FAQ
We have tried to be complete but succinct on our site-but maybe there are still a few
questions. See if any of your questions are answered below, and if not, drop us a line.
Q: Who is qualified for our program?
Q: How do I get started?
Q: When will you begin settling my debt?
Q: How does debt negotiation compare to bankruptcy?
Q: Does your program have a negative effect on my credit?
Q: Do I have to include all my debts into a debt settlement program?
Q: What if my creditors won't settle?
Q: How long does debt negotiation take to complete?
Q: Do all of my debts qualify for the program?
Q: Do I have any tax ramifications for the amount of debt settled?
Q: Will I continue to get calls and correspondence from my creditors/collectors?
Q: Will interest and late charges continue to accrue on my debts while I am on the
program?
Q: How is debt settlement different from debt consolidation?
Q: What is the approval process for our debt negotiation program?
Q: Why should I use your debt settlement program as opposed to handling it myself?
questions. See if any of your questions are answered below, and if not, drop us a line.
Q: Who is qualified for our program?
Q: How do I get started?
Q: When will you begin settling my debt?
Q: How does debt negotiation compare to bankruptcy?
Q: Does your program have a negative effect on my credit?
Q: Do I have to include all my debts into a debt settlement program?
Q: What if my creditors won't settle?
Q: How long does debt negotiation take to complete?
Q: Do all of my debts qualify for the program?
Q: Do I have any tax ramifications for the amount of debt settled?
Q: Will I continue to get calls and correspondence from my creditors/collectors?
Q: Will interest and late charges continue to accrue on my debts while I am on the
program?
Q: How is debt settlement different from debt consolidation?
Q: What is the approval process for our debt negotiation program?
Q: Why should I use your debt settlement program as opposed to handling it myself?
Q: Who is qualified for our program?
A: A debt settlement program is certainly not for everyone. Qualified candidates are those
who have a legitimate financial hardship, which has caused them to fall behind on their
payments to creditors, or will cause them to fall behind in the near future. We will not
welcome anyone into the program that has the intentions of defrauding, deceiving, or
swindling their creditors. We only represent consumers who are truly in need of our
services and stand to significantly improve their financial situation.
Q: How do I get started?
A: Complete the quick request form online. A debt consultant will review your information
and call you to review your situation. After a debt consultant has reviewed your financial
situation, they will determine if you are qualified for our program, and provide you with the
next step to get started.
Q: When will you begin settling my debt?
A: Upon receiving your first payment, our attorneys will immediately go to work by
contacting your creditors and debt collectors to inform them that they are now handling
your accounts. They will request a validation of your debts to locate the possible billing
inaccuracies and miscalculations on your account. However, we can only settle a debt
once all of the funds are available in your settlement account.
A: A debt settlement program is certainly not for everyone. Qualified candidates are those
who have a legitimate financial hardship, which has caused them to fall behind on their
payments to creditors, or will cause them to fall behind in the near future. We will not
welcome anyone into the program that has the intentions of defrauding, deceiving, or
swindling their creditors. We only represent consumers who are truly in need of our
services and stand to significantly improve their financial situation.
Q: How do I get started?
A: Complete the quick request form online. A debt consultant will review your information
and call you to review your situation. After a debt consultant has reviewed your financial
situation, they will determine if you are qualified for our program, and provide you with the
next step to get started.
Q: When will you begin settling my debt?
A: Upon receiving your first payment, our attorneys will immediately go to work by
contacting your creditors and debt collectors to inform them that they are now handling
your accounts. They will request a validation of your debts to locate the possible billing
inaccuracies and miscalculations on your account. However, we can only settle a debt
once all of the funds are available in your settlement account.
Q: How does debt negotiation compare to bankruptcy?
A: Bankruptcy is an option that is generally treated as a last resort. It will remain on your
credit report for 10 years and you can be denied employment, state licenses, insurance,
and tenancy of an apartment. Most importantly, you can be denied virtually any type of credit
with a bankruptcy on your record. In addition, since the bankruptcy laws have changed
recently, it is even more difficult to qualify for Chapter 7, the method of liquidating assets to
eliminate your debt. You will not be allowed to discharge alimony, child support, taxes,
student loans, judgments, or any loan on the bankruptcy petition. Under Chapter 13
bankruptcy, your debt payments are simply restructured weaning you will still have to pay a
percentage of your debts while you suffer the consequences of bankruptcy. Debt
settlement is an attractive alternative to bankruptcy. It provides a convenient method to
save money to help pay your debts in the near future. You'll be able to
restore your credit much quicker through a settlement program.
Q: Does your program have a negative effect on my credit?
A: Any method used to improve your debt situation other than making scheduled payments
to your creditors will negatively affect your score. There are too many unknown variables to
predict how much your score will actually decrease, however the intention of this program
is to settle your debt, not to improve your score. Once the program is completed and your
credit report reflects less debt or none at all, it should be easy to increase your score at
that time. Keep in mind that once your debts have been settled, your credit will begin to
increase again automatically, and if you utilize our recommended credit repair program,
your credit can be improved dramatically in a very short period of time.
Q: Do I have to include all my debts into a debt settlement program?
A: No. You may choose which debts you would like to enroll in the program. Your debt
consultant will help you decide the best plan of action based on your current financial
situation.
Q: What if my creditors won't settle?
A: It is extremely rare for a creditor not to settle. Due to the fact that you have a Legitimate
financial hardship, creditors realize that a settlement is in their best interest because if you
file for bankruptcy, they can be left with nothing. Creditors lose billions of dollars per year
from consumers filing bankruptcy.
A: Bankruptcy is an option that is generally treated as a last resort. It will remain on your
credit report for 10 years and you can be denied employment, state licenses, insurance,
and tenancy of an apartment. Most importantly, you can be denied virtually any type of credit
with a bankruptcy on your record. In addition, since the bankruptcy laws have changed
recently, it is even more difficult to qualify for Chapter 7, the method of liquidating assets to
eliminate your debt. You will not be allowed to discharge alimony, child support, taxes,
student loans, judgments, or any loan on the bankruptcy petition. Under Chapter 13
bankruptcy, your debt payments are simply restructured weaning you will still have to pay a
percentage of your debts while you suffer the consequences of bankruptcy. Debt
settlement is an attractive alternative to bankruptcy. It provides a convenient method to
save money to help pay your debts in the near future. You'll be able to
restore your credit much quicker through a settlement program.
Q: Does your program have a negative effect on my credit?
A: Any method used to improve your debt situation other than making scheduled payments
to your creditors will negatively affect your score. There are too many unknown variables to
predict how much your score will actually decrease, however the intention of this program
is to settle your debt, not to improve your score. Once the program is completed and your
credit report reflects less debt or none at all, it should be easy to increase your score at
that time. Keep in mind that once your debts have been settled, your credit will begin to
increase again automatically, and if you utilize our recommended credit repair program,
your credit can be improved dramatically in a very short period of time.
Q: Do I have to include all my debts into a debt settlement program?
A: No. You may choose which debts you would like to enroll in the program. Your debt
consultant will help you decide the best plan of action based on your current financial
situation.
Q: What if my creditors won't settle?
A: It is extremely rare for a creditor not to settle. Due to the fact that you have a Legitimate
financial hardship, creditors realize that a settlement is in their best interest because if you
file for bankruptcy, they can be left with nothing. Creditors lose billions of dollars per year
from consumers filing bankruptcy.
Q: How long does the debt settlement program take to complete?
A: The settlement time on each account will differ depending on the amount of debt in
question. Some accounts may take up to 12 months to settle, while others may take much
less time depending on the status of the account. Remember, although an agreement
may be reached with your creditor in just a few months, the settlement will not take place
until the monies are available in your settlement account.
Q: Do all of my debts qualify for the program?
A: The program is designed for unsecured debts. These include credit cards, personal
loans, department store cards, medical bills, gas cards, past due utility bills, cash call
loans, furniture loans, jewelry loans, auto loans (only if it's a repo), etc. The program will
not work for home loans, equity loans, education loans, government loans, income tax
payments, secured loans, etc. Please complete our quick request form for a free
consultation and a complete list of qualifying debt.
Q: Do I have any tax ramifications for the amount of debt settled?
A: Creditors are required to report canceled debts exceeding $600 to the IRS and you are
supposed to report the same as income on your annual tax return. However, if you were
insolvent at the time, the IRS permits you to write off any income from canceled debts by
the amount you are insolvent. Therefore, unless you have a positive net worth, then you
ordinarily will not be obligated to 'pay taxes on the forgiven amounts. Also, if you do not
qualify as insolvent, non principal amounts such as fees accumulated on the account may
be deducted from the amount reported. Refer to IRS Publication 908.
A: The settlement time on each account will differ depending on the amount of debt in
question. Some accounts may take up to 12 months to settle, while others may take much
less time depending on the status of the account. Remember, although an agreement
may be reached with your creditor in just a few months, the settlement will not take place
until the monies are available in your settlement account.
Q: Do all of my debts qualify for the program?
A: The program is designed for unsecured debts. These include credit cards, personal
loans, department store cards, medical bills, gas cards, past due utility bills, cash call
loans, furniture loans, jewelry loans, auto loans (only if it's a repo), etc. The program will
not work for home loans, equity loans, education loans, government loans, income tax
payments, secured loans, etc. Please complete our quick request form for a free
consultation and a complete list of qualifying debt.
Q: Do I have any tax ramifications for the amount of debt settled?
A: Creditors are required to report canceled debts exceeding $600 to the IRS and you are
supposed to report the same as income on your annual tax return. However, if you were
insolvent at the time, the IRS permits you to write off any income from canceled debts by
the amount you are insolvent. Therefore, unless you have a positive net worth, then you
ordinarily will not be obligated to 'pay taxes on the forgiven amounts. Also, if you do not
qualify as insolvent, non principal amounts such as fees accumulated on the account may
be deducted from the amount reported. Refer to IRS Publication 908.
Q: How is debt settlement different from debt consolidation?
A: Debt settlement is a program that will help you save money to pay your unsecured debts
in the future. Debt consolidation, on the other hand, is a loan that is designed to simply
reduce your interest rates among your creditors. Depending on the amount of debt that you
owe, it may take literally decades to clear your name, even with a reduced interest rate. Not
to mention, consolidation could also negatively affect your credit score.
A: Debt settlement is a program that will help you save money to pay your unsecured debts
in the future. Debt consolidation, on the other hand, is a loan that is designed to simply
reduce your interest rates among your creditors. Depending on the amount of debt that you
owe, it may take literally decades to clear your name, even with a reduced interest rate. Not
to mention, consolidation could also negatively affect your credit score.
TOLL FREE 877-POOF-751 (877-766-3751)
NATIONWIDE DEBT SERVICES LLC
Q:..Will I continue to get calls and correspondence from my creditors/collectors?
A: In regards to the creditors, they have the right to attempt to collect on the debts owed to
them. They will receive several letters from our attorneys including a debt validation letter
and a cease and desist letter, which requests that all further communication in reference to
your account be directed to them. Often times, creditors will continue to contact you, which
is completely legal. However, once your debt is sold to a collection agency, the-Fair Debt
Collection Practices Act is implemented meaning that it would be illegal Tor a collector to
communicate with you in connection with the collection of any debt. A debt collector may not
harass or abuse any person in connection with the collection of a debt:
Q: Will interest and late charges continue to accrue on my debts while I am on the
program?
A: Most creditors will continue to charge fees and interest until the account is paid.
However, when our debt negotiators work out a settlement offer, we attempt to negotiate
from the original principal amount owed, not from the amount after fees and interest.
Q: What is the approval process for your debt negotiation program?
A: After we analyze your situation, you will either be accepted into our debt negotiation
program or denied. Nationwide Debt Services LLC program is not for everyone. If you are in
debt and serious about resolving your debts, you should take the first step and contact us
today for a free consultation. We will advise you whether or not you qualify for our debt
negotiation program and will help you choose the best option for you and your individual
circumstances. If you are approved, Nationwide Debt Services LLC takes great pride in our
work and making sure our clients are debt free. Call us at 1.888-poof-751 for your free debt
evaluation.
Q: Why should I use your debt settlement program as opposed to handling it myself?
A: We have experienced Law Firms and attorneys that fight for your rights. We will be able
to negotiate a better settlement with the creditors, which are usually averse to negotiating
with the consumer directly. The attorneys have extensive knowledge in Federal and State
Consumer Laws and exercise the Fair Credit Reporting Act, Fair Credit Billing Act, as well
as the Fair Debt collection practices Act to help settle your debt.
A: In regards to the creditors, they have the right to attempt to collect on the debts owed to
them. They will receive several letters from our attorneys including a debt validation letter
and a cease and desist letter, which requests that all further communication in reference to
your account be directed to them. Often times, creditors will continue to contact you, which
is completely legal. However, once your debt is sold to a collection agency, the-Fair Debt
Collection Practices Act is implemented meaning that it would be illegal Tor a collector to
communicate with you in connection with the collection of any debt. A debt collector may not
harass or abuse any person in connection with the collection of a debt:
Q: Will interest and late charges continue to accrue on my debts while I am on the
program?
A: Most creditors will continue to charge fees and interest until the account is paid.
However, when our debt negotiators work out a settlement offer, we attempt to negotiate
from the original principal amount owed, not from the amount after fees and interest.
Q: What is the approval process for your debt negotiation program?
A: After we analyze your situation, you will either be accepted into our debt negotiation
program or denied. Nationwide Debt Services LLC program is not for everyone. If you are in
debt and serious about resolving your debts, you should take the first step and contact us
today for a free consultation. We will advise you whether or not you qualify for our debt
negotiation program and will help you choose the best option for you and your individual
circumstances. If you are approved, Nationwide Debt Services LLC takes great pride in our
work and making sure our clients are debt free. Call us at 1.888-poof-751 for your free debt
evaluation.
Q: Why should I use your debt settlement program as opposed to handling it myself?
A: We have experienced Law Firms and attorneys that fight for your rights. We will be able
to negotiate a better settlement with the creditors, which are usually averse to negotiating
with the consumer directly. The attorneys have extensive knowledge in Federal and State
Consumer Laws and exercise the Fair Credit Reporting Act, Fair Credit Billing Act, as well
as the Fair Debt collection practices Act to help settle your debt.
Frequently Asked Questions
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NATIONWIDE DEBT SERVICES LLC
TOLL FREE 877-POOF-751 (877-766-3751)