CareOne Debt Relief
No longer accepting new clients - They are sending new call-in clients to Consolidated Credit
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
How Much Does CareOne Debt Relief Cost?
Price for consolidation and debt management services are dependent upon your situation and the program you decide to use.
As far as debt settlement goes, CareOne works with its customers to give them an idea of how much they will be able to reduce their debt. Then, their advisors go to the creditors and work out the rate from there. They have a 30% “success” fee, meaning they will collect 30% of the amount they manage to settle the customer’s debt for. This rate is considered somewhat high for the industry, but CareOne is known to cut down debt by 50%, meaning the consumer will pay about half of what they owed in the first place.
Are There Any Up-Front Fees?
The company does not charge any upfront fees for settlement services.
Can I Get A Free Consultation?
This debt relief company offers a free consultation through its website. Consumers must input their name, contact information, their address, and some financial information before they are given the consultation. Some consumers say they had to provide similar information over the phone before they were given any advice or insight into their financial situation. Getting a free consultation is still a helpful feature you can receive through CareOne.
Does CareOne Debt Relief Offer A Money-Back Guarantee?
You will be able to keep any accumulated funds for the purpose of settling a debt.
What Types of Debt Does CareOne Debt Relief Work With?
The company only handles unsecured debt.
About CareOne Debt Relief
With over 13 years experience and over 5 million customers served, CareOne is confident in its ability to help you get back on track financially. The company has existing relationships with over 200,000 creditors. CareOne is so confident in its ability to deliver results that it offers a 6-month 100% money back guarantee. Many of the certified credit counselors have, at one point or another, had debt problems. This allows the counselors to use their experience to help clients get out of debt successfully.
Time in Business
CareOne debt relief has been in business for over 13 years and has served more than 5 million customers. They opened their doors in 2002.
Debt Education
CareOne offers a variety of debt education tools. These include a special online calculator to help consumers budget, a newsletter, a “tip jar” filled with information on finances, online quizzes and polls about money, a library of articles on debt, and a “money management tools” section. The forum and the blog mentioned earlier are also valuable debt education tools for customers.
Mobile Friendly Site
CareOne has an easy-to-use site that can be accessed from any Smartphone, and they have recently launched a new app. The moment you enter the site by phone, their contact information is displayed along with a few links for obtaining a free debt analysis, learning about CareOne’s plans and services, a login portal for existing customers, and a company description. The mobile site is straightforward and easy to use. However, for existing customers, the site suggests downloading the mobile app since it is more difficult to access the portal through the mobile site.
Cancellation Policy
People using CareOne’s services are not required to sign a contract, so they can back out of the program at any time.
Services Provided
CareOne offers many services, but their main service—debt reduction—is split into two branches. These two branches are debt management and debt settlement. Consumers work with specialized counselors to see what option is best for them. CareOne also provides debt relief plans for small businesses, and an entire debt consolidation guide can be found online along with numerous articles about debt and personal finance. A blog and forum online also prove to be a good resource for customers. Another unique service they offer is the Real Money prepaid Visa credit card, which is a card consumers can use without worrying about overdraft charges and late fees. Details about the card can be found on CareOne’s website.
Minimum Debt Accepted
For their debt management plan, consumers must have at least $2,500 in unsecured debt and must owe at least two creditors. For their Debt Settlement Plan, consumers must have at least $7,500 in debt.
Online Dashboard
Yes, there is a customer account portal that you can access from their website. They offer it as a way to see the status of your account and what your balances currently are. The representative was unable to tell us more information on what other features that this account access would give you, however.
Accreditations
They are not AFCC or IAPDA accredited. However they are COA, ACC and Hud Approved, and carry a 501C3 tax status for a non-profit business.
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User Score03 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
Blog Post
- 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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