Century Support Services Review: What To Know Before Enrolling

Quick Take: Century Support Services is a debt settlement company that has settled over $2 billion in debt. They have served over 297,000 customers and their mission is “to help our clients take control of their debt so they can live their best lives. Meeting and exceeding our client’s needs is at the center of what we do every day."

Key Takeaways

• Century Support Services is a debt settlement company, not a lender. It negotiates with your unsecured creditors to settle balances for less than the full amount you owe, then you pay those settlements from a dedicated savings account.

• On average, clients pay 68% to 75% of their total debt — including all Century fees. That means the typical client's all-in cost lands below the original balance, though savings vary by client and aren't guaranteed.

• Debt settlement can severely damage your credit. Because you generally stop paying creditors during the process, accounts can go delinquent, late fees and interest may pile up and a creditor could sue — and settled accounts may be reported as "settled for less than the full balance" for up to seven years.

• Results aren't guaranteed. Not all creditors agree to settle, and not every client completes the program — Century's own materials note outcomes vary and approval or savings can't be promised.

• Forgiven debt of $600 or more may be taxable. If a creditor cancels that much debt, you may receive a Form 1099-C and have to report the forgiven amount as income unless an exclusion such as insolvency applies — so talk to a tax professional.

• It's available in every state except West Virginia and covers only unsecured debt. Think credit card balances, medical bills and personal loans — debts backed by collateral, such as a car or home, won't qualify.

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Pros and Cons 

What are the advantages and disadvantages of Century Support Services? 

Pros 

• You get personalized attention from a specialist. The specialist will conduct a free assessment. 

• Century Support Services is rated A+ with the Better Business Bureau (BBB) and a 4.70 on Trustpilot with over 3,200 reviews.

• Accredited by the IAPDA and Association for Consumer Debt Relief (ACDR).

Cons 

• There can be uncertainty in outcomes. Century Support Services can't guarantee an outcome. 

• You can severely damage your credit. Getting debt settlement can hurt your credit and if the credit doesn’t agree to a settlement, it could lead to a lawsuit. 

• There is fee variability. Century Support Services has fee variability from state to state. 

Company Overview of Century Support Services

Century Support Services is headquartered in North Huntingdon, Pennsylvania. Their debt settlement and debt relief services are available in every state except for West Virginia. The mission of Century Support Services is “to help our clients take control of their debt so they can live their best lives. Meeting and exceeding our client’s needs is at the center of what we do every day.” Their goal is to help those consumers who have a substantial amount of unsecured debt. 

Key Features 

Debt Settlement Program 

Century Support Services relies on a few simple steps:

1. Get a free consultation. You’ll talk to a certified debt specialist to assess your financial situation and determine if you can have at least half of your debt reduced. The SmartTrack personalized program will help with a broad overview.

2. Century Support Services negotiates on your behalf. Century Support will work with your creditors to negotiate on your behalf to see if the debt can be lowered. The specialists construct a personalized plan for each consumer.

3. Resolution. Century Support Services works with each of your unsecured creditors to lower the amount you owe with each creditor. One by one, you reduce your debt. 

Type of Unsecured Debt

Century Support Services deals with the following unsecured debt:

• Payday loans

• Personal loans

• Lines of credit

• Medical bills

• Store cards

• Debt consolidation loans

• Credit card debt

How Much Could You Save With Century Support Services?

Here’s a sample scenario for how a consumer could save $5,250 over 36 months with a $550 monthly deposit. 

According to the website, those who complete the program and settle all enrolled debt, achieve approximate savings of over 40% before fees or 16% including fees over 24 to 48 months. These results aren't guaranteed and can vary from client to client.

Support and Resources 

Century Support Services will provide personalized attention with a debt specialist. You will receive a free assessment. They also have access to a debt calculator, budgeting, a debt roadmap and other guides. These resources are available on their website

Cost and Fees 

The costs and fees are not uniform across each state, though generally you'll find the industry standard to be between 15% to 25%. You'll have to contact the state you're in to determine your fees. 

• Balances may grow during the process. This is because consumers have stopped making payments to creditors, so late fees and interest will grow. 

• Forgiven debt may be taxable. If you have debt that’s more than $600, the IRS will treat this as ordinary income that can be taxable. Contact a tax professional to find out individual liability.

Eligibility Criteria

Century Support Services is available in all states except for West Virginia. Only unsecured debt like medical bills, credit card balances, personal loans can qualify for Century Support Services.

Debts secured by collateral won't qualify. Also, be aware, not all clients are able to complete the program successfully. 

How To Apply 

It's easy to apply to Century Support Relief and here's what you need to do: 

1. Submit your information. You can easily submit your information online, and you should let the specialists know how much debt you want to reduce. The assessment is free. 

2. Speak with a specialist. Your debt specialist will go over a personalized debt plan, and you’ll evaluate whether this works for you. 

3. Review your personalized plan. You can review your personalized plan through SmartTrack, Century Support Services' specialized plan. 

4. Negotiation begins. Once you have enough funds Century Support Services will start negotiating with your creditors. 

5. Debt reduction. Ideally once you pay each debt one by one, you can see your debt reduced. 

Century Support Services vs. Comparable Options 

Here's how Century Support Services compares to other paths: 

Who It's Best For 

If you're an individual who struggles with several debts and are unable to make much progress with your payments, Century Support Services may be a good option. Keep in mind you must be comfortable with creditors not agreeing with settlement and your credit score taking a dip. If uncertainty bothers you and you want a guaranteed result, you may want to look at other choices.

Final Take 

Century Support Services has a program called SmartTrack to help you keep track of your finances by each creditor's status, celebrate milestones along the way, access savings and view savings for negotiated settlements. Century Support Services is customer-focused and you’re partnered with a personalized debt specialist.

However, debt settlement isn't always the best choice for all consumers. There's a possibility creditors won't accept settlements. Additionally you risk credit damage and there are no guaranteed outcomes.

FAQs 

How does Century Support Services work? 

Century Support Services is a debt settlement company. You pay monthly deposits into an account and once you accumulate enough funds, Century Support Services will distribute it to the unsecured creditors. 

Is Century Support Services legitimate? 

Yes, Century Support Services is legitimate. The BBB was rated A+ and has serviced 297,000 customers. 

How much can you save with Century Support Services? 

Savings will vary with the amount, creditors and fees.

Will Century Support Services hurt your credit? 

Typically debt settlement will hurt your credit. You stop paying your creditors and so therefore your accounts go delinquent. Also, your credit report will have the notation, “amount settled less than you owe.”

Key Terms

• Debt settlement: A process in which a company negotiates with your creditors to accept less than the full balance owed, usually after you've set aside funds in a dedicated account.

• Unsecured debt: Debt that isn't backed by collateral, such as credit card balances, medical bills and most personal loans — the only type Century works with.

• Secured debt: Debt tied to an asset a lender can repossess, like a mortgage or auto loan, which generally doesn't qualify for settlement.

• Enrolled debt: The total amount of unsecured debt you place into a settlement program, which is what your overall cost and savings are measured against.

• Form 1099-C (Cancellation of Debt): An IRS form a creditor may file when it forgives $600 or more of debt — the forgiven amount may count as taxable income unless an exclusion such as insolvency applies.

• Charge-off: When a creditor writes a delinquent account off as a loss — it doesn't erase what you owe and can stay on your credit report for up to seven years.

• Debt management plan (DMP): A repayment plan set up through a nonprofit credit counseling agency that may lower your rates and combine payments into one bill, with the debt still paid in full.

Sources

• Consumer Financial Protection Bureau — What is a debt relief program and how do I know if I should use one?

• IRS — Topic No. 431, Canceled Debt

• IRS — About Form 1099-C, Cancellation of Debt

• Federal Trade Commission — Carrying credit card debt? How to avoid debt relief scams

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