Are you struggling with debt, and it feels like there is no way out? Then try working with Citizens Debt Relief. It is a company that promises to help you get out of debt quickly and easily.
Your question is Citizens Debt Relief legit, right? Do not worry. In this post, we will look at the company and see what it offers consumers. We will also determine whether or not a good company with this citizens debt relief review. Keep reading to find out more!
About Citizens Debt Relief
Citizens Debt Relief is a company that offers debt relief services. The company was established in 2017 and is based in New York. Note this:
- As a debt relief company, they cannot guarantee how much your debts will be reduced or that you will be free of debt within a specific timeframe.
- They do not take up your consumer debt, provide loans to pay any debt, make monthly payments to your creditors, or provide tax, bankruptcy, credit repair services, accounting, or legal advice.
- Debt resolution services may negatively impact your creditworthiness.
- It is not available in all states.
- Not all debts are eligible for enrollment.
How does Citizens Debt Relief work?
Considering working with Citizens Debt Relief, you’re probably wondering how it works. Here’s a quick overview:
They provide their services by making monthly deposits into a savings account that the company sets up for you.
Their expert team works on your behalf to get your unsecured debt balance down to a fraction of what you owe
Once your debt is lowered, the funds in your savings account are used to pay off your creditors, and the debt is paid, giving you financial freedom.
As a debt relief company, they cannot guarantee that a specific amount or percentage will reduce the debts you owe or that you will be debt-free within a particular time. They can work with you to develop a plan that suits your financial needs and budget.
How to Qualify for Citizens Debt Relief
If you’re considering working with Citizens Debt Relief, you may want to know how to qualify.
To qualify, you must be an individual who finds yourself in difficult financial times, facing difficulties paying your credit card company a lump sum.
You could be making low or minimum payments on your credit cards, facing high-interest rates, maxing out your cards, and barely reducing the total amount owed to qualify.
You’ll need a few things to qualify for Citizens Debt Relief.
- At least $10,000 in unsecured debt. It can include credit card debt, medical bills, student loans, and more.
- Have a steady income.
- Be a US citizen or legal resident alien with a Social Security Number.
If you meet these requirements, you may be eligible for Citizens Debt Relief’s program.
How Long Would It Take to Resolve Your Debts?
The time it will take you to resolve your debt depends on how much you owe on your credit cards and how much you can pay towards the debt settlement program each month. Most people can complete the program within 2 to 4 years.
For most people, it may be between the 3rd and 7th month. It is just an estimate, though, as each case is unique, and the timeline can vary depending on individual circumstances.
How To Pay Back Citizens Debt Relief
As their client, you are automatically set up with your own FDIC-insured savings account. This account is used to pay creditors you have enrolled in the program and is overseen by a third-party processor.
You can view your account balances, statements, and other information online, at any time of the day. This account is in your name and can only be accessed with your authorization.
What Happens If Citizens Debt Relief Loan Is Not Paid Back?
If you cannot make a payment for one month, you have to let Citizens Debt Relief know at least five business days in advance. They will work with you and look for ways to help you. However, you must make your scheduled payments on time. Failing to pay at the time scheduled for you can have serious consequences on credit. Your creditors can also sue you if you fail to pay the collection agency or if they do not agree to the terms of the settlement offer you provide.
How to Cancel A Debt Relief Program
Opting out of a debt settlement contract is easy if you have not made any payments yet. However, if you have already made payments, the chances are that you may not be able to get your money back. If you have given the debt settlement company permission to draft fees directly from your account, you should contact your bank and inform them that you are putting an end to the agreement. Here is how to cancel Citizens Debt Relief:
Step 1: Notify your Creditor and Debt Settlement Company of your Intent to Cancel
Unless your debt settlement agreement has reached its expiration date, you must notify both parties of your intent to opt-out. Doing so before the end date of your contract may result in penalty fees being evaluated. In some cases, however, the fees may be waived.
Step 2: Ask for the company’s cancellation steps.
If you want to cancel your debt settlement contract, you must follow the company’s specified cancellation process. Most companies will send you a message with instructions on how to opt out of the contract. Unless otherwise stated, you will need to continue making your original monthly debt payment.
Step 3: Pay Outstanding Fees
The last step in exiting your debt is to pay any outstanding fees. If you don’t make the required payments, you may be in a legal bind. So be sure to take care of this before moving on.
When all these are done, talk to your creditors and let them know how you plan to repay the debt. You can either negotiate a new payment plan or stick to the original agreement. Either way, you’ll need to make any payments you missed.
Is Citizens Debt Relief Legit?
The information gathered proves that Citizens is a legit company. However, there are some complaints about the company’s services, but this is typical in any financial services company.
At Citizens Debt Relief, they work with your creditors to settle your debts for less than what is owed. They have been providing their services for over four years. They have an A+ rating on the Better Business Bureau (BBB) website, but they are not accredited.
Their program is not available in every state, and not every debt is eligible for enrollment. Various factors, including saving enough money, can prevent clients from completing their program.
We recommend you do thorough research, and speak with a certified financial counselor to get expert advice before making any decisions. While debt relief can help give you financial freedom, it may not be a viable option for all individuals.
Owing several debts can be very stressful and overwhelming, and Citizens Debt Relief is a company that can assist in getting you out of your financial crisis.
Although it has proven to be a legit company, before considering using its debt relief service, be sure to do thorough research.
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