what their direct mail offers may state, their website focuses primarily on debt arbitration and reduction, promoting their negotiation skills.
They are not accredited by the Better Business Bureau (BBB), but they have an A+ rating and a 4 out of 5 star rating based on consumer reviews. There are only eight customer testimonials and no complaints.
How Do They Work?
Whether you found Clear Coast Debt Relief online or through one of their mailers, you get a free consultation where they ask you for your personal and financial information to offer you debt relief options.
After that, you stop making payments on your debts, and instead, the company will open a separate bank account under your name. You then make monthly deposits into the account. Once the settlement company believes there is enough money in the account to make a lump-sum offer, it will negotiate with the creditor on your behalf to accept a smaller amount.
Remember that Clear Coast does not guarantee that your debts will be resolved for a specific amount or percentage within a certain timeframe.
What is The Impact of Clear Coast Debt Relief on My Credit Score?
Debt settlement services can have a negative impact on your credit score and may result in creditors suing you or collectors contacting you. Additionally, fees and interest could cause the outstanding balances of your enrolled accounts to increase.
Having the funds necessary to pay the agreed-upon quantity is also crucial if you want to successfully settle your debt. If you lack the necessary funds for negotiations, it may be preferable to consolidate your debt through a loan.
How Much Do They Charge?
It is unclear how much Clear Coast Debt Relief charges for their services in total, as this information is not disclosed explicitly on their website or in their direct mail.
The company offers complimentary consultations in which the client must provide an estimate of their total unsecured debt, their complete name, contact information, and a unique prescreening code.
In addition, they advertise that there are no upfront costs and that they will work for free until their clients see results. Their service fees may differ between states.
Does settling your debt with Clear Coast Debt Relief affect your taxes?
Different states have different laws regarding debt resolution. Please speak to a tax professional to learn more about the potential tax implications of resolving your debt for less than the total balance.
Clear Coast Debt Relief BBB Reviews
As previously stated, Clear Coast Debt Relief is not accredited by the BBB, but they do hold an A+ rating. We examined their profile and discovered only eight customer evaluations with an average rating of four stars.
Here are some of Clear Coast’s most recent BBB reviews:
Clear Coast Debt Relief: Is It Legit?
Clear Coast Debt Relief is a legitimate debt relief organization. Despite not being accredited by the Better Business Bureau, they have received four out of five stars from customers. This suggests you may have a positive experience working with them.
Please be aware that Clear Coast Debt Relief is not a bank, savings institution, loan company, payday lender, or mortgage lender. The company offers debt resolution products to consumers.
The best way to discover a reputable debt relief company is to conduct research and read numerous customer testimonials. This will enable you to ensure that you are receiving the best deal feasible.
