Debt Reduction

What does Nationwide Debt Solution do?

We negotiate mutually agreeable settlements between our clients and their creditors one at a time. We do not make monthly payments unless they are part of a settlement agreement. Each account is usually settled in one lump sum. We can usually settle the account for 60-70 cents on the dollar including our fees.

What is the cost of your program?

There is a one-time $499 set-up fee that is paid at the beginning of the program. All other fees are included in the monthly series of payments that we will quote you. The Retainer fee is based on your ability to pay. The Settlement fee is based on a percentage of what we save you, which means that we have a big incentive to save you as much as possible. Other than the $499 set-up fee, all other fees are included in the monthly payments you will be making, which are usually much less than the combined minimum payments on your credit cards.

Who is eligible to participate in your program?

The vast majority of applicants are accepted into the program. Based upon your completed application, we will review your financial picture and make a preliminary determination of your eligibility. Many people with perfect credit history are often under tremendous financial strain, and could become eligible. The corporate office typically makes its underwriting decisions within two working days of receiving your package.

Which of my debts can I include in your program?

We are able to deal with all unsecured debt, for example: credit card bills, medical bills, repossessed car payments etc; student loan workouts, mortgage workouts/negotiations/modifications; as well as tax and legal referral network.

What happens to my creditors while I am on the program?

Instead of your money going to your creditors each month, we will transfer the money from your personal account over to your settlement account per the schedule you create with us. You will continue to accumulate money in the settlement account until you have the money for us to negotiate a settlement.
The whole idea is that instead of paying the minimum payment or less each month and falling further and further behind, you will take the money you can afford and use it for lump sum settlements with you creditors.

Will the creditors sue me? Will they garnish my wages?

While it is true that anytime someone falls behind on his or her payments the creditor has a right to sue. However, in our experience most creditors do not take this course of action. Most are willing to negotiate the amount owed to them. Because there is a chance that a creditor may take this action, we have made arrangements with a legal service to have a law office available to assist you with any legal issues arising from any debt we are negotiating.
Also, we can still settle your debt if a creditor decided to take this action, we just settle with the attorney rather than the original creditor. The legal program is in place to protect your rights and buy time for us to arrive at a settlement. It is important to note that Nationwide Debt Reduction does not provide any legal services. We are associated with a legal service provider that is there to help make sure you get adequate legal representation in the event a creditor does take legal action. The legal service is included with our program at no additional cost to our clients.

How do I contact Nationwide if I have questions about my account?

Your can access your account at anytime online 24 hours a day, 7 days/week. In addition, if you need to contact our Customer Service Department to have specific questions answered, your can call our toll-free number, or simply send us an e-mail with your question. That address is service@nationwidedr.com.

Where is my money held as it accumulates prior to settlement?

After the retainer fees are paid, the funds of each client accumulate in a trust account with major FDIC Insured financial institution in California. Each client can access their account information on-line, 24 hours per day/ 7 days per week.

Can I put more than my scheduled payment into my account?

Yes you can. In fact, the faster the balance in your account accumulates, the sooner we can make offers to your creditors and the sooner you will become debt-free. Larger monthly payments or lump sum payments would accomplish that goal.

Do you guarantee specific results for your clients?

We guarantee that the amount of your monthly payment will not go up after you have been accepted into the program, unless you add more debt to the program after the fact. The time frame in which you will complete the program is an estimate only, based on previous experience. However, since all accounts are negotiated individually, we never know in advance exactly how long it will take. If you complete the program in less time than originally estimated, which often happens, the payments will stop. After the final settlement is made, any leftover amount in your account belongs to you and will be returned.

Why couldn't I just negotiate with my creditors without the services of Nationwide?

In most cases, creditors will not settle for less than the balance owed when dealing with the borrower. When they do, the settlement will probably not be as low as it would be with our negotiators. They know that most people will give in to their pressure and threats and they are prepared to make it difficult. As a third party, we can step in on your behalf and achieve better results. In addition, we help absorb the harassment that often comes with being late and we put you on an affordable plan giving you the discipline necessary to achieve your goals.

What effect will your program have on my credit?

Being on our program will have a negative effect on your credit. However, upon completion of the program your credit is restored as follows: Part of our negotiation process is that the creditor must agree in writing that your account is paid or paid in full, with no further obligation on your part. We can use this to update your credit reports if the creditor fails to do so.