FAQ - Business Opportunity
Where is the business opportunity?
What is debt settlement?
Settlement means that the creditor agrees to take a lesser amount than what is on the statements. Creditors will always accept something vs. facing a consumer filing bankruptcy.
Consumers have amassed billions of dollars in credit card debt. Some statistics show people have 10 or more open accounts for unsecured debt. Many people are in serious trouble and are struggling to make minimum payments. There is no realistic chance they will ever clear the debt. This debt is also putting pressure on them that could cause them to lose their homes. Settlement is the most reasonable way in many cases where the client can being saving money each month, avoid bankruptcy and reduce the overall amount owed to creditors in the shortest period of time.
Why is debt settlement a great option?
- Avoids declaration of bankruptcy
- Keeps financial matters private
- Provides more financial control over monthly cash flow
- Can be debt free in 2-4 years depending on your plan
How does the process work for a mortgage company or financial services company?
As a mortgage or financial services professional you have already established rapport and a relationship with the client. If they don’t qualify for a mortgage, either the loan officer or another team member specializing in this program can explain the program in a few minutes and complete the limited amount of paperwork. You send the paperwork to Nationwide for processing and are complete with the transaction. No support issues, no waiting for lenders, approvals, etc.
Why does this program make so much sense for a mortgage company?
Because you are working with existing leads that have high amounts of unsecured debt. Consider how many deals you had fall out or were not qualified last month. How many leads did you buy? What is you could close a small percentage of these deals? Your trash can and shredder has money. Now is the time to move into debt settlement.
Will loan officers sell this program?
They should because in today’s market the average loan officer might have one loan per month. Might! Loan officers are given more options for the leads they have. Aggressive people will even do their own marketing to find clients. Through this program, a loan officer with a good consultative selling personality can close 20-30 deals per month which easily represents a six figure income. Loan officers will like this program because of the simplicity of the deal. No long months waiting and hoping for mortgage fundings. No hassles with lenders, appraisers and title issues. This is far less stressful and a natural program to offer.
How Do I Incorporate This Program?
Implementing a settlement program is far simpler than originating and closing a loan in the mortgage business. There are no third parties with complex processes. No escrow, title, lender, appraisers to deal with. No difficult last minute conditions to meet. No credit report review. The paperwork is very simple and it is far less invasive than a 1003! Literally within 2 days the transaction can be completed on your end. The client’s process of support and debt negotiation is completely managed by Nationwide from this point forward. You simply collect on the revenue stream and are able to focus on new customers.
What kind of debt can be settled?
Unsecured debt. This includes credit cards, medical bills, utilities, department store cards. We have a complete list available at training. Debt that is not secured by an asset such as a car or home.
Is this credit counseling?
No. Credit counseling is a service that does not make a positive impact for the client experiencing financial hardship in making their minimum monthly payments. Credit counseling shows on their credit report and has an immediate and long term impact to their credit.
Is this debt consolidation?
No. Debt Settlement reduces the amount of $ owed AND reduces the money they have to pay each month.
As a sales organization, what is my total involvement with the client?
You explain the program and obtain the paperwork. After that, Nationwide provides all client support and negotiates with the creditor while keeping the client informed.
Does the client get any regular communication?
The client is able to view the status of all negotiations and creditor contact via their private account online at our secure server. We also provide regular phone and email contact about their account as well as general support and education about debt resolution.
What happens after they complete the program?
We are there to help them stay out of debt. Our Debt Talk education program provides support to give them helpful tips on how to manage money and avoid debt.
What differentiates Nationwide’s program from other companies?
Nationwide doesn’t compete with you like other companies. We are completely focused on the processing, negotiation, support and settlement elements. Other companies are literally competing with you through their front end sales office. At Nationwide, we have developed the best 24/7 technology and support system in the industry because that is our #1 focus! Your clients are serviced, supported and educated by the best debt coach professionals in the world. We have been doing this longer and have the experienced, trained staff and are equipped to grow as you do.
Could you summarize what Nationwide does for the Client?
By using Nationwide, all of your the challenges are removed and you can simply focus on closing new business. Nationwide provides:
- Regular contact with the client over the life of their settlement phase ·
- Negotiates with creditors for optimal settlement
- Resolves any client questions
- Maintains creditor relationships with hundreds of organizations
- Provides private account access to view settlements completed and in process
- Pays your commissions by electronic deposit to your company bank
Contact us to help you develop a business plan for success.