The NationwideFinancial-Services.org Program
How does your program work?
Following enrollment you set-aside and save a fixed amount of money each month. The amount you save each month is determined during your initial consultation and is based on the total amount of debt you enroll. As your savings builds, we work with your creditors and collectors to reach agreeable settlements on each of your accounts. Once a creditor settlement has been negotiated you will be contacted to authorize it prior to payment. This process repeats until you are debt free!
Who qualifies for the program?
The program is designed for anyone in financial hardship who is falling behind or having problems making minimum payments to creditors on their unsecured debts. You must have a minimum of $10,000 in total unsecured debt and a minimum of $500 of unsecured debt with each individual creditor.
How long does the program take?
The average time it takes for each client is 24 48 months; however, it really depends on your ability to save the funds that will satisfy the amount of your settled debts. The program length is an estimate and not a guaranteed time frame.
Are the service fees paid up front?
No! We work through your accounts one by one until they are all settled, collecting our fee as they go. As a general principle we don’t collect any fees until an account has been settled.
Do I have to include all my accounts in the settlement program?
We advise enrolling all qualifying unsecured debt accounts into the program. If you leave an active credit card outside of the program it will be more difficult to negotiate with your creditors.
Will I be totally debt free after the program?
We will do our best to negotiate satisfactory settlements on every account that is enrolled in our program. Unfortunately, our program does not have any effect on debts that remain unenrolled. The most important advice we can give our clients is to adhere to the program payment plan and work towards an on-time graduation.
What types of debt can be enrolled in the program?
NationwideFinancial-Services.org debt settlement programs can enroll most credit cards, store cards, medical bills, and other unsecured debts. We cannot assist with collateralized debts such as mortgages, debt held at federal credit unions, and federal student loans.
Do you make monthly payments to my creditors?
No, we do not make monthly payments to your creditors. The purpose of the debt resolution program is to negotiate down the balance of your debts.
Do I have to keep paying my creditors?
It is our understanding that you have enrolled in this program because you are in financial hardship and are unable to make payments to your creditors. If you are able to pay your creditors every month, then it is in your best interest to do so and this program may not be the right program for you.
Can you stop my creditors from calling me?
Receiving calls is normal when you are in hardship and behind on your payments. It would happen whether you are on the program or not. A creditor has a right to call you to collect payment, and there is no way for anyone to make the calls stop completely. However, we provide all our clients with information in our Welcome Package which will help in dealing with collector calls.
Are there rules regarding creditor contact?
All collectors must abide by the FDCPA guidelines. These are rules put in place to make sure you are not being harassed. If you feel this is happening, make sure to call our account manager team. If we determine collectors are violating collection law, we can transfer you to one of our partner attorneys who specializes in debtor’s rights.
What do I say if a creditor or collector calls?
Since you are in true hardship and cannot afford to pay your creditors, the best thing to do is to inform them that you wish for them to send all communications to you in writing. There is no law that says you have to talk with your creditors. The main thing you should do if you are being bothered by a collector is call our account manager team and they will explain the best way to handle the calls.
What should I do with letters I get from my creditors?
You can send us any mail you receive however, we prefer it faxed or emailed.
When do you start negotiating?
Each situation is unique; therefore the time in which we begin to negotiate settlements will be different depending on various factors (amount of debt, stage of delinquency, type of creditor, your income, etc). In some cases, we will contact them right when the program begins and in some cases we will contact them some months later. Our staff is trained in knowing when the best time to initiate negotiations on the account is. Keep in mind that if we call too soon, it can have a negative impact and cause escalated collection activity.
Will all my debts be settled at 45%
Individual results always very. Your monthly savings plan is based on the average settlement. If your total settlements average lower than the initial estimate, then you will have money left over in your account or you will finish the program sooner. However, if your total settlements average higher than the initial estimate, then you will either be in the program longer or be asked to add additional funds to your account.
Why should I use NationwideFinancial-Services.org to settle my debts as opposed to handling it myself?
You can absolutely attempt to settle debts on your own. The downside of self-settlement is that you likely have no experience in dealing with creditors and may be unable to optimize a settlement strategy
Is my trust account the same as a regular bank account?
The account you open is with an FDIC insured bank account and it is administered by Debt Pay Gateway. Keep in mind that the only way to access it will be through the administrator however you will receive bank statements on a regular basis.
How are settlements authorized?
Once we have reached an acceptable settlement with one of your creditors, we will fax, mail or email you the settlement offer to get your final approval. Whether you accept or decline will be up to you.
Do I have online access to my account?
Yes, you will receive a Welcome Pack from Alleviate Financial Solutions which provides your account username & password.
Can I be sued by my creditors?
Yes, it is possible to be sued by one of your creditors. If you receive a summons or any other legal document from any of your creditors, make sure that you fax it to us immediately. While we are not able to stop a creditor from suing you, we will do everything in our power to expedite settlement and reduce any stress or problems associated with litigation.
What happens if I get sued by my creditors?
If you receive a summons or any other legal document from any of your creditors, make sure that you fax it to us immediately. We have established a relationship with a nationwide law firm who will handle your case and assist with expedited negotiations.
How often do your clients get sued?
It is impossible to accurately pinpoint the exact chances of being sued because each person’s situation is different however in our experience only a small handful of clients end up in court. The chances of litigation vary depending on your income, employment, hardship, and many other factors.
How may a debt collector contact me?
A debt collector may contact you in person, by mail,telephone, or fax.
What are my options if my creditors violate collections laws?
You have the right to bring suit against a collector in certain cases. We will be monitoring your creditor contact and evaluating the correspondence sent to you. If a law has been broken we have a relationship with a debtor’s rights firm that will file an action for you.
What must the debt collector tell you about the debt?
A collector has five days after initial contact to provide written notice detailing the debt owed, creditor, and what you can do if you feel they have made an error.
May a debt collector contact anyone else about my debt?
A collector may only contact third parties to find out how to contact the debtor. They may not identify themselves to third parties as debt collectors nor may they indicate that you are in debt.
Does debt settlement have a negative impact on my credit?
Yes. The debt resolution program will have a negative impact on your credit. Credit bureaus are notified throughout the settlement process. If you are experiencing a financial hardship your priority should be to pay off your debts as this will set the foundation for rebuilding your credit.
Do you offer credit repair services?
No, legitimate negative marks on a credit report cannot be removed. Your credit rating will begin to heal once the program is completed, provided your credit history is good on all the other accounts on your report.
Are there any tax consequences?
Under IRS rules creditors are allowed to report settled debts exceeding $600 as a loss. In this event the settlement must be reported by you as income. You should consult with your tax preparer for specific advice on the tax consequences of forgiven debt and how it applies to your financial situation.