If you are in a financial bind, it can be difficult to see a way out. You may have heard of Citizens Debt Relief and their promise to help you overcome debt quickly and easily. Is this company legitimate? This review of Citizens Debt Relief will uncover what their services are and if they are a reputable company. Keep reading to learn more!
Established in 2017, Citizens Debt Relief is a New York-based business that specializes in debt resolution services.
We looked into whether this business kept its pledge to assist individuals in becoming debt-free quickly. This is what we discovered:
- The use of debt resolution services can have a detrimental effect on your creditworthiness, resulting in creditors attempting to collect, legal action taken against you, and an increase in the debt.
- Their services do not include taking on your consumer debt, issuing loans to repay your debt, making regular payments to your creditors, or giving advice on taxes, bankruptcy, credit repair.
- Not every debt is able to be included.
- It is not accessible everywhere.
- This debt relief firm does not promise a set reduction in your debts or a particular time frame for becoming debt-free.
The evidence suggests that Citizens is a genuine company, though there have been some issues raised about its services – this is quite common in the finance world. It is not possible to satisfy everyone all the time. We recommend consulting with a qualified financial advisor before taking any action.
Citizens Debt Relief: Overview
Citizens Debt Relief is located at 697 3rd Ave Ste 105, New York, NY 10017-4003, and can be contacted at 1 800 560 3956. They specialize in negotiating with creditors to reduce the amount of
Citizens Debt Relief has been operating for more than four years, and has an A+ rating on the Better Business Bureau website. Although the BBB does not officially certify them, they have a mean of 14 customer reviews and 13 complaints concluded in the last year.
The program is not offered everywhere and not every type of debt is accepted. Various aspects, such as having enough money saved, can stop customers from finishing their program.
It is vital to investigate thoroughly before committing to debt settlement. Debt relief can be beneficial in managing debt, although it may not be the right fit for everyone.
How Does This Company Work?
Are you pondering the functioning of Citizens Debt Relief? Here is a brief summary:
Citizens Debt Relief provides debt settlement services by setting up a savings account for the client and making regular deposits. The debt negotiators then work to reduce the unsecured debt amount to a fraction of what is owed. When the reduced amount is reached, the saved funds are used to pay the creditors and the debt is successfully settled.
Keep in mind that no debt resolution company can promise a set amount or percentage of debt reduction or a definite timeline of being debt-free. They can, however, assist you in crafting a personalized plan that works for you and your budgetary constraints.
If you find yourself in a tough financial situation and are having a hard time paying your bills, then Citizens Debt Relief can help. This program is designed to assist people who are unable to pay the full amount owed to their creditors in one go. This might include making minimum payments, facing high-interest rates, reaching the credit limit, and not seeing any reduction in the amount of debt.
In order to be eligible for Citizens Debt Relief, you will require:
- You should have a minimum of $10,000 in unsecured obligations. This could involve credit card
- You must have a consistent source of income.
- It is essential that you are either a United States citizen or a legal alien with a Social Security number.
If you fulfill the necessary criteria, you could potentially qualify for Citizens Debt Relief’s debt decrease program.
What Is The Duration Of The Program?
The duration of their debt resolution program will be contingent upon the amount of your credit card debt and the amount you can pay each month. Generally, their customers can finalize the program within two to four years.
Generally, customers receive their initial settlement between 3 and 7 months. However, this is only an estimate as each instance is different and the time frame can differ depending on the individual situation.
How To Pay Off?
As a customer, you will have your own FDIC-insured savings account established for you. This is the account used to pay off the creditors that you have joined the program with and is managed by a third-party processor. You can access your account balances, statements, and other details on the web anytime. This account is kept in your name and cannot be accessed without your permission.
What Happens If I Miss Payments?
If you anticipate being unable to make a payment for that month, please contact Citizens Debt Relief at least five business days ahead of time. They will attempt to adjust to your circumstances. It is essential that you make your payments on time, otherwise your credit could suffer serious harm. If you do not pay the debt collection agency or if they don’t accept your settlement agreement, the creditors may take legal action against you.
Can I Still Using My Credit Cards?
Considering using your credit cards? You may want to rethink that. Your enrolled credit cards will be deactivated, meaning you won’t have a way to pay. It’s still a smart idea to keep at least one credit card on hand for emergencies, especially if you do not have a backup fund.
What Is The Impact On My Credit Score?
If you are considering using Citizens Debt Relief to reduce your debt, you may be wondering about the impact it will have on your credit score. Utilizing their services could have a negative effect on your creditworthiness, possibly resulting in creditors taking legal action or suing you. Additionally, the amount you owe might increase due to this.
If you make a deal to pay off a loan, it won’t automatically be erased from your credit report. Depending on whether you had any delinquent payments, the account can remain visible for up to seven years. If there were no missed payments, the record will only remain on your report for seven years from the date the agreement was met.
What is the process for cancelling the service?
Cancelling a debt settlement arrangement is simple if you have not made any payments yet. On the other hand, if you have already paid, it is unlikely that you will be able to reclaim your money. If you have given the debt settlement firm authorization to take out fees from your bank account, contact your bank and let them know that you are cancelling the contract.
Step 1: Inform Both Parties Your Decision
Before the end of your debt settlement agreement, you must inform both parties of your decision to terminate. If you do this prior to the expiration of the agreement, you may be charged penalty fees. Nonetheless, some debt settlement companies may waive these charges.
Step 2: Adhere To The Company Procedure
If you desire to terminate your debt settlement agreement, you must adhere to the company’s particular cancellation procedure. Usually, the company will send you a notification with steps on how to back out of the contract. Unless otherwise declared, you must keep paying the regular monthly debt payment.
Step 3: Take Care Of The Fees
Before you can be done with your debt, you must ensure that all outstanding fees are taken care of. If these payments are not made, you could be in trouble with the law. Make sure to complete this step before continuing.
Now that you’ve stopped working with a debt settlement company, it’s necessary to discuss the debt you owe to your creditors. You have the option to either come up with a new payment plan or keep the original arrangement. No matter what you decide, you must make up for any payments you have missed.
Citizens Debt Relief has an impressive A+ rating and has garnered 14 customer reviews in the past three years, along with 16 closed complaints. Unfortunately, they are yet to be accredited by the Better Business Bureau.
These are some reviews from the Better Business Bureau about:
Hemant R 01/29/2022
Randy W 11/16/2021
Rhonda H 07/21/2022
Complaint Type: Problems with Product/Service 07/06/2022
Citizens Debt Relief Review: Final Thoughts
Citizens Debt Relief is considered to be a reliable debt relief service with a good A+ rating from the Better Business Bureau, though it is not officially accredited. Reviews about them on the internet are mixed, with some people being satisfied with their debt reduction help and others being unhappy with their services.
Prior to making a decision to utilize their debt relief service, make sure you do thorough research and look over countless customer reviews.
Have you utilized the services of Citizens Debt Relief? We’d love to know about your experience in the comments!