CareOne Debt Relief Reviews
Reviews of CareOne Debt Relief from real customers
(1 verified)
This company is no longer enrolling new clients. The review listed is for existing clients only. Many new clients that call into CareOne are being serviced by Consolidated Credit. you can also reach them here: 1-(855) 248-0737.
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The Good
CareOne Debt Relief has over 10 years of experience. They have a lower minimum debt than other companies in the industry. Currently (during the last quarter of 2015), they are referring callers to alternate debt relief companies, such as Consolidated Credit, although in order to be referred to the company best suited to meet the needs of the caller, they perform an initial consultation before transferring callers to alternate parties.
With their reputation for settling disputes and money-back guarantee, help provide current clients with a peace of mind.
Their main objective is/was to help consumers under the burden of unsecured debt find relief through a settlement plan, or a Debt Management Plan. The settlement plan is geared for clients without the means to make payments toward the DMP, providing an alternative to bankruptcy. A predetermined monthly escrow payment is made to an FDIC insured account in order to save enough funds for negotiators to begin the settlement process.
Under the DMP, unsecured debt is consolidated into a single monthly payment and allocated to creditors each month. Negotiators work to reduce interest rates and get late and over the limit fees reduced or waived.
Each plan includes a comprehensive credit counseling session to help consumers dissect how they got into the financial crisis in the first place, ways to resolve debt, and a plan of action to remain debt free throughout their lifetime.
Although they are not accepting new clients, consumers may take advantage of their tools and tips section to take part in polls, quizzes, and to find articles and tips to help strengthen their financial fitness.
Because the company is no longer accepting clients, the only highlight to include is their offering of free resources and educational tools.
The Bad
Our greatest concern is that the company is no longer accepting new clients, and simply referring callers to companies they deem fit to handle unsecured debt.
For current clients, their 30 percent fee is quite high. Industry standard typically sets in at 25 percent, although many competitors offer their services as low as 15 percent.
Additionally, CareOne Debt Relief lacks pricing transparency and any accreditations with professional organizations.
This company is no longer accepting new clients.
The Bottom Line
Overall, because this company is no longer accepting new clients, we recommend doing some research to find the best company to suit your financial needs and suggest some of our Top Settlement Companies.
Contact Information
Website: careonecredit.com
Email: Website Email Form
Phone: (800) 227-3123
Hours:
Monday through Thursday 9:00 am to 8:00 pm EST
Friday 9:00am to 6:00pm EST
Address:
CareOne Services Inc. c/o 3C Incorporated
9755 Patuxent Woods Drive, Suite 100
Columbia, MD 21046
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User Score04 people found this review helpful!I just spoke with an agent in NH. His name was Bob. He was useless!! Told me he couldn’t help me. After explaining what I was trying to do, obviously to consolidate my debt, he said there was nothing he could do and “that’s life”. Then said he was “going to get going” and hung up on me! I was just rendered completely speechless. Thanks for nothing, Bob. I’m so glad I didn’t go through with consolidating. I can only imagine how badly this would have turned out.Was this review helpful? YesRead More
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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