How does CountryWide Debt Relief work?
CountryWide Debt Relief is primarily a debt settlement company that negotiates with creditors to reduce your debts in exchange for a one-time payment. Depending on which state you live in, it can also connect you with debt consolidation lenders.
CountryWide Debt Relief — like any debt relief company — is not for people who simply want to reduce the amount they owe. You must be able to prove you’re facing serious financial hardship in order to qualify. Qualifying hardships might include losing your job, divorce, death of a spouse or family member or a medical emergency.
How much does it cost?
CountryWide no longer provides information on how much its debt relief program costs. Previously, our team was able to confirm an 18% enrollment fee, but that information is no longer verifiable.
How much could I save with CountryWide Debt Relief?
How much you save depends on how much CountryWide is able to negotiate your debt down, how much debt you originally enroll and how much your debt accumulates during your enrollment. On its results page, CountryWide provides examples of customers who saves tens of thousands of dollars off their debts — but your results will vary, especially if you don’t enroll with a large amount of debt.
Is CountryWide Debt Relief legit?
While it isn’t am member of the International Association of Professional Debt Arbitrators (IAPDA), it is accredited by the American Fair Credit Council (AFCC). Both trade organizations were created to help enforce standards and protect consumers from scams — which are less of a problem than they were a decade ago, but still exist.
- Accredited by the AFCC
- Guaranteed approval in certain cases
- Debt consolidation services offered
- Not accredited with the IAPDA
- Limited information available online
- Spotty customer service
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Before you sign up with a debt relief company
Debt relief companies typically charge a percentage of a customer’s debt or a monthly program fee for their services. And not all companies are transparent about these costs or drawbacks that can negatively affect your credit score. Depending on the company you work with, you might pay other fees for third-party settlement services or setting up new accounts, which can leave you in a worse situation than when you signed up.
Consider alternatives before signing up with a debt relief company:
- Payment extensions. Companies you owe may be willing to extend your payment due date or put you on a longer payment plan if you ask.
- Nonprofit credit counseling. Look for free debt-management help from nonprofit organizations like the National Foundation for Credit Counseling.
- Debt settlement. If you can manage to pay a portion of the bill, offer the collection agency a one-time payment as a settlement. Collection agencies are often willing to accept a lower payment on your debt to close the account.
CountryWide Debt Relief reviews and complaints
CountryWide receives mixed reviews on its BBB page. Recent customers call it professional and helpful, stating that CountryWide was able to help them with their debts. Others warn that CountryWide isn’t helpful for small debts and that there wasn’t enough communication during the initial settlement process.
What is CountryWide Debt Relief?
CountryWide debt relief has a team of debt consultants and negotiators to help you pay off your creditors at a reasonable rate. It has been in business for 12 years, according to its BBB page, and states that its experts have over 30 years of combined experience.
How do I get started?
You can sign up for CountryWide Debt Relief’s program online by following these steps:
- Go to the CountryWide Debt Relief website and click See if you qualify for debt relief.
- Select the amount of debt you want to enroll, how far behind you are on your payments and your credit rating.
- Enter your contact information and select your state.
- Click See your results.
If you’re preapproved, you should get a message telling you to contact CountryWide Debt Relief for a free consultation. After discussing your situation, you should receive an email with the application and a list of documents you need to provide if you’re eligible for the program. Otherwise, CountryWide might put you in touch with one of its partners.
I’ve signed up. What happens next?
CountryWide doesn’t list the exact process on its website. It will likely depend on which program you enter with the company.
Debt consolidation requires combining your debts under one account. You’ll then make payments to this account at least once a month.
You may also be advised to have a portion of your debts settled. In this case, CountryWide would work to negotiate down some or all of your debts.
If you’re looking for more information upfront, you might want to consider other debt relief options before contacting CountryWide.