The first question every consumer asks themselves when they get a Pre-Selected direct mail offer with a low-interest rate:
Is this offer legit? Is it too good to be true?
Clear Coast Debt Relief Summary
Clear Coast Debt Relief offers consumer debt relief services, including consolidation and non-bankruptcy options such as debt settlement and negotiation. They advertise their services on clearcoastdebt.com and through “prescreen credit offers” via direct mail. The company is a dba of ALAS Services, Inc. and Clear Coast Financial Group, a Florida Limited Liability Company.
Clear Coast Debt Relief does not appear to hold any lending licenses.
Here is what we found about Clear Coast Debt Relief
You may have received a mail offer from Clear Coast Debt Relief 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.
So we decided to do some digging and see what this company is all about.
- Clear Coast provides consumers with debt settlement services.
- They do not guarantee that your debts will be resolved for a specific amount or percentage or within a particular period of time.
- Their service is not available in all states, and their fees may vary from state to state.
- Their Debt settlement services may negatively impact your creditworthiness, leading to collections or lawsuits from creditors and increasing the amount you owe due to fees and interest accrual.
What is Clear Coast Debt Relief?
Clear Coast Debt Relief, also known as Clear Coast Financial, is a financial company that specializes in assisting customers in managing their debts and offers multiple programs to achieve this. The company is a member of the American Fair Council and has been in business since 2018; it is located at 1070 East Indiantown Road, Suite #406, Jupiter, FL 33477, and can be contacted at (866) 837-0095 and [email protected].
Contrary to what their direct mail offers may say, their website mainly highlights the possibility of debt settlement and reduction, advertising their expertise as negotiators.
They are not accredited by the Better Business Bureau (BBB) but have an impressive A+ rating, a 4 out of 5 stars rating from customer reviews. They only have eight customer reviews and no complaints.
How does Clear Coast Debt Relief work?
Whether you found Clear Coast Debt Relief online or through one of their mailers, you get a free consultation where they ask you for your personal and financial information to offer you debt relief options.
After that, you stop making payments on your debts, and instead, the company will open a separate bank account under your name. You then make monthly deposits into the account. Once the settlement company believes there is enough money in the account to make a lump-sum offer, it will negotiate with the creditor on your behalf to accept a smaller amount.
Remember that Clear Coast does not guarantee that your debts will be resolved for a specific amount or percentage within a certain timeframe.
What types of debt does Clear Coast Debt Relief help you settle?
Debt settlement isn’t bankruptcy or a debt consolidation loan. The main focus is to resolve unsecured debts, which are debts that don’t require collateral. Clear Coast Debt Relief can help with debts such as:
- Credit card debt
- Personal loans
- Lines of credit
- Medical bills
- Collections
- Repossessions
- Business debts
- Certain student debts
How does Clear Coast Debt Relief affect your credit?
Debt settlement services can negatively impact your credit and may result in being sued by creditors or being contacted by collectors. Additionally, the outstanding balances of your enrolled accounts could increase due to the accrual of fees and interest.
Having the necessary funds available to pay the agreed-upon amount is also crucial if you want to settle your debt successfully. If you don’t have the required funds for negotiating, then consolidating your debt through a loan may be a better solution.
How much does Clear Coast Debt Relief charge?
It is unclear how much Clear Coast Debt Relief charges in total for their services, as this information is not explicitly disclosed on their website or direct mail.
The company offers free consultations where they require the customer to provide an approximate of their total unsecured debt, their full name, contact information, and their unique prescreening code.
In addition, they advertise that they do not charge any upfront fees and claim to work for free until their clients see results. Their service fees may vary from state to state.
Does settling your debt with Clear Coast Debt Relief affect your taxes?
Different states have different laws regarding debt resolution. Please speak to a tax professional to learn more about the potential tax implications of resolving your debt for less than the total balance.
Clear Coast Debt Relief BBB Reviews
As we previously mentioned, Clear Coast Debt Relief is not accredited by the BBB, but it does have an A+ rating from them. We’ve looked into their account and found only eight customer reviews averaging 4 out of 5 stars.
Here are some of the most recent BBB Reviews for Clear Coast:
Mr. D. 07/23/2021
Joshua L 07/28/2021
Billy C 05/08/2021
Melissa H 05/26/2021
So, is it a scam or legit?
As we approach the question of whether or not Clear Coast Debt Relief is a scam, it’s clear that clearcoastdebt.com is a legitimate debt relief company.
Although they are not accredited by the Better Business Bureau, they still have 4 out of 5 stars from customers. This indicates that you could have a good experience working with them.
Just know that Clear Coast Debt Relief is not a bank, savings, loans, thrift, payday, or mortgage lender. The company assists consumers with debt resolution products.
The best way to find a good debt relief company is by doing your research and reading a lot of customers’ reviews. Doing this will allow you to be sure you’re getting the best deal possible.
Thank you for reading!
