Debt Management

Get Out of Your Unsecured Debt!

Manage DebtNational Fidelity Financial can help you get your financial situation under control so that you can pay off your unsecured debt. Unsecured debt is any unpaid debt that is unattached to an asset like a house or car, such as: credit cards, lines of credit, unsecured personal loans, and unsecured private student loans. Our financial professionals will assess your financial situation to determine if one of our debt management programs is right for you. We customize each debt repayment program based on the client’s needs to ensure that you will have the most efficient financial plan.

If you are buried in unsecured debt made worse by high interest rates, National Fidelity Financial can help you pay off that debt. However, debt management may not be for everyone. It is a hardship program designed to benefit individuals meeting specific criteria. Those who qualify must obey strict requirements that are outlined in the debt management plan. The requirements will also be explained to you thoroughly by one of our debt management specialists.

Could you benefit from Debt Management

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How Does Our Debt Management Program Work?

Once you have qualified for a debt management program with National Fidelity Financial, you will have the same debt management specialist working with you throughout the life of the program. Your specialist will work with you and your creditors to secure an agreement that will help you pay off your debt while simplifying the repayment of your unsecured debt responsibilities. Our goal is to consolidate your payments of debt and disperse payments to your creditors on your behalf, and on time so that you can be debt-free in 3 to 5 years. Ideally, we would like to get your interest rates and monthly payments lowered, however we cannot guarantee that your creditors will reduce any rates.

These are some of the requirements you may have for our debt management program:

  • Provide a list of all creditors of unsecured debt that you currently owe on, as well as the amounts that you owe for each one.
  • A minimum of $5,000 of current unsecured debt, or a $3,000 minimum may be accepted if you have remarkably high interest rates and benefits.
  • All personal, unsecured loans and credit card accounts must be open for at least 9 months. If you have accounts younger than that, National Fidelity Financial can act as your paying agent until those accounts mature. A proposal will not be accepted by the creditor until accounts are mature.
  • Maximum delinquency of accounts is 60 days. Any accounts past that require a creditor payment inside 30 days of enrollment date. Usually accounts that have been delinquent for over 60 days end up going to collections and offer no benefits to your debt management plan, so they are excluded from the program.
  • No activity on your credit accounts for the last 60 days, otherwise the creditor will reject any proposal we make.
  • Preferred minimum of interest rates is 18%, though 15% may be accepted but that is the absolute minimum.
  • Must be able to make the minimum payment for all accounts.

Manage your Debt

Secured debt such as mortgages and vehicle loans are not eligible for participation in our debt management program. The consumer is also strongly advised against obtaining new unsecured debt while still paying off previous unsecured debt. You may be required to resist opening any new lines of financing or credit for up to 2 years during the program. You may be allowed to retain 1 major type of credit card for emergencies as long as the creditor is not included in your debt management plan. All accounts included in your debt management plan must be kept up-to-date until National Fidelity Financial collects the first creditor payment and all negotiations with creditors have been finalized to prevent incurring any late fees or harassing letters and phone calls. All credit accounts included in your plan will be closed by the creditors, even if you have multiple accounts with the same creditor. Your debt management plan will not affect your FICO scores, though your creditors may state that you are currently in a debt management plan.

If you are in a challenging financial situation, and simple budgeting has failed to result in repayment of unsecured debt, National Fidelity Financial can help you. A successful debt management program will help you resolve financial problems while teaching you how to efficiently budget and manage your future finances once you are relieved of your current unsecured debt. Don’t wait, call us today and let us help you get out of debt!