Questions to ask Yourself
Throughout the years, we have cultivated relationships with major banks, collection agencies, and collection attorneys. Debt settlement serves as a strategic tool in the collection industry, and we have set specific guidelines and parameters at different stages of the collection process, enabling agencies to settle at a lower percentage than in other scenarios. For instance, achieving a lower settlement percentage might pose more difficulty if over 33% of your balance comprises cash advances compared to actual charges. Certain creditors may entertain settlement or negotiation solely under stringent financial hardship conditions.
Here are some questions crafted to help you make an informed decision about choosing the right debt settlement company. Without knowing what to look for, it’s easy to fall victim to scams.
Salespeople receiving commission may omit crucial information. If their response is affirmative, consider it a red flag!
National Fidelity Financial representatives do not receive commission-based compensation. Their compensation is tied to providing you with honest answers and effective solutions for your debt situation.
Do not settle for anything less than a full 30 days. Anything shorter should raise a red flag!
National Fidelity Financial offers a complete 30-day money-back guarantee if you are dissatisfied with our service for any reason.
It is not feasible to stop all creditor calls. If a company claims they can, consider it a red flag!
National Fidelity Financial will make every effort to minimize creditor calls, but we cannot guarantee the complete elimination of all calls.
Settlement companies do not issue monthly payments to your creditors. If a company asserts otherwise or creates the impression that they do, consider it a red flag!
Creditors are only paid after a negotiated settlement is reached and mutually approved.
The answer to this question is yes; it is a possibility. If a company provides any other response, consider it a red flag!
Even if a lawsuit is filed, National Fidelity Financial will persist in negotiating a settlement.
The answer to this question is yes. All debt settlement programs will have a negative impact on your credit report. If a company says anything different, consider it a red flag!
Your primary concern should be to alleviate your debt. National Fidelity Financial’s foremost objective is for you to become debt-free as swiftly and cost-effectively as possible.
Typically, your initial settlement is accomplished within the first 12 months of your program, contingent on the size of the debt and your saving capacity. If it takes longer than 12 months, view it as a potential red flag!
Numerous National Fidelity Financial clients start receiving settlement offers in as little as 90 to 180 days, and sometimes even sooner.
Debt settlement is not an exact science, and various variables make it challenging to offer precise time frames and figures. Be cautious of companies that promise specific outcomes just to secure your business—view any effort to provide exact information as a potential warning sign!
National Fidelity Financial offers estimates only for time frames and costs. These estimates are derived from current company averages.
Indeed, the forgiven debt amount may be deemed a taxable event, and this aspect should be clearly explained. If it is not, view it as a warning sign!
A savings of over $600 may or may not be taxable, depending on your individual and unique situation.
Your funds ought to be secured in an FDIC insured trust account held by a third-party escrow company. If a company suggests saving your own money or sending funds directly to them, consider it a warning sign!
National Fidelity Financial suggests using the escrow services offered by Global Client Solutions. Your funds are kept in an FDIC insured trust account in your name, providing you with access at all times. Always remember, it’s your money.