Dealing with debt can be a daunting task. However, it is a task that most people have to deal with at least once in their lives. Getting out of debt is possible by yourself, but there are times when you may need the help of a debt specialist.
When you are attempting to control your debt on your own, your best bet is to reach out to each of your creditors and request a change in interest rates, and/or monthly payments. But what happens when your debt has spiraled out of control, and you now have several debt collection agencies breathing down your neck?
That’s when you call on the help of the experts like Nationwide Debt Reduction Services. At NDRS, they create a plan that is unique to your circumstances. Dealing with debt is never a one size fits all solution. Everyone has a different type and amount of debt. As well as different circumstances surrounding the ability to pay and in what amounts. That’s why NDRS is a great option for everyone.
One thing that I have noticed that sets NDRS aside from their competitors, is that there are no fees for their service until AFTER you settle your debt. So how does it work?
First, you must qualify for debt settlement. According to
that means that you must owe some amount of unsecured debt, AND be experiencing some type of financial hardship that is preventing you from paying those debts.
After qualifying for the services, you will receive a consultation to assess your financial situation, as well as your goals, at which point a personalized plan will be put together. Here is the step by step process, as explained by the National Debt Reduction Services website:
- We will work with you to determine the appropriate monthly dollar amount you can afford to save towards negotiated resolutions of your enrolled debt. This monthly savings amount is usually much less than your current minimum payments and goes toward resolving your debt (not simply paying credit card interest charges). These monthly funds will be saved every month in a new dedicated savings account that you set up and control. The only fees we collect are those associated with debts we actually resolve for you. Once we determine an affordable monthly program payment that meets your budget, you will get an estimate of your program length. Typical programs are 36 months, although individual programs may vary.*
- Once you enroll in the program, we become your credit negotiator, working on your behalf. You are requested to avoid using credit while on the program so that we can work to resolve your debt.
- After funds have accrued sufficiently, we contact your creditors to negotiate resolutions on your enrolled debts. During the settlement and resolution phase of your program, we stay in contact with you to keep you apprised of the situation. You will have the opportunity to approve each settlement. Please note: Actual time to reach settlements varies by program. We are typically in a position to negotiate a successful resolution once you have saved at least 30% of an enrolled account’s balance.
- Once a settlement is successfully negotiated with a creditor, you will be asked to authorize the settlement. After the settlement is agreed to and payment is made towards that settlement, you pay only the fee associated with that individual debt.
- When the full settlement amount is paid, your creditors may report to the credit rating bureaus that your accounts are “settled in full,” “settled,” “paid,” “paid by settlement”, or “settled for less than the full amount.” Either way, you no longer owe on this account and we will continue working hard on your other enrolled debts until they are all resolved!
As you can see, the professionals at NDRS not only have your short-term goals in mind; but your long-term goals as well. They understand that things happen, and don’t judge anyone for the debt that they have accrued. Rather, they see it as an opportunity to not only help but teach. You should never be afraid to reach out for help when you have found yourself in the seemingly neverending black hole of debt. Dealing with debt doesn’t have to be a headache, and you can avoid getting back into it.
There are tons of resources available for learning about dealing with debt. So in addition to giving NDRS a call, take a look at more articles that are available online; this one from the Federal Trade Commission is a great place to start.
*This is a sponsored post*