Credit damage, collections, lawsuits, added interest or fees, and unsuccessful negotiations are possible.
What debt resolution is—and is not
Debt resolution negotiates settlements of unsecured debt. It is not a loan, credit counseling, or credit repair and does not correct credit-report errors. Creditor acceptance, savings, and timing cannot be guaranteed.
Who the program may suit
The disclosure describes the program as intended for people in financial distress who cannot continue minimum payments without hardship. Results depend on personal circumstances, active participation, creditor behavior, and the ability to make regular deposits.
Credit and legal risks
- Some creditors negotiate only after delinquency or charge-off.
- Enrolled debts may be reported negatively to credit bureaus.
- Creditors may continue collections, add charges, or sue.
- Consumers facing suit should consult a lawyer and consider alternatives, including bankruptcy.
Your dedicated account
Participants deposit funds into an FDIC-insured dedicated account that they own and control. Deposits do not make minimum payments; they may fund approved settlements and earned service or processor fees.
Fees, withdrawal, and taxes
Century says a settlement fee is earned only after a settlement is obtained, approved, and paid. Consumers may leave without a withdrawal penalty and receive remaining account funds after unpaid earned fees, though leaving can affect existing settlements and balances. Forgiven debt of $600 or more may be reported to the IRS; consult a tax professional.