Most folks, once they learn more about debt settlement and debt relief programs then ask: Who is eligible for a debt settlement program? The answer is that approximately 93% of all applicants that apply for a debt management plan are accepted into the program. The other 7% are not. The reasons for this vary, however the biggest drawback to being accepted into our program is the persons or companies debt to income ratio. What that simply means is; what is total dollar amount you have coming into your household or company each month, minus what your monthly fixed income costs are each month?
Let’s take a brief look. Let’s say you have a household income of $3,000/month.
- You have a mortgage or rent of $1,300/month
- You have 2 car payments of $300/each
- Your utility bill is about $250/month
- Your auto/truck insurance payment is $175/month
- Your groceries is $600 month
- Your cell phone is about $100/month
- Your gasoline to get back and forth to work runs you $75/week.
- Your health insurance each month is $140
- Your Internet/cable or satellite is $150/month
- Clothing and misc household items are $200/month
- Your emergency fund and/or household repairs comes to $100/month
Would you qualify? To begin with, we have not even looked at your debt yet. All we have done is looked at your debt to income ratio. In this example, your income is $3,000/month. Your fixed costs each month come out to be $3,665 per month. In this example, you would not qualify for our program, as you are $665 short each month, and this is BEFORE we even start talking about the credit card debt.
Therefore, your application is probably the most important part of the equation in deciding whether or not you would qualify for our program. On the other hand, if you had an income each month of $4,500/month you would have no problem qualifying for this program. Again, approximately 93% of all applicants do qualify, based upon your completed application.
Therefore, if you would like to find out where you stand, ask us for a free no obligation quote today. You, too, could be saving hundreds if not thousands of dollars in having us negotiate and settle your debt. Finally, many people with a perfect credit history are often under tremendous financial strain, yet might not even qualify for our program.
If you are interested in learning more about a Christian debt settlement program, please call Nationwide Debt Reduction, Inc. at 1-800-890-6658 between 8:00 am and 5:00 pm PST (Pacific Standard Time). Our offices are located in the Phoenix metropolitan area and have professional debt advisors available to answer any of your questions regarding your specific circumstance.