Tuesday, December 11, 2018

Settled at 10% of the Debt

A previous client recently approached me with a business related credit card debt.  The collection agency pursuing the claim represented a Visa account for a national bank that my client owed over $22,000 for an old write off.

My initial skilled negotiation efforts resulted in a 65% discount if my client could make a lump-sum payment of $7,700.  Under normal circumstances, this would be considered a nice settlement but my client and I knew this was an old claim and the creditor had few options for enforcing payment.  It did not take long for me to negotiate an additional 10% discount for a total payment of $5,500 (25% of the debt).

Not willing to abandon my efforts despite these favorable results, I continued to press and fight for a lower amount on behalf of my client and worked my way up the chain of authority with the collection agency.

Negotiations lasted several weeks but the final result of my efforts was a settlement for my client in the total amount of $2,200 on the $22,000 debt... or 10 cents on the dollar.

Every claim is different, but each and every one of my clients may always be assured my best efforts possible to reach the lowest settlement with the most favorable payment terms on their behalf.

Wednesday, May 2, 2018

Suspending New Program Sales

Effective immediately, I am suspending new sales of my Business Plan System and Associate Program.

Although helping people new to this profession get up and running has been very rewarding over the years, my core practice has grown to the point I am no longer able to divide my attention between the two.  Please be assured, I will continue to support and assist those folks that have already invested in my programs.  Those that have previously expressed an interest but not yet purchased the material may contact my office directly if they wish to proceed.

Best wishes to all!

Scott F. Soape

Sunday, March 4, 2018

Another Company Rescued!

It is always gratifying when I am able to assist a business owner with problem debts and lessen their financial burden. Often, this can make the difference between continuing business operations or closing the doors.

A case I closed this week not only allowed a business to remain open, it also allowed the owner to avoid declaring personal bankruptcy.

My HVAC client was dealing with a $213,000 business debt that had escalated to a lawsuit... and the owner was on the hook personally. A judgment would have devastated the company and the owner.

I was able to convince the commercial creditor to accept an out of court settlement in the total amount of $30,000, payable in 60 monthly installments of $500 each at 0% interest.

Considering they could have been awarded attorney fees claimed of $25,000 in addition to the principal debt, court costs and back interest, total savings to my client was over $210,000.

Of course, not all of my negotiations work out this well but I have maintained a near 100% success rate over 20 years assisting my commercial clients with their problem and disputed debts.