Settlement Offers
September 29, 2008
A Provanta negotiator offered $3,801.25 to settle on a $11,155.00 delinquent account. Do to previous dealings with this agency the negotiator was sure her offer would be declined, but hoped they would counter within Provanta’s guidelines.
Today the negotiator received a call declining her offer and a counter offer of $8,373.25 was given. We declined the offer based from our clients financial situation.
Within ten minutes another representative from the same office called back stating she had spoke to her manager and the best she could settle for was $4,500, over three payments. Since it was within our guidelines we were able to accept the offer, however it was a little shocking to see an offer decrease by $3,873.25 in a matter of minutes.
Great Settlement
September 29, 2008
A Provanta Debt Settlement client came to us in 2006 with a outstanding balance owed to a major credit card company of $45,055.00. The current balance with interest and late fees was $57,388.00.
After reviewing the clients hardship and total debt amount the agent was willing to accept the $12,008.00 offer our negotiator presented. That’s only 26% of the original balance and 20% of the current balance.
Ref. 1534
Keep Trying
September 29, 2008
A representative from a credit card issuer presented a Provanta negotiator with an offer of settlement. The agent said, “The first offer I can make is $569.00,” which is 90% based off the balance of $632.00.
Our negotiator picked up on the words, “first offer,” that that the agent choose to use. This lead our negotiator to believe she could offer a lower settlement. The negotiator declined the offer and asked if that was the lowest she can go at this time.
The creditor came back with $506, or 80% of the balance. Again our negotiator advised the agent this was too high for our client. The agent gave another offer of $442. This continued on until she got down to her bottom line offer of $379.02, or 60% of the balance.
Considering this account started off with a balance under $1,000 this is a reasonable offer that will be presented to our client.
Weekly Settlement Statistics
September 29, 2008
Total for the week of September 22 – September 26, 2008:
- Total Debt Settled – $154,650
- Total Settlement Amount – $86,659
- Settlement Percentage – 56%
- Total Cases Settled – 31
Best Settlement:
- Current Claim – $9,752
- Settlement Amount – $2,438
- Percentage – 25% (negotiated with a original creditor)
Worst Settlement:
- Current Claim – $5,137
- Settlement Amount – $3,853
- Percentage – 75% (negotiated with an original creditor)
Weekly Debt Free Clients
September 29, 2008
Total Debt Free Clients September 22 – September 26
- Total Clients Debt Free – 1
- Total Debt Settled – $54,565
- Settlement Amount – $23,004
- Savings – $31,560
- Average Percentage of Settlements – 42%
- Average Program Length – 48 months
- Best Settlement – 20%
- Worst Settlement – 70%
Weekly Debt Free Clients
September 29, 2008
Total Debt Free Clients September 15 – September 19
- Total Clients Debt Free – 2
- Total Debt Settled – $186,477
- Settlement Amount – $89,477
- Savings – $97,012
- Average Percentage of Settlements – 48%
- Average Program Length – 34.5 months
- Best Settlement – 19%
- Worst Settlement – 78%
Weekly Settlement Statistics
September 29, 2008
Total for the week of September 15 – September 19, 2008:
- Total Debt Settled – $176,764
- Total Settlement Amount – $62,914
- Settlement Percentage – 35.6%
- Total Cases Settled – 24
Best Settlement:
- Current Claim – $12,713
- Settlement Amount – $2,307
- Percentage – 18.1% (negotiated with a original creditor)
Worst Settlement:
- Current Claim – $2,112
- Settlement Amount – $1,479
- Percentage – 70% (negotiated with an original creditor)
Weekly Debt Free Clients
September 20, 2008
Total Debt Free Clients September 8 – September 12
- Total Clients Debt Free – 1
- Total Debt Settled – $14,949
- Settlement Amount – $8,358
- Savings – $6,591
- Average Percentage of Settlements – 56%
- Program Length – 47 months
- Best Settlement – 30%
- Worst Settlement – 75%
Weekly Settlement Statistics
September 20, 2008
Total for the week of September 8 -September 12, 2008:
- Total Debt Settled – $97,125
- Total Settlement Amount – $43,204
- Settlement Percentage – 44%
- Total Cases Settled – 23
Best Settlement:
- Current Claim – $5,551
- Settlement Amount – $1,252
- Percentage – 22.6% (negotiated with a original creditor)
Worst Settlement:
- Current Claim – $3,667
- Settlement Amount – $2,885
- Percentage – 78.7% (negotiated with an original creditor)
Collection Trickery
September 12, 2008
A collection agent called Provanta regarding a delinquent account with a current balance of $15,659.00.
The agent offer to settle for $7,047 and we countered with $5,353.00. The agent declined our offer and demanded more funds, stating he had spoken to the client the night before and was informed there was $10,000 available for settlement.
Oddly enough, there had been approximately $10,000 available two months prior, however three accounts had settled leaving the $5353 available for negotiations. We advised the agent of such and presented him with the same offer made previously.
Provanta also called the client to discuss the recent contact with the agent. The client acknowledged that the agent did call and he referred him to us as previously instructed, but no discussion of funds had taken place.
The agent tried to pull a fast one on us but he was too slow this time.