Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below. Advertiser Disclosure

Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Advertiser Disclosure

Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below. Advertiser Disclosure

Many or all of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Advertiser Disclosure

Debt consolidation is one of the most popular ways of managing debts. It involves combining multiple debts into one, usually with lower interest rates and payments. ClearOne Advantage is a debt settlement company that helps individuals and families manage their debts. In this article, we will discuss if ClearOne Advantage debt consolidation is legit or a scam.

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What is ClearOne Advantage?

ClearOne Advantage is a reputable debt settlement company that offers debt relief services to individuals struggling with unmanageable debt. The company helps clients negotiate with creditors and settle their debts for less than the full balance owed.

The company has a team of debt specialists who work with clients to understand their financial situation and create a customized program that fits their needs. ClearOne Advantage is dedicated to helping clients become debt-free and financially stable.

How Does Debt Consolidation Work?

Debt consolidation is a process that involves combining multiple debts into a single, manageable payment. This is typically done by taking out a new loan or line of credit with a lower interest rate than the existing debts. With a lower interest rate, the borrower can save money on interest payments and pay down the debt more quickly.

Debt consolidation can also simplify the repayment process, as the borrower only has to make one monthly payment instead of multiple payments to different creditors. However, it’s important to note that debt consolidation is not a solution for everyone, and it’s important to carefully consider the terms of any new loan before taking it out.

Benefits & Drawbacks of ClearOne Advantage

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Benefits of ClearOne Advantage

There are several benefits of ClearOne Advantage, including:

  • Lower interest rates: By negotiating with creditors, ClearOne Advantage can lower the interest rates on debts, which can save clients money in the long run.
  • Lower monthly payments: Consolidating debts can result in lower monthly payments, making it easier for clients to manage their finances.
  • Simplified payments: With one monthly payment, clients can easily keep track of their debts and payments.
  • Debt-free sooner: By paying off debts quicker, clients can become debt-free sooner and improve their credit score.
  • Personalized programs: ClearOne Advantage creates personalized programs that fit each client’s unique financial situation.
  • Support and guidance: ClearOne Advantage provides support and guidance throughout the debt consolidation process.

Drawbacks of ClearOne Advantage

There are also some drawbacks to ClearOne Advantage debt consolidation, including:

  • Fees: ClearOne Advantage charges fees for its services, which can increase the overall cost of debt consolidation.
  • Potential impact on credit score: Consolidating debts can have a negative impact on a client’s credit score in the short term.

ClearOne Advantage Debt Consolidation: Conclusion

Debt consolidation and debt settlement are two popular options for individuals struggling with debt. ClearOne Advantage is a company that specializes in debt settlement. Debt consolidation involves taking out a new loan to pay off multiple debts, combining them into one monthly payment with a lower interest rate. Debt settlement, on the other hand, involves negotiating with creditors to settle a debt for less than the full amount owed.

Frequently Asked Questions

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What is ClearOne Advantage and how does it work?

ClearOne Advantage is a debt relief company that helps individuals consolidate their unsecured debts, such as credit cards and medical bills, into one manageable monthly payment. They negotiate with creditors to reduce interest rates and fees, and create a personalized debt relief plan for each client.

How much does ClearOne Advantage charge for their services?

ClearOne Advantage charges a fee based on the total amount of debt enrolled in their program, which typically ranges from 18-25% of the total debt. However, they offer a free consultation and do not charge any upfront fees.

Can I still use my credit cards while enrolled in ClearOne Advantage’s program?

No, clients are advised to stop using their credit cards while enrolled in the program. ClearOne Advantage negotiates with creditors on behalf of clients, and continuing to use credit cards may jeopardize those negotiations.

Will ClearOne Advantage’s program affect my credit score?

Enrolling in this company program may have a negative impact on your credit score in the short term, as it involves closing credit accounts and negotiating with creditors. However, as clients make on-time payments and reduce their overall debt, their credit score may improve over time.

How long does ClearOne Advantage’s program typically last?

ClearOne Advantage’s program typically lasts between 24-48 months, depending on the amount of debt enrolled and the client’s ability to make monthly payments.

What types of debts can ClearOne Advantage help with?

ClearOne Advantage can help with unsecured debts, such as credit cards, medical bills, personal loans, and collection accounts. They cannot help with secured debts, such as mortgages or car loans.

What happens if I miss a payment while enrolled in ClearOne Advantage’s program?

Missing a payment while enrolled in ClearOne Advantage’s program may result in late fees and penalties from creditors. However, clients are advised to contact ClearOne Advantage as soon as possible to discuss any financial difficulties and explore options for resolving the issue.

Will ClearOne Advantage’s program stop collection calls and letters?

ClearOne Advantage’s program may help to reduce or eliminate collection calls and letters, as they negotiate with creditors on behalf of clients. However, it may take some time for creditors to update their records and stop contacting clients.

Can I cancel ClearOne Advantage’s program at any time?

Clients can cancel ClearOne Advantage’s program at any time without penalty. However, they may be responsible for any fees or charges incurred up to that point.

What sets ClearOne Advantage apart from other debt relief companies?

ClearOne Advantage offers personalized debt relief plans and a high level of customer service, with a dedicated account manager assigned to each client. They also have a strong track record of success, having helped thousands of clients reduce their debt and improve their financial situation.

Glossary

  1. ClearOne Advantage: A debt consolidation company that specializes in helping consumers manage and pay off their debts.
  2. Debt consolidation: The process of combining multiple debts into a single, more manageable payment.
  3. Debt management plan: A program offered by ClearOne Advantage that helps consumers develop a personalized plan for paying off their debts.
  4. Credit counseling: A service offered by ClearOne Advantage that provides consumers with education and guidance on managing their finances.
  5. Debt settlement: A negotiation process in which ClearOne Advantage works with creditors to settle debts for less than the full amount owed.
  6. Interest rate: The percentage of the total balance that a creditor charges in interest each month.
  7. Minimum payment: The lowest amount a consumer can pay each month on a debt, typically only covering interest and a small portion of the principal balance.
  8. Credit score: A numerical representation of a consumer’s creditworthiness based on their credit history and financial behavior.
  9. Unsecured debt: Debt that is not backed by collateral, such as credit card debt or medical bills.
  10. Secured debt: Debt that is backed by collateral, such as a mortgage or car loan.
  11. Collection agency: A company that specializes in collecting debts on behalf of creditors.
  12. Debt collector: An individual who works for a collection agency and is responsible for contacting consumers to collect on debts.
  13. Bankruptcy: A legal process in which an individual or business is relieved of their debts through court proceedings.
  14. Consumer proposal: A legal process in Canada that allows individuals to make a formal offer to creditors to settle their debts.
  15. Debt-to-income ratio: The percentage of a consumer’s income that goes towards paying debts.
  16. Principal balance: The amount of money owed on a debt, not including interest or fees.
  17. Creditor: A company or individual to whom a debt is owed.
  18. Interest rate reduction: A strategy used by ClearOne Advantage to negotiate lower interest rates with creditors to reduce the overall cost of debt.
  19. Payment plan: An agreement between a consumer and ClearOne Advantage that outlines the monthly payments required to pay off their debts.
  20. Debt relief: A general term used to describe any strategy or service that helps consumers reduce or eliminate their debts.
  21. Better business bureau: The Better Business Bureau (BBB) is a non-profit organization that aims to promote ethical business practices by providing ratings and reviews of businesses and handling consumer complaints.
  22. American fair credit council: The American Fair Credit Council is an organization that works to promote fair and ethical practices in the debt settlement industry.
  23. Debt settlement plan: A debt settlement plan refers to a strategic agreement between a debtor and a creditor to reduce the total amount of debt owed in exchange for a lump sum payment or scheduled payments over a period of time.
  24. Debt settlement companies: Debt settlement companies are businesses that negotiate with creditors on behalf of individuals or businesses to reduce the amount of debt owed, often resulting in a lump sum payment to the creditor.
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Oscar Smith is a finance and tax journalist with over 10 years of experience covering personal finance, taxes, and investing. He has contributed to a variety of publications over the years. With a passion for demystifying complex financial concepts, Oscar's goal is to help readers make informed decisions about their money.

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