ClearOne Advantage

About company

ClearOne Advantage is a reputable debt resolution and settlement company based in Baltimore, Maryland. They specialize in providing full-service debt settlement services to individuals with credit card debt and other unsecured debts. However, it is important to note that ClearOne Advantage only caters to customers with unsecured debts, so those dealing with secured debts or seeking other debt relief solutions will need to explore other options.

One of the key strengths of ClearOne Advantage is its superior debt negotiation services and customer service. The company's debt relief program is tailored to each customer's unique financial situation, ensuring that they receive personalized debt resolution solutions.

Since its establishment in 2007, ClearOne Advantage has eliminated millions of dollars in debt for its customers. While the company has not been in business as long as other debt relief companies, it has considerable experience and accreditations. However, it is important to note that ClearOne Advantage requires customers to have a minimum of $10,000 in outstanding debts to be eligible for its debt resolution services.

Despite its strengths, ClearOne Advantage has some drawbacks. One area of concern is its lack of transparency. Customers may not have access to sufficient information about the company's fees, which can be expensive. It is recommended to consider other top debt relief companies to find a provider that best suits individual needs.

In summary, ClearOne Advantage is a well-established debt resolution and settlement company that offers tailored debt resolution solutions to customers dealing with credit card debt and other unsecured debts. Although the company has an impressive track record in debt relief services, potential customers should consider the lack of transparency and the high potential costs associated with its services before making a final decision.

Key Features

1. Personal Debt Settlement Consultant. ClearOne Advantage assigns one debt settlement consultant to each customer to provide a more personalized and invested experience. This consultant will be aware of the unique financial situation and unsecured debt problems of the customer.
2. Experience. ClearOne Advantage holds major accreditations from AFCC, IAPDA, and FTC. The company's dedication to providing the best financial services and practices is evident in its multiple accreditations.
3. Free Consultation. ClearOne Advantage offers a free, no-obligation consultation to allow customers to learn about available debt relief services, cost information, and the risks involved. The consultation can also help customers determine if a settlement program is the best fit for their situation.
4. Debt Settlement Process. ClearOne Advantage's debt settlement process involves negotiating with each creditor to reduce the total amount of debt owed. Clients deposit money into a separate bank account to be used to pay settlements with each creditor.
5. Positive Reviews. Customers have expressed strong approval of ClearOne Advantage's quality customer service and professionalism, highlighting the comfort and understanding provided by customer service representatives.
6. Accreditations. ClearOne Advantage has all major industry accreditations including AFCC, IAPDA, and FTC, ensuring the company meets industry standards and practices.
7. ClearOne Advantage Disclaimer. The company's disclaimer clearly spells out the policies and services that are and are not covered, stating that ClearOne Advantage's debt settlement program is not available in all states and does not involve upfront fees. The disclaimer also notes that the company does not provide credit repair services, credit counseling, investment advice, or tax debt services.

Pros and Cons

Pros

1. Free Consultation. ClearOne Advantage provides a no-cost consultation for customers to understand the services better.
2. High Customer Approval Rating. The company has a high consumer approval rating, demonstrating the effectiveness of its services and customer care.
3. Accreditation. ClearOne Advantage is accredited by the Better Business Bureau (BBB) with an A+ rating, which indicates that it meets high standards of business ethics and practices.
4. Debt Collector Harassment. The company can help eliminate debt collector harassment, allowing clients to enjoy some relief from creditor calls and letters.
5. Accreditation from IAPDA and AFCC. ClearOne Advantage is approved by two of the most reputable debt relief industry associations, IAPDA and AFCC, which ensures the quality of their services.
6. Certified Debt Specialist. Each ClearOne Advantage customer is assigned a Certified Debt Specialist, providing personalized financial solutions and guidance.
7. Business and Financial Expertise. The company has a team of experts with a wealth of business and financial expertise, ensuring that clients receive quality debt resolution and settlement services.
8. Proportional Cost. ClearOne Advantage's costs are proportional to the amount you put away, meaning that the cost of services is based on the amount of debt that is settled.

Cons

1. High Minimum Debt Requirement. The company requires a minimum debt amount of $10,000 or more, which is higher than the industry average. This may exclude some potential customers who have lower debt amounts.
2. Lack of Transparency. ClearOne Advantage doesn't disclose its pricing or availability on its website, which can make it difficult for potential customers to make informed decisions.
3. Unclear Cost Structure. Although ClearOne Advantage follows the rules from the Federal Trade Commission, it doesn't disclose its cost structure. The industry average for debt settlement companies is between 20 and 25 percent of the total debt, but it's unclear whether ClearOne Advantage charges the same amount.

How Does ClearOne Advantage Work?

ClearOne Advantage is a debt settlement company that helps clients negotiate with their creditors to reduce the amount of debt they owe. The company requires a minimum debt of $10,000 to enroll in its program. Once a client enrolls, ClearOne Advantage begins working to negotiate with the client's creditors.

The negotiation process involves ClearOne Advantage working with creditors to come up with a settlement offer that reduces the total amount owed. If the creditor agrees to the offer, the client will pay the settlement amount to ClearOne Advantage, which in turn will pay the creditor. This process can take anywhere from 24 to 60 months, depending on the amount of debt owed and the number of creditors involved.

ClearOne Advantage charges its fees as a percentage of the total debt amount. The company does not charge any upfront fees and only receives payment once it has successfully negotiated a settlement on behalf of the client.

In addition to negotiating with creditors, ClearOne Advantage also provides its clients with a certified debt specialist who will work with them throughout the process. The company's debt specialists have a wealth of financial expertise and can provide guidance and support to clients as they work to become debt-free.

How Much Does ClearOne Advantage Cost?

ClearOne Advantage doesn't disclose its cost upfront, but like most debt settlement companies, it charges a percentage of the total debt amount. The average cost for a debt settlement company is between 20 and 25 percent of the total debt. If ClearOne Advantage is similar to the industry standard, it will likely charge between 20 and 25 percent.

This means that customers would end up paying only about 70 to 75 percent of their total debt amount after ClearOne Advantage settles with creditors on their behalf. However, it's important to note that the final cost can vary depending on individual circumstances, such as the amount of debt, the number of creditors, and the customer's ability to make payments.

Customers can try a free consultation with ClearOne Advantage to determine what their approximate fees might be based on their specific situation. Additionally, ClearOne Advantage does not charge upfront fees, which is a requirement by the Federal Trade Commission. Customers only pay for the services once their debts have been settled.

Types of Debt Addressed

ClearOne Advantage can help clients with unsecured debts, which include credit card debt, medical bills, personal loans, and other unsecured debts. These types of debts are not tied to collateral such as a home or car. ClearOne Advantage cannot assist with secured debts like mortgages or car loans. Clients must have a minimum of $10,000 in unsecured debt to be eligible for ClearOne Advantage's services. During the initial consultation, a Certified Debt Specialist will assess the client's financial situation and determine which debts are eligible for the program.

Risks of Debt Settlement Program

1. Negative impact on credit score. Enrolling in a debt settlement program can have a negative impact on your credit score. Late or missed payments on your debts will likely be reported to credit bureaus, and the settlement itself may be recorded as a negative event on your credit report.
2. Debt continues to accumulate. While you're enrolled in the program, interest and fees on your debts will continue to accumulate, potentially increasing the amount you owe.
3. No guarantee of success. There is no guarantee that ClearOne Advantage will be able to negotiate a settlement with your creditors. If negotiations fail, you may still owe the full amount of your debts.
4. Fees and costs. While ClearOne Advantage does not charge upfront fees, the company will charge a fee once a settlement has been reached. This fee can be significant, typically ranging from 20-25% of the total amount of debt enrolled.
5. Tax consequences. If a creditor agrees to settle a debt for less than the full amount owed, the forgiven amount may be considered taxable income by the IRS, which could result in additional tax liability for you.

Reliability

ClearOne Advantage is accredited by the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA). Additionally, the company has been in business since 2007 and has maintained a positive reputation with its customers. While no company can guarantee 100% satisfaction or success, ClearOne Advantage has a strong track record of providing reliable debt settlement services to its clients.

Editoral Opinion

ClearOne Advantage's pricing is not disclosed, making it difficult for consumers to compare the company to others in the industry. This lack of transparency is a concern for us, and we would like to see more openness.

It's important to note that ClearOne Advantage's debt settlement program is only available to those with unsecured debt exceeding $10,000. Also, the company doesn't offer debt consolidation, credit repair, credit counseling, investment, or tax debt services. If you're looking for other debt relief solutions, you may want to consider other companies.

If you're considering ClearOne Advantage, we suggest exploring other debt relief programs to determine if debt settlement is the best option for you. We recommend ClearOne Advantage because of the quality of its customer service and the range of its services, as long as customers meet their higher debt requirement and are comfortable with the company's lack of online transparency.

Additional Resources

Sources

• www.clearoneadvantage.com
• ClearOne Advantage. bbb.org