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If you qualify for our program, the first thing Nationwide Debt Reduction will do is send you out a packet with some important documentation in it. Part of that documentation is what is called a Limited Power-of-Attorney (POA). What a limited POA is, is a document that allows our negotiators to act on your behalf if all transactions, correspondences, negotiations and settlements when it comes to settling your debt.
Prior to this you will be counseled on how much you can afford to put in towards the program each month. For example, if we can get your debt down to $15,000 and you can afford $500/month, you would complete the program in 30 months ($15,000 divided by $500). Conversely, if you could pay in $600/month you would be finished in 25 months ($15,000 divided by $600). This amount will be determined in your initial consultation with your debt counselor and is based upon the total amount of debt owed to each creditor. Your monthly payment is usually dictated to us by your debt to income ratio.
Here is why we are the Preferred Debt Relief and Debt Reduction service in America
- You can become free of credit card debt once and for all.
- You can receive immediate debt relief and no more creditor phone calls.
- We negotiate and settle your debt on your behalf.
- 15 years of helping hundreds and hundreds of clients across America.
Please call us toll free at 800-890-6658 for a Free Debt Relief-Debt Reduction Consultation.
Or use our Debt Relief Getting Started form.
So, you are making your monthly payments each month which will go into a separate trust account set up for you in your name. Once you have accumulated enough funds in your trust account to make a settlement offer to your creditors to settle the debt, one of Nationwide's professional negotiators will consummate the negotiation and settle the account on your behalf. Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt you have in the program.
Once a settlement is made, the creditor will fax over to us at Nationwide Debt Reduction what is called a "Settlement Letter." The details of the settlement are in this letter. At no time, will any funds of yours be paid in a negotiated settlement, until we have the agreed upon settlement in writing in our hand. Once we have that, our accounting department is free to wire the funds from your trust account to the creditor. You will receive that settlement letter and we will keep a copy of the letter on file in our office. Debts can be settled in two different ways; one lump sum payment or a term settlement. One lump sum is just that, one payment and the account is paid. A term settlement is a settlement which is paid over an extended period of time until the account is paid. We will repeat this process for each of the remaining creditors until all of your debts have been paid and you have no remaining obligations.
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