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Nationwide Bi-Weekly Administration

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tata
Established Member

Nationwide Bi-Weekly Administration

Anyone out there uses this company?

 

Someone I know told me about it however, I am a bit skeptical. She gave me phone number looked up, she says that in 12 yrs she will finish paying mortgage and credit cards. She says she will pay 3K to have this down, loan interest rates decreased to 3%. However, I am not seeing much on the internet about this company.

 

Message 1 of 32
31 REPLIES 31
StartingOver10
Moderator Emerita

Re: Nationwide Bi-Weekly Administration


@tata wrote:

Anyone out there uses this company?

 

Someone I know told me about it however, I am a bit skeptical. She gave me phone number looked up, she says that in 12 yrs she will finish paying mortgage and credit cards. She says she will pay 3K to have this down, loan interest rates decreased to 3%. However, I am not seeing much on the internet about this company.

 


A third party can't over ride a written agreement between the borrower and the lender. Are you saying this company said they can reduce the note rate on your friends existing mortgage?

It is a real red flag that your friend paid $3000 to a third party company to do something she can do on her own for free with her existing servicer. If she had paid that additional $3k to her current lender toward her principal balance it would save a significant amount of interest on a 30 yr loan. IMO it sounds like she is involved in a scam.

Message 2 of 32
tata
Established Member

Re: Nationwide Bi-Weekly Administration

 That is what I thought, as well about the $3 K 

 

She says that the company will reduce  all her credit card interest rates to 3%.  I guess by paying bi-monthly her mortgage interest rate is also cut. But she was doing that anyways with Wells Fargo. So, I don't know why would someone pay $3K to a company for the same service.  

 

She is still in process, I hope that this company  Nationwide Bi-Weekly Administration is not ripping her off.  

Message 3 of 32
StartingOver10
Moderator Emerita

Re: Nationwide Bi-Weekly Administration


@tata wrote:

 That is what I thought, as well about the $3 K 

 

She says that the company will reduce  all her credit card interest rates to 3%.  I guess by paying bi-monthly her mortgage interest rate is also cut. But she was doing that anyways with Wells Fargo. So, I don't know why would someone pay $3K to a company for the same service.  

 

She is still in process, I hope that this company  Nationwide Bi-Weekly Administration is not ripping her off.  


A third party company can't modify the interest rate on her existing credit cards either.  She can get a LOC or another card and transfer the debt from her current cards to the new line, but its not the same as modifying her existing credit card interest rate.

I have heard of this exact scam (but not the same name). A lot of the debt relief companies use this as a come on to get people to send them money. They take the money and they are supposed to renegotiate the existing cc debts. The problem is, the debt relief company has to have authority from both the lender (cc co) and the borrower. Most of the debt relief companies have very limited contracts with a limited number of companies. So they may in fact be able to temporarily reduce the rate on one or two accounts but the rest go into default. The borrower gets harassed and sued and their credit is destroyed. The debt relief company ends up with the money that should have gone to the creditors. Have your friend do some research on it. It's a very real scam that has been around for a long time.

Message 4 of 32
Dally17
New Member

Re: Nationwide Bi-Weekly Administration

Look into the BBB rating. They have an 'A' rating. They have the required Money Transmitter License. If you give them a call, let them explain the program to you you will understand that there is no scam, its a service to help people tackle the challenge of debt, since a majority of the time people don't have the discipline. 

 

-edited to remove direct links  -pizzadude, myFICO forums moderator

Message 5 of 32
JM-AM
Valued Contributor

Re: Nationwide Bi-Weekly Administration

Almost every lender I know offers bi-weekly payments on mortgages. They all have cost involved.

 

While you could pay the cost and put yourself in a bi-weekly payment to save interest charges, you can actually save the cost and just pay your loan in bi-weekly payments and still save on the interest.

 

This would also lower the amount of time it takes to pay your mortgage off.

 

In my opinion the company being advertised is just a company trying to make a buck on the uninformed consumer. It always amazes me how some company appears in these forums and someone who is a brand new forum member or guest, and advertises all their links on how they are a great company.

Good Luck
May all your dreams and wishes become a reality!
Message 6 of 32
Dally17
New Member

Re: Nationwide Bi-Weekly Administration

No advertising. Just simply wanted them too look into the information. My mistake for posting the links. As stated in an earlier post, I am new to this forum and was not aware that we are not permitted to share links. 

 

Have a Great Day Everyone!

 

Dallas

Message 7 of 32
p-
Valued Contributor

Re: Nationwide Bi-Weekly Administration


@Dally17 wrote:

Look into the BBB rating. They have an 'A' rating. They have the required Money Transmitter License. If you give them a call, let them explain the program to you you will understand that there is no scam, its a service to help people tackle the challenge of debt, since a majority of the time people don't have the discipline.  


Lol.  I'm sure that a new member here just happened to know all about the relevant Money Transmitter licenses, and is not a representative of that company.  Sure.

 

Whenever you come across something like this, you should search google for the company name and the word "SCAM", and see what pops up.  They have an interesting profile on Ripoffreport.com.

 

Granted, virtually every company has some unhappy customers that post, but there seems to be a common theme with these ones.  I would be wary of spending money and increasing the risk of problems with creditors.  

 

If you care enough about your finances to consider this, you care enough to take care of it yourself.  

Message 8 of 32
violetsmom
Regular Contributor

Re: Nationwide Bi-Weekly Administration

someone is all over the google alerts apparently

Message 9 of 32
Dally17
New Member

Re: Nationwide Bi-Weekly Administration

Also if you look at the BBB site you will see that Rip off Report, which also goes by the name Bad Business Bureau LLC, has a 'F' rating, so they don't count as an completely reliable source. I must have hit reply to one of your messages when the first message was posted. This whole conversation was not meant to be directed at you. I posted the information just for anyone that is in the forum. Sorry if anyone was offended. My goal was to inform. 

 

Everyone have a great day!

 

 

Message 10 of 32
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