The first settlement can happen as soon as months 2-4 of a client’s program. This can vary greatly and depends on:

• Your monthly savings/draft amount,
• The number of creditors you have enrolled in the program, and
• The balance of each individual account.

Century usually contacts your creditors once we are prepared to begin negotiations, except when dealing with certain difficult creditors. The actual negotiation activity occurs when you have saved up enough in your settlement account, for us to make reasonable offers to your creditors. When we make contact, we notify them that we have authorization to communicate and negotiate on your behalf and we request future collection calls be directed to us and not you.

When you enroll in your debt settlement program, a plan is created for you to meet your specific goals over an estimated time. Every month you deposit a preset amount into your third party reserve account. While your funds are building in this account, Century Negotiators are reviewing your file for the strategic times to contact each of your creditors to negotiate the best settlement opportunities for you. In order for us to optimize the timing of your settlements, you must be consistently depositing into your account every month. A valuable benefit to the program is your 24/7 access to the MyCentury client portal. You can see your account balance and watch your funds accumulate. Once we have a settlement opportunity for you and you approve the settlement, your creditor is paid and the confirmed amount is deducted from your account.

You control the account. The bank account is set up in your name, and the money in the account is your money. The reason why we recommend keeping it in a new account, separate from your existing bank accounts, is that in our experience this separation dramatically increases the probability that you will succeed in the program. Century’s fees are deducted from this account each time the settlement of one of your debts is negotiated, according to our agreement. However, the accumulated savings in the account is owned by you.

Being in debt can be a stressful life experience. On the other hand, getting out of debt is one of the most gratifying accomplishments you can achieve. This rewarding journey is often tainted with regular calls and potentially harassing communication from creditors, debt collectors, and collection attorneys. This is why Century has contracted with a national consumer advocacy group, United Consumer Advocacy Network (UCAN), which helps to assist clients who make all their montly program payments and pay on average 50% of their enrolled balance before fees, or 68% to 75% including fees, over 24-48 months.

If you have the negotiation skills and know how the process works, you can contact your creditors yourself and see if they will negotiate your debt. But like many other complicated and stressful situations, most people choose to seek help and leave these tasks to experienced professionals, like doctors, plumbers and accountants who earn their livelihoods as specialists helping people. The Century team is experienced in helping more than 250,000+ clients and settling more than $20 million+ of our client’s debt each month. Let our experience work for you.