ClearOne Advantage promises to clear your debt and restore your finances. We analyze how well this debt resolution program lives up to its name.
ClearOne Advantage Review 2022: Is It Right for You?
ClearOne Advantage offers debt settlement services, which could be an option if you struggle to pay your credit cards and other bills. When you enroll in its program, you work with a team that includes client relations specialists, debt specialists, and negotiators who try to work with your creditors on your behalf to reduce the amount you owe.
If the ClearOne Advantage professionals successfully resolve your debt, you pay an agreed-upon percentage of the settled amount. Without resolution, the company does not charge a fee. When it settles one of your debts, you must pay 20% of the reduced amount.
Although you may succeed in reducing your debt by up to 30% after fees, the process will affect your credit score. You should also know that ClearOne Advantage may share your information with third-party affiliates, part of the terms of enrolling in the company’s debt resolution program.
Products & Services
When you enroll in debt settlement with ClearOne Advantage, experienced professional negotiators work to settle your debts with the shortest and most affordable possible payment plans. You agree to a monthly payment of about 40% of your current minimum debt payments, but the amount could vary based on your income.
When you make monthly payments to ClearOne Advantage, the company holds the money in an escrow account. The FDIC insures the balance of this account up to $250,000.
If a creditor agrees to settle your debts for less than the total amount, you can use the funds in the escrow account to accept and complete the settlement. The company says that many clients manage to settle debt for about 70% of the total balance. You will have the chance to review and approve the settlement contract with each of your creditors.
ClearOne Advantage offers a 90-day money-back guarantee. If you cancel within that time, the company will return the payments you have made toward your settlements.
Rates and Terms
If you complete ClearOne Advantage’s debt settlement program, you could save up to 50% on your total debt. However, after the company charges its 20% fee, you actually reduce debt by only 30%. If you stick with the program, you will likely repay your debt in two to five years, but the company does not guarantee that you will do so.
Application Process and Qualifications
To apply for ClearOne Advantage’s program, you fill out the Free Savings Estimate form on the ClearOne Advantage website. You’ll be asked for your total amount of unsecured debt (meaning no mortgage or home loans), then your ZIP code and your email address.
If you qualify for debt relief based on that information, the company connects you with a certified debt specialist to move forward with the application. The specialist reviews your financial situation and recommends a customized debt payment plan based on your income and expenses.This process uses a soft credit check through TransUnion and does not affect your score.
ClearOne Advantage requires you to have at least $10,000 in unsecured debt to enroll in its program. Couples can also apply together if they have this minimum total debt. Examples of unsecured debt include credit card debt, outstanding child support, personal loans, and accounts in collections. The company does not have a minimum credit score requirement.
The initial call with ClearOne Advantage takes just 20 minutes. In most cases, you can expect to receive your first creditor settlement within three to four months of making your first payment to the escrow account.
The larger your monthly payments, the faster you can settle your debts. You can also put additional funds (a tax refund for example) in escrow to accelerate the process.
You can reach ClearOne Advantage’s client relations specialists by chat, email, or phone. As a new customer, you can call the enrollment line from 8 a.m. to 11 p.m. Monday through Friday Eastern Standard Time and 9 a.m. to 7 p.m. on the weekends.
When I dialed the number, a recording directed me to a representative within just a moment. However, he was not able to answer any of my questions about the program without first taking my personal and financial information. At this time, I have not yet received a response to the email inbox for new clients.
If you are an existing client of ClearOne Advantage, the phone hours for the Customer Loyalty Group are Monday through Friday from 9 a.m. to 9 p.m. EST. After enrolling in the program, you can access your information and instantly track your progress toward repaying debt anytime through the ClearOne Advantage online client portal. The company also offers resources and tools to help you understand your finances and triumph over debt.
If you cannot afford to make more than the minimum payments on your existing debts, debt resolution with ClearOne Advantage could be a solution to your financial issues. However, it is important to account for both the 30% fee and the negative effect on your credit score when you decide whether this process is right for you.
Debt resolution could put your income at risk. That’s because creditors can still go after you for the balance of your debt even as you complete your ClearOne Advantage payment plan. These companies can contact your employer to garnish your wages.
ClearOne Advantage is not the right solution if you have trouble repaying secured debts such as home and auto loans. If you have at least $10,000 in unsecured debts, receiving a free debt analysis from this company offers a low-risk way to explore your options.
Is ClearOne Advantage a legitimate company?
ClearOne Advantage is a legitimate debt relief company with accreditation from the Consumer Debt Relief Initiative and the Better Business Bureau. It is also affiliated with the Organization of Bankruptcy Alternatives, American Fair Credit Council, and International Association of Professional Debt Arbitrators.
Will debt analysis from ClearOne Advantage affect my credit?
When you start your payment plan through ClearOne Advantage, you stop paying your creditors. As a result, you will probably see your score decrease. However, over time, your score will go back up if you successfully settle your debts with the relief program. You will improve your debt-to-income ratio, which plays a big role in better credit.
When can I expect to see initial results from ClearOne Advantage?
Most people take 24 to 60 months to complete the program and become debt-free. You must make monthly payments for some time before you have enough money in the escrow account to fund a settlement with your creditors.
Can I cancel ClearOne Advantage?
You can reach out to the Customer Loyalty Group anytime to cancel your enrollment in debt resolution services. The team will discuss alternatives that can help you potentially resolve your debt with other methods, or you can move forward with cancellation. However, you must cancel within 90 days to receive your money back.