CountryWide Debt Relief Review: Is it a scam or legit?

Are you struggling with unsecured debt and feeling like you’re spiraling out of control? You’re not alone. Millions of Americans are facing mounting interest, late fees, and aggressive creditors, leaving them feeling overwhelmed and unsure of what to do next. One option to consider is debt settlement through a company like CountryWide. But is CountryWide Debt Relief a scam or a legitimate solution to your debt problems? In this article, we’ll take a closer look at CountryWide, including its services, costs, and customer reviews, to help you decide if it’s the right choice for you.

What is CountryWide Debt Relief?

CountryWide Debt Relief is a debt settlement company that specializes in negotiating with creditors to reduce unsecured debt. Unsecured debt refers to loans or credit lines that don’t require collateral, such as credit card debt, personal loans, and medical bills. By working with CountryWide Debt Relief, you can potentially reduce your total debt by negotiating with your creditors to make a single payment in full and final settlement of the account and become debt free.

How does CountryWide Debt Relief work?

If you choose to work with CountryWide Debt Relief, the process is relatively simple. First, you’ll complete an online form to see if you qualify for their program. If you’re eligible, you’ll receive a free phone consultation with a customer service representative to discuss your circumstances. After that, you’ll receive an application form and a list of documents to provide. Assuming you’re enrolled in the program, you’ll make monthly payments into a savings account, which CountryWide will use to pay your creditors.

One key benefit of working with CountryWide is that there are no fees if your debt isn’t reduced by at least 20%. Additionally, fees are transparent and flat, meaning you’ll pay 18% of your debt at the time of enrollment, rather than at the time of settlement.

What are the trade-offs of working with CountryWide Debt Relief?

While CountryWide Debt Relief has its benefits, there are also some potential trade-offs to consider. For example, the company is not a member of the International Association of Professional Debt Arbitrators (IAPDA), which is a professional trade organization that sets standards for debt settlement companies. Additionally, customer service is sometimes patchy, which could be frustrating if you need support.

What are the costs of working with CountryWide Debt Relief?

The cost of working with CountryWide is a flat fee of 18% of your debt at the time of enrollment. Fees vary by state, so it’s worth checking what the cost would be for you specifically.

What could you save with CountryWide Debt Relief?

While there aren’t many hard data available on how much the average CountryWide customer saves on their overall debt repayments, typical savings for similar debt settlement companies tend to start at around 15% or 20%. Keep in mind that the amount you save will depend on a variety of factors, such as your creditors, your debt amount, and your payment history.

How to sign up for CountryWide?

If you’re interested in signing up for CountryWide Debt Relief, the process is relatively straightforward. You can visit their website to complete an online form to see if you qualify for their program. If you do, you’ll receive a free phone consultation with a customer service representative to discuss your circumstances further.

What’s next?

After you’ve completed the online form and had your free phone consultation, you’ll receive an application form and a list of documents to provide. Assuming you’re enrolled in the program, you’ll make monthly payments into a savings account, which CountryWide Debt Relief will use to pay your creditors.

FAQs

How does debt settlement work with CountryWide Debt Relief?

Debt settlement is the process of negotiating with your creditors to reduce your debt amount in exchange for a lump-sum payment. When you enroll in CountryWide Debt Relief’s debt settlement program, the company will negotiate with your creditors on your behalf. If an agreement is reached, you’ll make monthly payments into a savings account, which will be used to pay off the negotiated settlement amount.

How does CountryWide Debt Relief differ from other debt settlement companies?

CountryWide Debt Relief stands out from other debt settlement companies in a few ways. First, they allow customers to enroll as little as $5,000 of unsecured debt, while many other companies have a minimum debt requirement of $10,000 or more. Additionally, CountryWide Debt Relief offers transparent pricing with flat fees, and there are no fees if your debt isn’t reduced by at least 20%.

Can I work with CountryWide Debt Relief if I have secured debt?

No, CountryWide Debt Relief only works with unsecured debt. Secured debt is backed by collateral, such as a car or a house, while unsecured debt is not. Some examples of unsecured debt include credit card debt, medical bills, and personal loans.

Is CountryWide Debt Relief accredited by any industry organizations?

Yes, CountryWide Debt Relief is accredited by the American Fair Credit Council, the Better Business Bureau, and Consumer Affairs. While they are not a member of the International Association of Professional Debt Arbitrators (IAPDA), they have a documented track record of helping consumers reduce payments for unsecured debt. CountryWide Debt Relief reviews are mixed.

What fees can I expect to pay when working with CountryWide?

When you enroll in CountryWide debt settlement program, you’ll pay a flat fee of 18% of your debt at the time of enrollment. The fees vary by state, so it’s worth checking what the cost would be for you specifically. Additionally, there are no fees if your debt isn’t reduced by at least 20%.

How long does the debt settlement process take with CountryWide Debt Relief?

The debt settlement process can take anywhere from 24 to 48 months or more, depending on the amount of debt you have and the creditors involved. During this time, you’ll make monthly payments into a savings account, which will be used to pay off the negotiated settlement amount.

Can I still work with CountryWide Debt Relief if I’m behind on payments?

Yes, CountryWide Debt Relief works with customers who are behind on payments. During your free consultation with a customer service representative, you’ll have a chance to discuss your circumstances and see if the debt settlement program is a good fit for you.

Will debt settlement negatively impact my credit score?

Yes, debt settlement can negatively impact your credit score. When you enroll in a debt settlement program, you’ll typically stop making payments to your creditors, which could result in late fees and damage to your credit score. Additionally, debt settlement can stay on your credit report for up to seven years.

What other debt relief options does CountryWide Debt Relief offer? In addition to debt settlement, CountryWide Debt Relief also offers debt consolidation loans and legal services for customers who are considering bankruptcy. During your free consultation, you can discuss which option is best for your unique circumstances.

Is CountryWide Debt Relief a scam or legit?

While there are trade-offs to consider when working with CountryWide Debt Relief, overall, the company appears to be a legitimate solution for those struggling with unsecured debt. The company is accredited by the American Fair Credit Council, the Better Business Bureau, and Consumer Affairs, and has a BBB rating of A+ and a 9.6 Trustpilot score.

Customer reviews of CountryWide Debt Relief are generally positive, with many customers praising the company for reducing their debt and providing excellent customer service. However, some negative reviews mention issues with communication and delays in the settlement process.

It’s important to keep in mind that debt settlement is not the right solution for everyone. Debt settlement can negatively impact your credit score, and not all creditors are willing to negotiate. Additionally, debt settlement companies typically require you to stop making payments to your creditors, which could result in late fees and damage to your credit score.

If you’re considering working with a debt settlement company like CountryWide Debt Relief, it’s important to do your research and carefully consider the potential trade-offs. You may also want to explore other debt-relief options, such as debt consolidation loans or credit counseling.

In conclusion, while CountryWide Debt Relief is not without its trade-offs, it appears to be a legitimate solution for those struggling with unsecured debt. By working with CountryWide Debt Relief, you may be able to negotiate with your creditors to reduce your debt and make more manageable monthly payments. However, it’s important to carefully consider the potential impact on your credit score and explore other debt-relief options before making a decision.