Ask Your Question

Angie's List Answers is the trusted spot to ask home improvement and health questions and get answers from service companies, health providers and consumers. For ratings and reviews on companies in your area, search Angie's List.

 
 
or
Submit
Top 30 Days Experts
Rank Leader Points*
1 LCD 560
2 kstreett 240
3 Guest_9020487 110
4 Guest_9190926 105
5 GoldenKid 100
6 ahowell 95
7 KnowledgeBase 95
8 skbloom 80
9 Guest_98024861 70
10 Guest_9311297 70

*Updates every 4 hours

Browse Projects By Category

Question DetailsAsked on 7/20/2012

Has anyone used the Nationwide Debt Direct service for debt settlement? And how did it work out?

This company states that they are partly financed by the gov. T.A.R.P
program.

Do you have the same question? Follow this Question


5 Answers

1
Vote

I have not used the servce, but the BBB gives them a D- rating. On "Just Answer" a lawyer replied the firm does what any consumer can do for themselves, but (the kicker) is they will take you into to 'default' in order to negotiate these new terms. This will drastically affect your credit rating.

Source: http://www.justanswer.com/consumer-pr...

Answered 5 years ago by darrylbaird

-1
Votes

The BBB is not a reliable source of Information on these type of Companies.

Nationwide will actually be better for your Credit Score in the long run, Because your paying off that debt in such a short period of time, and it doesn't show on your report as "Negotiated".

I used them to help me get out of a 20k amount that I was drownding under.

I had full controll over my money the whole time. They literally disclosed EVVVVERYTHING.

and when I was done with the program my Credit Score had actually gone up with in 6 months.

I was very very pleased with the customer service and more than satisfied with the end results.

Answered 3 years ago by dpena

2
Votes

I joined the program over a year ago and it has been the absolute worst experience of my life. First of all, they take their money first, not even contacting your creditors give them a heads up like they said they would. While this is going on, your credit is going to collections, and your ballences are going up. They only pay one creditor off at a time.As a matter of fact, Its been a year and a half and no one has been paid off yet. I'm being taken to court by discover. No one ever calls me back. I can't get transferred to the legal department and when I finally got Ginger the legal dept superviser to call me about my hearing, I've left 4 voicemails w no returned calls and my hearing is in 2 weeks. Why the hell did I pay these xxxx 2,500 dollars. Run away fast


Answered 1 year ago by PinkFloyd9

0
Votes

This company is not financed by any type of TARP or any government prorgram. They claim the be a "federally regulated balance reduction company" and work with the "new credit card laws that were passed and the credit card reform act". They act is almost 10 years old and they do not work with it. Basically, upon enrolling with a saleperson over the phone you will be advised to not use your cards anymore, the account will close, and will repor late payments until settled. For the next 7 to 10 years those accounts will report as "settled" or "paid less than" which will continue to hurt your credit. The service fee you pay the company ranges from 18 to 25% depending on which state you are in and you are setup to payback 50% of your enrolled balances, or 75% of your total debt.. Nationwide Debt Direct no longer enrolls new clients as of the end of Septemeber, 2017 instead they are enrolling accounts under the company Nationwide Debt Reduction Services under the same principals. They claim that with your first 6 months of payments being on-time that you could potentially qualify for a loan from Sky Bridge Fianancial (another one of their companies located in the same building) for the reduce amount, but with your credit taking so big of a hit, they slap you with a very high interest rate and you'll end up having to come up with a down payment and it will take you even longer to get your debt paid off. Not only that but should you decide not to take the loan, you run the chance of being sued by your creditors. Naitonwide Debt claims they will handle it for you but once your creditor sues you they garnish your wages and there's nothing the company can do except still take your money and continue to charge you. Unfortunately, they do not reveal the entire truth about debt settlement programs and have misled thousands! If you decide to do this program, do a lot of research before going with any company affiliated with Nationwide Debt Direct or Nationwide Debt Reduction Services.

Source: https://nationwidedebtreductionlawsui...

Answered 2 months ago by dvaughn

0
Votes

ITS A VERY, VERY BAD IDEA to use NATIONWIDE DEBT REDUCTION SERVICES. The program is designed so you pay HIGH fees and it will RUIN YOUR GOOD CREDIT! The company is run by a greedy man who drives his new Bentkley to work, by the name of Peter Jacoves. This man slave drives his employees through the use of intimidation and embarassment.

Answered 25 days ago by RF




Related Questions


Terms Of Use
|
Privacy Policy