When they receive a low-interest Pre-Selected direct mail offer, consumers immediately ask themselves: Is this offer legit? Is it too good to be true?
Consumer debt relief services are provided by Clear Coast Debt Relief, including debt consolidation and alternatives to bankruptcy like debt settlement and negotiation. On clearcoastdebt.com and in direct mail “prescreen credit offers,” they promote their services. The business is a dba of Florida Limited Liability Company Clear Coast Financial Group and ALAS Services, Inc.
It doesn’t appear like Clear Coast Debt Relief has any lending licenses.
Here Is What We Found About It
Perhaps Clear Coast Debt Relief sent you an offer by letter recently. It may have said something like this:
FINANCIAL RELIEF FOR AFFECTED FAMILIES
You have been exclusively selected for Clear Coast Financial Hardship Recovery Loan for up to $25,141. You may consolidate these balances into a single loan with an interest rate of 4.99%.
It looks like a great deal at first glance.
We therefore made the decision to research this company to learn more about it.
- Consumers can obtain debt settlement services from Clear Coast.
- They make no promises regarding the amount, percentage, or timeline by which your obligations will be paid off.
- Their fees may differ from state to state, and their service is not available in all states.
- Their debt settlement services may have a negative effect on your rating, result in collections from creditors or lawsuits, and raise your overall debt due to fees and interest accrual.
Clear Coast Debt Relief: What is It?
The financial firm Clear Coast Debt Relief, also known as Clear Coast Financial, focuses on helping clients manage their debts and provides a number of solutions to do so. The business, which has been operating since 2018, is a member of the American Fair Council and can be reached at (866) 837-0095 or [email protected]. It is situated at 1070 East Indiantown Road, Suite #406, Jupiter, Florida 33477.
Their website primarily emphasizes the potential of debt settlement and reduction, selling their expertise as negotiators, in contrast to what their direct mail offers may suggest.
Despite not being BBB-accredited, they have an amazing A+ rating and a 4 out of 5 star average of customer ratings. There are no complaints and only eight reviews from customers.
How Does This Company Work?
In order to provide you with debt relief choices, Clear Coast Debt Relief will need personal and financial information from you during a free consultation, regardless of how you discovered them—online or through one of their mailers.
After that, you cease paying your bills and the business opens a different bank account in your name in place of you. After that, you add money to the account each month. The settlement company will attempt to convince the creditor to accept a lower offer after it determines there is sufficient funds in the account to make a lump-sum offer.
Keep in mind that Clear Coast does not promise that your debts will be settled for a particular sum or percentage or within a specific amount of time.
What Kind Of Debt Can Clear Coast Debt Relief Help You Settle?
Neither bankruptcy nor a debt consolidation loan are debt settlement options. The primary goal is to pay off unsecured debts, which are obligations without a requirement for security. Debts like these may be helped by Clear Coast Debt Relief:
- Credit card debt
- Personal loans
- Lines of credit
- Medical expenses
- Business debts
- A few student loans
How Does It Affect Your Credit?
By using debt settlement services, you run the risk of damaging your credit and facing legal action or collection calls from creditors. Additionally, the accrual of fees and interest could result in an increase in the unpaid balances of your enrolled accounts.
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.
If you want to effectively settle your debt, you must also have the money on hand to pay the agreed-upon sum. Consolidating your debt through a loan might be a preferable option if you lack the finances necessary to negotiate.
How Much Do They Charge?
Since this information is not made readily evident on either their website or direct mail, it is unclear how much Clear Coast Debt Relief charges overall for their services.
The business offers free consultations, but in order to take advantage of them, a consumer must supply their full name, contact information, and special prescreening code, as well as an estimate of their total unsecured debt.
Additionally, they promote the fact that there are no upfront costs and that they will labor for no money at all until their consumers are satisfied. States may charge different amounts for these services.
Does Settling Your Debt With It Affect Your Taxes?
Regarding debt relief, different states have varied regulations. To understand more about the potential tax implications of resolving your debt for less than the total balance, please consult a tax expert.
Clear Coast Debt Relief Reviews
As we already noted, despite not being recognized by the BBB, Clear Coast Debt Relief does receive an A+ rating from the organization. Only eight customer evaluations with an average rating of 4 out of 5 stars were discovered when we checked into their account.
Here are some reviews:
Mr. D. 07/23/2021
Joshua L 07/28/2021
Billy C 05/08/2021
Melissa H 05/26/2021
Clear Coast Debt Relief: Is It Legit?
As we investigate whether Clear Coast Debt Relief is a scam or not, it becomes evident that clearcoastdebt.com is a legitimate debt relief company.
Customers have given them 4 out of 5 stars despite the fact that they are not BBB-accredited. This suggests that working with them can be enjoyable for you.
Please be aware that Clear Coast Debt Relief is not a bank, savings and loan organization, thrift, payday lending company, or mortgage lender. The company assists consumers with debt resolution products.
The best approach to identify a reputable debt relief company is to conduct extensive research and read numerous client reviews. You can be sure you’re receiving the best deal by doing this.
Thank you for reading!