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Your first settlement can happen as early as the first few months on the program. This does vary depending on several factors, including:
- Your monthly program deposit amount
- The number of creditors you have enrolled
- The current balance of each individual account
Century will begin contacting your creditors once we are prepared to begin negotiations. The actual negotiation activity is typically very limited until you have saved up enough in your settlement account for us to make reasonable offers to your creditors. When we make contact, we notify your creditor that we have authorization to communicate and negotiate on your behalf and we request future collection calls be directed to us and not you.
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Most clients experience collection calls while on the program. The calls can be a normal part of your creditor’s collection workflow and they are designed to get consumers who are deliquent to come up with a payment. We understand that being in debt can be a stressful life experience and when collection calls become excessive or harassing, this only adds to that stress. For help with reducing the volume of these collection call attempts, our Customer Experience team is available to help you determine what is a typical creditor practice vs what may be a potential violation of the Fair Debt Collection Practice Act.
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YOU control the third party bank account that you establish for the exclusive purpose of your debt settlement program. When you approve your new structured settlement agreements, it is important that your money is available in your special purpose account so we can facilitate processing payments to your creditors. Working with your creditors to reach an agreement for less than the full balance is what we call a settlement. Consistently making your full monthly program deposit is so important, as this ensures the funds are available when needed. The special purpose savings account is set up in your name and the money you deposit is your money. Your ability to budget for this money and consistently deposit helps us achieve success for you!
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This debt relief option is not designed or intended to improve your credit rating or credit history. It is designed to get you out of debt and save you money. As you begin the program, it’s typical to see a negative impact on your credit rating due to missed payments. However, as we negotiate structured deals with your creditors and resolve your enrolled accounts, your purchasing power (not credit rating) will increase and your stress level should lower. Long term, once you complete your program and reduce your debts, you will be in a better position to rebuild your credit.
Often there is a short-term impact which may include seeing your credit rating decrease, but remember the primary goal of this program is to assist you in achieving better financial health. While you are enrolled on the Century program, you are reducing your debt balances in a very strategic timeframe, and the good news is we can move as fast as the resources you provide! So, the faster we can resolve these accounts the easier it will be for you to restore your credit.
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Most Americans are receiving so many spam calls every day, it can be very difficult to know which calls you should answer. Communication is key because making your program deposits, and staying focused on your goal will ensure a successful Century journey!
As part of this journey, we want to ensure that our client service communication doesn’t get lost in the shuffle. Below is our contact information including a QR code so you can add it to your mobile device. This will allow you to see our Century name when we call or text you with valuable & often time sensitive information regarding your program.
Scan the QR code with your smartphone to ensure our important contact numbers below will be set up as a contact in your phone. - 724-861-3401
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In our 20+ years of experience in debt settlement, we have learned many strategies when it comes to negotiating with your creditors. We may not contact each of your creditors immediately when you first start your Century journey, as some creditors may accelerate their collection attempts when they learn a client is enrolled in a debt settlement program. Our team has a wealth of knowledge that includes creditor tactics and typical collection workflows, which guides our contract strategy on the timing that is the most beneficial for you!
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It is important to keep in mind that creditors will typically continue to add interest and late fees to accounts that are delinquent. Many creditors stop assessing interest and fees once they have charged-off the debt (typically 6 months following your last payment). However, others may not stop those assessments. Our goal is to negotiate substantial reductions to the balances on your accounts, including any interest and fees that may have been assessed.
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A creditor may report any cancelled/settled debt amount over $600 to the IRS and you may be required to report this amount as income on your tax return as the IRS considers forgiven debt as taxable income. If you receive tax documentation from one of your creditors, you may want to review it with a tax professional. IRS Form 982 allows certain hardship situations to be exempt from this forgiven debt tax and a tax professional will be able to discuss those details with you further.
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When our Negotiators have a settlement offer waiting for your approval, we will make contact with you. For your convenience, we have convenient ways for you to approve your offers:
- Log in to the MyCentury client portal 24 hours a day and click on the red button, located at the top of your portal page, to review and approve your pending offers,
OR - Simply respond that you ACCEPT to one of the settlement authorization emails or text messages that our team has sent to you recently,
OR - Call our Customer Service team during business hours. They will take your call, review your offer and obtain your recorded authorization to accept the settlement. You can reach us at 724-861-3401.
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- Log in to the MyCentury client portal 24 hours a day and click on the red button, located at the top of your portal page, to review and approve your pending offers,
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When you enrolled in your debt settlement program, a plan was created for you to meet your specific goals over an estimated time. Every month you deposit a preset amount into your third party special purpose 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.
Once we present a negotiated settlement offer to you and you approve the settlement, we will facilitate a payment to your creditor from these funds on your behalf. Payments to the creditor and collection of Century’s earned settlement fees are deducted from your special purpose account.
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Once we negotiate a debt, you authorize that settlement, and the first payment is sent to the creditor, the fee associated with that particular debt is due. At the time a fee is due, this amount will be deducted from your third party special purpose account. The earned settlement fees are fixed and do not change. They are based on a percentage of your enrolled debt, as outlined in your Debt Resolution Agreement – so you know upfront the cost associated with our services. The Century negotiators will continue working to settle your remaining accounts and the subsequent fees will only be collected, per the process mentioned above.
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