When you are in a financial bind, it can seem impossible to free yourself. You might be drawn to Citizens Debt Relief, a company that claims to help you get out of debt in a fast and easy manner. But, is it reliable? This review of Citizens Debt Relief will evaluate the company and see what it has to offer customers that are seeking options. Additionally, this review will also analyze whether or not this company is a reliable business. Continue reading to learn more!
Citizens Debt Relief Overview
Established in 2017, Citizens Debt Relief is a New York, NY-based debt relief firm that provides debt relief services.
We investigated to assess whether this organization is able to fulfill its assurance of aiding individuals to become debt-free quickly. This is what we uncovered.
- A debt relief firm cannot guarantee how much your debts will be reduced or that you will be out of debt within a certain period of time.
- They will not take over your consumer debt, offer you loans for debt payments, make payments to your creditors for you, or give advice on taxes, bankruptcy, credit repair, accounting, or legal advice.
- Using debt settlement services can damage your credit score, resulting in debt collectors taking action, creditors taking legal action, and more debt due to late charges and interest that has accrued.
- It is not available in all states.
- Not all types of debt are accepted for enrollment.
Our research suggests that Citizens is a reliable company, though some customers have expressed complaints about their services. This is to be expected with any financial services business. It’s impossible to make everyone happy all the time. We suggest that you consult with a certified financial advisor before you make any decisions.
What is Citizens Debt Relief?
Citizens Debt Relief is based in New York, NY (at 697 3rd Ave Ste 105) and they specialize in helping you reduce the amount you owe your creditors. To contact them, you can call 1 800 560 3956.
The company has been around for more than four years and has an A+ rating on the Better Business Bureau’s website, although they are not accredited by the BBB. According to customer reviews and complaints closed in the last year, the business has an average of 14 reviews and 13 closed complaints closed in the last 12 months.
The program is not accessible in all states, and not all debts qualify for enrollment. Numerous elements, including saving enough money, can keep customers from finishing their program.
Prior to deciding to pay off your debts, it is essential to do a comprehensive investigation. Though debt relief can help in controlling your debts, it might not be an appropriate option for everyone.
How does Citizens Debt Relief work?
Are you curious about the process of Citizens Debt Relief? Here is a brief explanation:
Citizens Debt Relief is a company that helps you take care of your debt. Every month, they put money into a special account they set up for you. Their negotiators then try to get your unsecured debt balance down to a much lower amount. Once they do, the funds that have been saved are used to pay off your creditors and resolve the debt.
It is important to keep in mind that a debt resolution company cannot promise a specific reduction in your debts or a set timeline for becoming debt-free. However, they can assist in creating an individualized plan that meets your financial requirements and goals.
How to qualify for Citizens Debt Relief
If you are having difficulty making enough money to pay all of your bills and are in a great deal of debt, you may be wondering how to be eligible for Citizens Debt Relief. The person who would benefit most from this debt resolution is someone who is dealing with financial hardships, making it impossible to give their credit card company a single payment. They may be making only small payments, dealing with high interest rates, and using their credit cards to the limit without being able to reduce the amount owed.
In order to be eligible for this program, you must possess certain requirements:
- To begin, you will require a minimum of $10,000 in unsecured debt which can incorporate credit card debt, medical expenses, student loans, and more.
- You must have a reliable source of income.
- To conclude, you must either be a US citizen or have a valid legal alien status, with a Social Security Number.
If you fulfill the criteria, you may qualify for Citizens Debt Relief’s debt-reduction program.
How long does it take for debts to be resolved?
The duration of the debt elimination program is contingent on the amount borrowed on credit cards and the amount of debt repayment each month. On average, clients are able to finish the program within a period of two to four years.
Generally, customers receive their first resolution between the 3rd and 7th month. This is only a guess, since each situation is distinct, and the period of time can vary contingent on personal conditions.
How to pay back Citizens Debt Relief
When you become a client, you are given your own FDIC-insured savings account to pay off creditors in the program. This account is kept under your name and only accessible with your permission. You can easily check your account balance, statements, and other information online anytime.
What happens if you don’t pay Citizens Debt Relief?
If you think you might not be able to make a payment for one month, please contact Citizens Debt at least five working days ahead of time. They will do their best to help you out, but it’s still important to pay your bills when they’re due. Late payments can have a negative effect on your credit score, and creditors may even take legal action against you if you don’t pay the collection agency or accept their settlement.
Will you be able to use your Credit Cards?
Considering using your credit cards? You may want to reconsider, since those enrolled cards will be deactivated, leaving you without any way to pay. Even still, it is a good idea to keep one card accessible in the event of an emergency. This is especially true if you don’t have a back-up financial reserve.
How does Citizens Debt Relief affect your credit?
If you are thinking of utilizing the services of Citizens Debt Relief to help with your debt, you might be wondering what impact it will have on your credit score. Using their services could negatively impact your creditworthiness and result in creditors trying to collect or even taking legal action against you. Additionally, the amount of debt you owe may increase due to late charges and
If you reach an agreement to settle your account, it won’t be taken off your credit report right away. The length of time it stays on your report depends on whether or not you had any late payments; if you did, it can remain for up to seven years. But if you didn’t have any late payments, it will only stay on your report for seven years from the date of settlement.
How to cancel Citizens Debt Relief
If you have yet to make any payments towards a debt settlement contract, it is relatively simple to back out. However, if you have already started payments, there is not much chance of recouping the money. If you had given permission for the debt settlement company to take fees from your bank account, it is important to call your bank and let them know you are cancelling the contract.
Step 1: Notify your creditor and Citizens Debt Relief of your desire to cancel
Before the end date of your debt settlement agreement, you must inform both parties of your intention to terminate the contract. If you do this before the expiration date, you may be charged extra fees. In some scenarios, the debt settlement firm may forgo these fees.
Step 2: Ask for their cancellation steps
If you wish to terminate your debt settlement agreement, you must stick to the company’s established cancellation procedure. Generally, you will receive a notification with instructions on how to end the agreement. Unless otherwise noted, you will still have to make your regular debt payments.
Step 3: Pay the fees
The final action needed to be free of debt is to take care of any remaining charges. If these payments are not made, you may face legal consequences. Therefore, be sure to address this before proceeding.
It is time to communicate with your creditors as you are no longer working with a debt settlement company. You still owe them money, so let them know what kind of repayment plan you intend to use. You can either negotiate a fresh agreement or abide by the initial one. In any case, you will need to make up for any payments that were not made.
Citizens Debt Relief is a highly respected firm with an A+ rating, but it does not have accreditation from the Better Business Bureau. It has an average of 14 customer evaluations and 16 issues resolved in the last three years.
Here are some BBB Reviews:
Rhonda H 07/21/2022
Hemant R 01/29/2022
Randy W 11/16/2021
Complaint Type: Problems with Product/Service 07/06/2022
Complaint Type: Problems with Product/Service 05/13/2022
Is Citizens Debt Relief legit?
Citizens Debt Relief has received an A+ rating from the Better Business Bureau, but is not accredited. Opinions on the services offered by this company vary greatly, as some customers have found success in resolving their debt while others have expressed dissatisfaction.
Before committing to a debt resolution program, make sure to thoroughly investigate it and look for customer feedback.
We would appreciate it if you could share any of your experiences with Citizens Debt Relief in the comment section!
Thank you for reading!