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My Bank Says They Won’t Work With Nationwide Debt Direct. – Bill

“Dear Steve,

I noticed you commented before about Nationwide Debt Direct. I had a preliminary talk with them today. They came up with a ballpark monthly payment that, they say, would pay off my grand amount if they can successfully negotiate lesser balances with the credit cards.

But what worries me is that they need me to set up a separate bank account for this, and they and I would both have access to the account. They would be paid by making withdrawals from the account. Is this carte blanche a red flag? It would seem to be.

I asked Chase about them, and Chase says they don’t business with them, but wouldn’t give a reason, other than the obvious comment that if they did do business, my balance would shrink.

Am I better off going head to head with the credit-card companies? One of them, just yesterday, lowered my interest rate considerably and also backed off on the minimum monthly payment. Thanks.

Bill”

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The Answer

My Bank Says They Wont Work With Nationwide Debt Direct.   Bill

Dear Bill,

Let’s get all the facts straight here. Nationwide Debt Direct or any debt settlement company has no agreements in place and no power over the creditor. Whatever payment they came up with was pulled out of the air.

With coaching you could settle your own debt and save the fee. There are coaches out there that will also help you learn what to do for a nominal charge. Check places like Consumer Recovery Network, Debt a la Carte, or ZipDebt.

You have not shared anything with me that would even lead me to believe that debt settlement is the right approach for your situation.

Before you leap, do some more homework.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

My Bank Says They Wont Work With Nationwide Debt Direct.   Bill
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • bweb

    The reason Nationwide wants you to set up a separate accounts, is they will either directly or indirectly for you putting money in, for them taking money out. in addition to them making money of what they save you (on the balance at the time of the settlement), they plan on making money on fee’s.

  • susan

    The reason why Chase will not work with debt settlement companies is because they rarely benefit the customer. Why use a debt settlement company when you can settle directly with the bank for free?

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