Licensing and disclosures
Licensing and disclosures
Where Clear Financial Company enrolls clients, the rules debt settlement follows, and every disclosure that applies to our program, in plain language.
In plain language
- We enroll clients in Florida and California. Georgia and Texas are pending counsel review. Debt settlement is not available in all states.
- We charge no fee until a debt is settled and you have made a payment under that settlement.
- Your savings stay in an account in your name at a federally insured bank, held by an independent provider.
- You approve every settlement before it is paid.
- Your credit score will drop, creditors can sue, and forgiven debt may be taxable.
- We are not a lender, a nonprofit or a credit counselor, and we do not give legal or tax advice.
Where do we enroll clients?
Debt settlement is regulated state by state, and some states limit it or do not allow it. The states below are set with legal counsel, and the list can change. We enroll clients in Florida and California. Georgia and Texas are pending counsel review.
| State | Status | License or registration |
|---|---|---|
| Florida | We enroll here | Being confirmed with counsel |
| Georgia | Pending counsel review | Being confirmed with counsel |
| Texas | Pending counsel review | Being confirmed with counsel |
| California | We enroll here | Debt settlement services registration with the California Department of Financial Protection and Innovation (DFPI): 01-CCFPL-2694021-3544100 (California Department of Financial Protection and Innovation, opens in a new tab), NMLS ID 2694021 |
If we do not enroll clients in your state yet, free nonprofit credit counseling may help in the meantime.
What licenses and registrations do we hold?
Clear Financial LLC does business as Clear Financial Company. Each license or registration we hold is listed in the table above, with a link to the regulator's own record where you can check it. A state that reads "being confirmed with counsel" has no number listed yet.
Which federal rules apply to debt settlement?
Debt settlement sold by phone, including after you find us online, is covered by the Telemarketing Sales Rule (FTC, opens in a new tab). These are the parts that protect you most.
- No advance fees. A company cannot charge you until it has settled at least one debt, you have agreed to that settlement, and you have made at least one payment under it (16 CFR 310.4 (eCFR, opens in a new tab)).
- Disclosures first. Before you enroll, a company must tell you how long the program takes, how much you must save before each offer, and that it can hurt your credit and lead to collection or lawsuits.
- Your account, your money. Savings must sit in an insured account that you own, run by a provider independent of the settlement company.
- Honest claims. A company cannot misstate how much you may save, how long it takes or what it does to your credit.
Who holds your money, and what are your rights?
A dedicated account in your name at a federally insured bank, held by an independent processor, that you can view online 24/7. Depending on how you enroll, the account provider is Global Holdings LLC (formerly Global Client Solutions) or Forth Pay. You own the money in it and any interest it earns.
There are no cancellation fees. The money in your dedicated account belongs to you: you can withdraw it at any time, and leave the program, without a penalty from us. When you leave, the money in the account comes back to you within seven business days, minus only fees already earned for settlements you approved.
The company that holds your dedicated account charges its own fees: a $9.95 setup fee, plus a payment fee when payments to your creditors are made. You pay these fees, they are separate from our fee, and none of that money goes to us.
What should you know before you enroll?
- Your credit score will drop during the program, and late payments stay on your credit report.
- Creditors may keep collecting while you save, and they can sue. The program does not stop legal action.
- Interest and late fees can keep adding to your balances until each account settles.
- Forgiven debt may be taxable income. A creditor may send you IRS Form 1099-C.
- Fees apply. The fee is 20 to 29% of your enrolled debt, depending on your situation and how you enroll, charged only after a settlement is agreed and the first payment to the creditor is made.
- Not all creditors agree to settle, and not everyone completes the program.
- We do not guarantee any amount, percentage or timeline.
- Debt settlement is not available in all states. We are not a nonprofit or a credit counseling service, and we do not lend money.
- We do not give legal or tax advice. Talk to an attorney or a tax professional about your situation.
How should you read the figures on this site?
Figures on this site are illustrations, not offers or guarantees. Results vary; not all debts settle.
Estimates assume creditors settle for 45 to 60% of enrolled balances, plus our fee of 20 to 29% of enrolled debt. Your fee percentage depends on your situation and how you enroll, is charged only after a settlement is agreed and a payment is made, and is stated in your written agreement.
Estimates leave out the account provider's own fees, interest, late fees and taxes.
Your written enrollment agreement, not this website, sets your fee and your terms.
When will we call or text you?
Only if you ask us to. The estimate form has a consent box that is unchecked until you tick it, and you can get an estimate without it. Your consent covers Clear Financial Company only. Reply STOP to any text to opt out, or tell us on a call.
How do you raise a complaint?
Call us first at 866-659-7966, or write to Matthew DeLancey at clear@clearfinancialcompany.com. You can also send a letter to Clear Financial Company, 611 Druid Road, Suite 703, Clearwater, FL 33756.
If we do not put it right, you can complain to the Consumer Financial Protection Bureau (CFPB, opens in a new tab), to the Federal Trade Commission (FTC, opens in a new tab), or to your state attorney general.
Regulators and rules
The agencies and the rule text this page refers to. Each opens in a new tab.
- 01 eCFR 16 CFR 310.4: Abusive telemarketing acts or practices (the advance-fee ban) (opens in a new tab)
- 02 FTC Debt Relief Services and the Telemarketing Sales Rule: A Guide for Business (opens in a new tab)
- 03 CFPB Submit a complaint (opens in a new tab)
- 04 FTC ReportFraud.ftc.gov (opens in a new tab)
- 05 California Department of Financial Protection and Innovation Regulated entity record: Clear Financial Co., debt settlement services registration 01-CCFPL-2694021-3544100 (opens in a new tab)
- 06 IRS About Form 1099-C, Cancellation of Debt (opens in a new tab)
- 07 NFCC National Foundation for Credit Counseling (opens in a new tab)
Questions about anything on this page?
Call us and ask. A real person picks up, and we will answer in plain language or tell you who can.