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Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 100048
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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My name is Marc. I am a 67 year old single male. I was sent

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My name is Marc. I am a 67 year old single male. I was sent a letter from Nationwide Debt Direct about credit card debt consolidation. Since my total credit card debt is over $37,000 on 6 credit cards, i checked them out on line (this proved inconclusive to me) and spoke to them a couple times by phone. Before I get into bed with this outfit (which could be a scam). I have some questions. My debt with Chase ($245), Discover ($40) and American Express ($411) is $696. This debt I can pay off over the next few months without any need for Nationwide, however, my debt with Bank of America ($752), Wells Fargo ($6460) and Capital One ($23191) is $30403). Of this debt, $17500 was cash advanced on Feb 1st 2011 from Capital One and $5933 was cash advanced from Wells Fargo on April 5th 2011. These cash advances were used mainley to catch up on my mortgage payments with Chase Bank. Nationwide Debt Direct says for me to stop all payments on these 3 accounts. They say that they will negotiate on my behalf to make a combined payment of $475 on these 3 accounts into an escrow account which will have these debts completely paid off in 3 years. The $475 payment also includes their fee. This sounds to good to be true!! What do you think?
My Email address: [email protected]
Their website: NationwideDebtDirect MANY THANX, MARC BOVSHOW
Hello,

Welcome to JustAnswer and thank you for the opportunity to assist you. Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

Debt consolidation centers often make big promises, but in reality they can only generally save around 15% or so. So if they are promising such a saving, it is likely not a scam, but an overshot to get your business. They have no BBB review in Texas (where they are based) and frankly, I hear more complaints than positives about debt management.

I strongly recommend instead to find a debt management company that is BBB accredited with a high raking:

http://www.bbb.org/central-texas/accredited-business-directory/credit-debt-consolidation-services

I assume you are in Texas because the company is, but if not, let me know and I will provide a listing local to your state.

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