If you’re having difficulty with debt, it can be difficult to see a clear path forward. You may be enticed by Citizens Debt Relief, a firm that claims to help you escape debt quickly and effortlessly. Is Citizens Debt Relief trustworthy? In this review, we’ll explore the company and determine what services they offer to customers. Additionally, we will assess whether or not the company is a reliable organization. Carry on reading to discover more!
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
Citizens Debt Relief is a business offering debt settlement solutions which commenced in 2017. The financial technology company based in New York City specializing on debt relief for their clients.
We investigated to determine if this business is able to fulfill its pledge of assisting individuals seeking other debt relief options to pay off their debt quickly. Here is the summary of our research:
- This debt relief company cannot promise how much your debts will decrease or assure you of becoming debt-free within a certain period of time.
- They will not take on your consumer debt, give you money to cover any debt, pay your creditors every month, or provide services related to taxes, bankruptcy, credit repair, accounting, or law
- Using debt resolution services can be damaging to your credit score, resulting in collectors attempting to get payment from you, creditors taking legal action, and the total amount owed going
- It is not accessible in every state.
- Not all outstanding balances can be enrolled in the program.
The research we conducted suggests that Citizens is a legitimate business. There have been some negative reports about their services, which is common in the financial industry. It is difficult to make everyone happy at once. We suggest you consult with a financial expert before making any decisions.
What is Citizens Debt Relief?
Citizens Debt Relief helps reduce debt by negotiating with creditors for an amount lower than what is owed. They are situated at 697 3rd Ave Ste 105, New York, NY 10017-4003, and can be contacted by phone at 1 800 560 3956.
Citizens Debt Relief has been around for four years and has a good rating of A+ on the BBB website, although they are not accredited. On average, they have 14 customer reviews and 13 complaints that were closed within the past year.
The program is not accessible in all states, and not every debt can be enrolled in it. Certain elements, such as setting aside enough funds, can stop people from finishing the program.
Prior to deciding to pay off your debts, it is essential to conduct a thorough investigation. Although debt negotiation can help in controlling your debts, it may not be suitable for everyone.
How does Citizens Debt Relief work?
Are you curious about how Citizens’ comprehensive debt consolidation solutions work? Here is a brief explanation:
Citizens Debt Relief is a firm whose sole mission is to resolve your debt. They do this by having you make regular contributions to a bank account that they create for you. Afterwards, their debt negotiators represent you and work to reduce your unsecured debt amount to a fraction of what you owe. When that threshold is met, the money in the savings account is used to pay off your lenders, thus eliminating the debt.
It is important to note that no debt resolution company can promise a certain amount of debt reduction or a certain timeline for debt elimination. However, they can work with you to build a debt repayment plan tailored to your individual financial situation and budget.
How to qualify for Citizens Debt Relief
If you’re having trouble affording your expenses and have a lot of debt, you may be wondering if you can qualify for Citizens Debt Relief. The perfect person to seek debt resolution is someone who is going through a difficult financial situation, making it hard to pay off their credit card debt in a single payment. This could include making small or minimum monthly payments on their cards, dealing with high-interest rates, and utilizing their cards to the limit without significantly decreasing the overall amount they owe.
In order to be eligible for Citizens Debt Relief, you will require:
- To begin, a person must possess at least $10,000 worth of unsecured debt. This can include credit card debt, medical bills, student loans, and more.
- It is essential to have a consistent source of income,
- Ultimately, you must be either an American citizen or allowed to stay in the country legally, with a valid Social Security Number.
You may be able to take advantage of their debt reduction program and start moving toward a brighter financial future if you meet the necessary criteria.
Citizens Debt Relief FAQ
How long do debts take to get resolved?
Completing their debt resolution plan will take a varying amount of time depending on the amount of credit card debt that you have and the amount you can pay towards the plan every month. Generally, most customers can finish the program within 2-4 years.
The average amount of time it takes for a client to receive their first settlement is around 3 to 7 months, although this duration can be different from case to case.
How to pay back Citizens Debt Relief
As a client, you will have a savings account that is insured by the FDIC. It is administered by an external processor and can be checked online 24/7. This account is registered under your name and only you can access it with your permission.
What if you don’t pay Citizens Debt Relief?
If you cannot make a payment for one month, please get in touch with the Citizens Debt Relief team at least five business days in advance. They will work with you to try and accommodate your situation. However, you must make your scheduled payments on time. Falling behind on payments can have serious consequences for your credit health. 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.
Reach out to Citizens Debt Relief at least five working days prior to not being able to pay for a month. They will make an effort to help you out, however, you must keep up with the payments. Lacking in payments can lead to damaging your credit score and your creditors can take legal action against you if you do not pay the collection agency or if they deny the settlement agreement.
Can you continue using your credit cards?
If you’re considering utilizing your credit cards, you may want to reconsider that thought. Your enrolled credit cards will be deactivated, meaning you will have no method of payment. Nevertheless, it is still wise to keep one credit card on hand in case of an emergency. This is particularly vital if you don’t have a financial cushion available.
How does Citizens Debt Relief impact your credit?
If you are thinking about turning to Citizens Debt Relief for debt settlement, you may be concerned about the repercussions on your credit. Citizens Debt Relief’s services could have a negative effect on your creditworthiness and lead to debt collection attempts or even a lawsuit from lenders. Additionally, the amount you owe could go up because of late fees and accumulating interest.
If you come to a settlement, your record won’t be erased from your credit history right away. Depending on if you have any late payments, the account can stay on your credit report for as long as seven years. In the event that you have no late payments, the account will only remain on your report for seven years from the date of settlement.
How to cancel Citizens Debt Relief
If you are struggling to make any payments towards a debt settlement contract, it is easy to cancel it. However, if you have already paid, it may be impossible to receive a refund. If you have authorized the debt settlement company to take fees from your bank account, it is recommended to contact your bank and notify them of your decision to terminate the contract.
Step 1: Notify the creditor and the debt settlement company of your wish to cancel
If your debt settlement agreement has not yet expired, you should alert both parties of your decision to cancel. If you do so before the agreement’s end date, you may be penalized with fees. In certain situations, the debt settlement firm may forgo these fees.
Step 2: Request the company’s cancellation steps
If you would like to terminate your debt settlement agreement, you must abide by the instructions issued by the company. Generally, they will send you directions on how to end the agreement. Unless they specify otherwise, you will have to keep paying the regular amount of debt each month.
Step 3: Pay the fees
Before you can be free from your debt, make sure to pay any remaining charges. If you do not settle the payments, you could be facing legal trouble. It is important to take care of this before you proceed.
You need to contact your creditors since you still owe them money. You can either renegotiate a new payment plan or adhere to the original contract. No matter which option you choose, you need to make up any payments you have missed.
Citizens Debt Relief BBB Reviews
Citizens Debt Relief is a well-known firm with a positive A+ rating. Unfortunately, they are not recognized by the Better Business Bureau. In the past three years, they have acquired an average of 14 customer reviews and had 16 complaints closed.
Here are some Citizens Debt Relief BBB Reviews:
Is Citizens Debt Relief legit?
Citizens Debt Relief has gained positive recognition with an A+ rating from the Better Business Bureau, yet they are not officially accredited by the BBB. They are, however, accredited by the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA). Online reviews of citizensdebtrelief.com are divided, with some people saying they were successful in becoming debt-free thanks to the company and others saying they were unsatisfied with their services.
Before committing to a debt settlement program, make sure you conduct your own investigation and read as many customer testimonials as possible.
We would be interested to know if you have utilized Citizens Debt Relief. Please share your story in the comments section!
Thank you for reading!