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.