Am I a good candidate for a debt settlement services is probably the most asked questions to folks who have a financial hardship and also have at least $20,000 in unsecured debt. In addition, they have to have a strong desire to become completely debt-free. In addition: debt negotiation, debt consolidation, and/or debt counseling services may affect your credit rating. If you have this criteria you, the answer to the question of am I a good candidate for debt settlement services is YES!
1. Do you have a genuine commitment to avoid bankruptcy? Almost every debtor attempting to negotiate with a bank threatens bankruptcy. A proper debt negotiation strategy takes a contrary position, promising that if the creditor agrees to a workable arrangement bankruptcy can be avoided. This promise is integral to the process, and demonstrates a good faith commitment towards alleviating the debt.
2. Do outstanding credit card balances comprise the majority of your debt? Unsecured credit card debt allows the greatest leverage when negotiating, generally providing the steepest discounts and greatest success in reducing overall debt. Department store charge cards, financing contracts, and miscellaneous bills are also negotiable, generally with less predictable results. Based on the background of the case, medical bills may also be negotiated, most often with good results. Government sponsored student loans cannot be negotiated.
3. What kind of monthly budget should I expect to have? If you are up to date with your monthly payments, you can expect to pay less than what you have been paying on all of your debt combined, most of which has been going towards interest. Depending on the length of your program, a monthly budget of around $125-$200 should be allotted for every $10,000 of debt you have.
4. Nationwide Debt Reduction is a Christian debt settlement program. As such, you are required to have a legitimate financial hardship for this program. The program is intended for people that:
- have a legitimate financial hardship
- are in default or about to be in default on their unsecured debts
- cannot afford or are barely making their minimum monthly payments
- have no ability to make their payments in the future
- feel bankruptcy is their only other option, but don’t want to go down that road
Examples of a legitimate financial hardship are a loss of income, medical emergency, divorce, or death of a member of the household who provided financial assistance.
If you have any questions about your ability to qualify for our program, please call toll free 1-800-890-6658 and talk to a professional debt advisor. You will be glad you did!