If you are struggling financially, it can be hard to find a solution. Citizens Debt Relief has been advertised as offering fast and easy debt relief. Is this organization trustworthy? This review of Citizens Debt Relief will provide details about their services and if they can be relied upon. Read on to find out more!
- BBB A+ Rating
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- BBB A+ Rating
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
Citizens Debt Relief was created in 2017 and is an organization based in New York providing debt settlement solutions.
We investigated whether this company followed through with their promise to help people pay off their debt quickly. This is what we discovered:
- This company providing debt relief does not guarantee a specific decrease in your liabilities or a timeline for when you will be out of debt.
- It is not available in all states.
- Not all debts can be included.
- They cannot help with taking over your personal debt, giving out loans to cover it, making payments to your lenders, or giving advice about taxes, bankruptcy, or credit repair.
- Utilizing debt settlement services can negatively influence your credit score, causing creditors to attempt to recoup their money, legal proceedings to be taken against you, and an augmentation of the debt owed.
The proof points to Citizens being an authentic company, even though some complaints have been made about its services – this is quite usual in the finance industry. It is not feasible to make all people happy all the time. We advise talking to an experienced financial expert before making a move.
What Is Citizens Debt Relief?
Citizens Debt Relief is situated at 697 3rd Ave Ste 105, New York, NY 10017-4003 and can be reached at 1 800 560 3956. They are experts
Citizens Debt Relief has been running for over four years and has an A+ rating on the Better Business Bureau’s website. Even though the BBB does not officially approve them, they have an average of 14 customer reviews and 13 complaints solved in the last 12 months.
The program is not available in all locations and not all forms of debt are eligible. Certain conditions, such as having sufficient funds saved, can prevent individuals from completing their program.
It is important to examine thoroughly before agreeing to debt settlement. Debt relief can be advantageous in controlling debt, although it may not be suitable for everyone.
Functioning Of Citizens Debt Relief
Are you considering the operations of Citizens Debt Relief? Here is a brief overview:
Citizens Debt Relief offers aid with debt-related issues by establishing a savings account for the individual and adding money to it regularly. Negotiators work to reduce the amount of unsecured debt to a fraction of its original amount. Once the lowered figure is achieved, the money stored in the savings account is used to cover the debt and the settlement is completed.
It is important to remember that debt relief firms cannot guarantee a fixed reduction in debt or a precise timeline for being debt-free. However, they can provide help in putting together a plan that meets your financial situation and budget.
Qualification Requirements
If you are dealing with a difficult financial situation and are unable to pay the full amount of your bills, Citizens Debt Relief can offer assistance. This program is intended to help those who cannot afford to pay all of their debt at once. This could include making minimum payments, having to pay high interest rates, reaching the maximum credit limit, and not seeing any decrease in the amount owed.
To qualify for Citizens Debt Relief, you must have:
- It is necessary to either be a US citizen or an authorized non-citizen with a Social Security number.
- You should have a dependable source of earnings.
- You should possess at least $10,000 worth of unpaid debts.
If you meet the requirements, you may be eligible to receive debt relief through Citizens Debt Relief’s program.
See If You Qualify for Credit Card Relief
See how much you can save every month — plus get an estimate of time savings and total savings — with your very own personalized plan.
How Much Does Their Program Take?
The length of their debt solution plan will depend on the size of your credit card debt and the amount you are able to pay monthly. Generally, their customers can complete the program within two to four years.
Typically, people obtain their first resolution within a period of 3 to 7 months. Although, this is merely a guess since every case is unique and the timeframe can vary depending on the particular circumstance.
How Is The Paying-Off Process?
As a customer, you will have a savings account set up for you which is insured by the FDIC. This account is used to pay off the creditors you have joined the program with and is handled by an external processor. All the details of your account, such as balances, statements and more, can be accessed online. This account belongs to you and no one can access it without your approval.
What About If I Miss A Payment?
If you think you will be unable to make a payment for that month, reach out to Citizens Debt Relief at least five business days in advance. They will try to accommodate your situation. Making your payments on time is very important or else your credit score could be seriously impacted. If you do not pay the collection agency or they do not accept your settlement, the creditors may take legal action against you.
Considering Using Your Credit Cards?
It might be a wise decision to reconsider that. Your active credit cards will be deactivated, so you won’t have a way to make payments. It may be a good idea to keep one credit card available for unexpected situations, particularly if you don’t have any other financial resources.
Could Citizens Debt Relief Hurt My Credit Score?
If you are looking at Citizens Debt Relief to help lower the amount of money you owe, you might be concerned about what it could do to your credit score. Using their services could negatively affect your credit, possibly leading to creditors initiating court proceedings or suing you. Besides that, the total debt you have might even rise due to this.
If you have a loan agreement that you have paid off, it won’t be removed from your credit report immediately. If you had any late payments, the account will stay on your report for up to seven years. If there were no missed payments, the record will only appear for seven years from the date the agreement was fulfilled.
How To Cancel The Service
Ending a debt settlement agreement is straightforward if you have not sent in any payments. However, if you have already paid, it is unlikely that you will be able to get a refund. If you have authorized the debt settlement company to take money out of your bank account, contact your bank and tell them that you are terminating the agreement.
Step 1: Let Both Sides Know
Before your debt settlement contract is finished, you should let both sides know that you are terminating it. If you do this before the agreement’s deadline, you may be charged fees. However, some debt settlement firms may waive these fees.
Step 2: Follow The Cancellation Process
If you want to end your debt settlement arrangement, you must follow the company’s special cancellation process. Usually, the company will send you a message with instructions on how to get out of the agreement. Unless specified otherwise, you must continue making the regular monthly debt payment.
Step 3: Make Sure All Remaining Fees Are Settled
Before you can finish paying off your debt, you must make sure all remaining fees are settled. If you don’t, you could find yourself in legal difficulty. Be sure to finish this part of the process before proceeding.
Now that you have ceased working with a debt settlement company, it is essential to talk about the debt you have with your creditors. You have the option to either create a new payment plan or stay with the one you have. Either way, you have to make up for any payments you have failed to make.
Citizens Debt Relief BBB Rating
Citizens Debt Relief has achieved an outstanding A+ rating, with 14 customer reviews over the last three years and 16 cases that have been resolved. However, it has not yet been accredited by the Better Business Bureau.
Here are some remarks from the Better Business Bureau regarding:
Randy W 11/16/2021
Rhonda H 07/21/2022
Complaint Type: Problems with Product/Service 07/06/2022
Conclusion
People generally have a positive opinion about Citizens Debt Relief, as evidenced by the A+ rating from the Better Business Bureau, yet it does not have official accreditation. Online reviews about the service are varied, with some customers pleased with the debt reduction and others not satisfied.
Before committing to utilizing their debt relief program, it’s important to do thorough research and read numerous customer reviews.
Have you used Citizens Debt Relief? We’d be grateful if you shared your experience in the comments section!
