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Debt Relief Qualifications

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Understanding Your Debt Relief Qualifications

Imagine reducing your credit card balance by up to 50%. Sounds too good to be true? It's actually possible through Century Support Services when you meet specific debt relief qualifications. Not everyone is eligible, though. Participation requires a consumer to carry a certain amount and type of debt. You can review this general guide and contact one of our Certified Debt Specialists for a no-obligation consultation to see if you fully qualify.

Getting Yourself Out of a Debt Rut

If you're struggling with minimum payments and feeling overwhelmed by high-interest balances, debt settlement could be your lifeline. Rather than making endless payments that barely touch the principal, debt settlement reduces your overall balance to a more manageable amount.

 

How Century’s Program Works

3 steps

What Debts Qualify for Settlement?

Qualifications for debt relief start with defining the type of debt you have. This program is only an option for unsecured debt, meaning it's not tied to a specific asset like a house or car. Examples of eligible unsecured debts include:

  • Major credit cards

  • Department store and retail charge cards

  • Gas cards

  • Unsecured personal loans

  • Lines of credit

  • Select utility bills

  • Collections and repossession deficiencies



Debts That Don't Qualify for Relief

Secured debts, which are backed by collateral, are ineligible for settlement, no matter which state you live in. These include:

  • Mortgages and home equity loans

  • Auto loans

  • Car repair bills

  • Federal student loans (and most private student loans)

  • Tax debt (IRS)



Understanding Your Relief Options

When facing financial hardship, you generally have four primary paths to settle debts with creditors, but they each differ in approach and possible outcomes:

  • Consolidation Loans - Banks love to entice consumers with these by offering low interest rates and promoting the simplified, one-monthly bill approach. However, you'll need a good credit score to qualify, and it won't reduce the total amount you owe. It just moves it to another creditor.

  • Credit Counseling - Agencies work with you to lower interest rates, but usually not the principal balance, and give you a plan to pay off debt over three to five years. While helpful for some, it often takes longer and costs more in total than settlement.

  • Bankruptcy - This should be your last resort. It can completely wipe out all debt but leaves a severe, long-lasting mark on your credit report, possibly up to 10 years. It also becomes public record and puts the court in charge of deciding what happens to your assets, which will be used to pay creditors.

  • Debt Settlement - This is an aggressive approach where we negotiate with creditors to accept a lump-sum payment that is less than the full amount owed. It's often the fastest way to pay down debt without declaring bankruptcy, helping you save money on the principal balance.



A Transparent Program Based on Results

Our process is simple, transparent, and has helped more than 300,000 satisfied clients reach their financial goals. Here's what you can expect if you qualify for debt settlement:

  • Fund Your Account - Instead of paying creditors, you pay yourself, making a single, affordable monthly deposit into a secure, FDIC-insured savings account in your name.

  • Accumulate Savings - Your savings fund builds up over time, and you'll use this money to pay your debt to the agreed amount when creditors realize you can't afford the current terms.

  • We Negotiate - When enough savings have accrued, our professional negotiators contact your creditors to settle for less than what you owe.

  • You Approve - You know what you can afford, so you remain in control. We present the negotiated offer to you. When you approve it, funds are released from your account to pay the creditor.



Why Do Creditors Settle?

You might wonder why a creditor would accept less money. The strategy is simple: creditors prefer to get something rather than nothing. If you're in genuine financial hardship, they know that the alternative might be you declaring bankruptcy, in which case they may end up not getting a penny. A negotiated settlement is a better option for them to close the books, and a massive win for you to resolve the debt for less, but this is why qualifications are somewhat strict.



Who Qualifies for Credit Card Debt Relief?

Whether it's a credit card, a retail charge card, or another form of appropriate unsecured debt, this program shouldn't be viewed as a free pass to avoid paying your bills. It's a hardship-based program. To qualify and benefit from this option, you generally fit the following profile:

  • High Debt Load - You typically have over $10,000 in qualifying unsecured debt.

  • Financial Hardship - You're facing a financial hardship (job loss, medical issues, divorce, or income reduction) that makes paying debts in full impossible.

  • Missed Payments - You have fallen behind on payments or are struggling to keep up with minimums.



Why Choose Century Support Services?

We offer more than just negotiations. Our program is a partnership between you and our experienced Certified Debt Specialists, who will ensure you take advantage of the tools and rewards available for a successful plan:

  • Consolidation Options- Qualifying clients may access consolidation loan options after demonstrating strong program performance.

  • 24/7 Visibility- Track your savings and settlement progress anytime via the MyCentury client portal.

  • No Hidden Fees- Our pricing is 100% transparent and results-based. You pay no fees until we successfully settle a debt.



Frequently Asked Questions

Speak With a Certified Debt Specialist

If you're wondering how to qualify for debt relief through Century Support Services, we encourage you to contact us to speak with a Certified Debt Specialist. We offer free, no-obligation consultations because we don't want your financial situation to be controlled by debt. We'll review your situation and help you understand your options, so we can map out a plan to resolve your debt.

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