Sticking To The Program
September 11, 2008
I have written many times about the importance of clients sticking to the guidelines of the Provanta Debt Settlement program. It is extremely important it is to share all current financial information with Provanta.
In a situation last week, one of our staff was negotiating with an agent and stressed that the client is financially insolvent. This client has medical conditions which prevent her from working and relies on the small amount of social security which barely covers her monthly expenses.
The agent felt truly bad for the client and “went to bat.” for her. Later in the day the agent called back after reviewing the settlement with her manager, declining our offer. When asked why the agent informed us that the client has two open lines of credit and had thirteen recent loan inquires listed on her credit report, most recent as yesterday. With the information gathered the agent felt the client was not insolvent and requested a larger settlement amount.
tags]debt settlement results, debt settlement percentages, debt settlement offers, debt negotiation process[/tags]
Monthly Debt Free Clients
September 11, 2008
For August, 2008
- Total Clients Debt Free – 6
- Total Debt Settled – $197,053
- Settlement Amount – $96,550
- Savings – $100,502
- Average Percentage of Settlements – 51%
- Average Program Length – 47 months
- Lowest Number of Months on Program – 32
- Highest Number of Months on Program – 59
- Best Settlement – 20%
- Worst Settlement – 80%
Monthly Settlement Statistics
September 10, 2008
For August, 2008:
- Total Debt Settled – $667,928
- Total Settlement Amount – $312,592
- Settlement Percentage – 46.8%
- Total Cases Settled – 106
Best Settlement:
- Current Claim – $5,022
- Settlement Amount – $1,021
- Percentage – 20.3% (Negotiation entity: original creditor)
Worst Settlement:
- Current Claim – $5,618
- Settlement Amount – $4,487
- Percentage – 79.9% (Negotiation entity: original creditor)
Weekly Debt Free Clients
September 10, 2008
Total Debt Free Clients August 25 – August 29
- Total Clients Debt Free – 2
- Total Debt Settled – $61,509
- Settlement Amount – $30,095
- Savings – $31,414
- Average Percentage of Settlements – 49%
- Average Program Length – 34 months
- Lowest Number of Months on Program – 32
- Highest Number of Months on Program – 37
- Best Settlement – 20%
- Worst Settlement – 61%
Weekly Settlement Statistics
September 10, 2008
Total for the week of August 25-August 29, 2008:
- Total Debt Settled – $273,844
- Total Settlement Amount – $134,347
- Settlement Percentage – 49.1%
- Total Cases Settled – 44
Best Settlement:
- Current Claim – $9,265
- Settlement Amount – $2,115
- Percentage – 22.8% (negotiated with a original creditor)
Worst Settlement:
- Current Claim – $5,618
- Settlement Amount – $4,487
- Percentage – 79.9% (negotiated with an original creditor)
Holiday Season
September 3, 2008
The holiday season is approaching fast. During this time is it common for a client to “break” and use a credit card for a Christmas gift or to apply for one in order to purchase gifts.
Please keep in mind a creditor can tell if you have applied or used a credit by accessing a credit report. This is not something that will remain a secret and can compromise negotiations on your accounts. Please stay on track this season and stick to the rule.
If you don’t have the cash, don’t buy it.
Good Settlement
September 3, 2008
You never know when a creditor or collector is having a particularly bad month. We spoke to a collection agency regarding a clients accont on Monday 8/25/08. Our negotiator made them on offer of $1,937 based on the funds we had available. They turned their noses up at it.
They called back just two days later on 8/27/08, and with the end of the month looming, they accepted the settlement. The clients saved $6,988 and we settled their account for just 21%.
Weekly Debt Free Clients
September 2, 2008
Total Debt Free Clients July 28 – August 1
- Total Clients Debt Free – 1
- Total Debt Settled – $25,472
- Settlement Amount – $13,582
- Savings – $11,890
- Percentage of Settlements – 53%
- Program Length – 37 months
Weekly Settlement Statistics
September 2, 2008
Total for the week of August 18-August 22, 2008:
- Total Debt Settled – $123,225
- Total Settlement Amount – $45,078
- Settlement Percentage – 36.6%
- Total Cases Settled – 23
Best Settlement:
- Current Claim – $5,022
- Settlement Amount – $1,021
- Percentage – 20.3% (negotiated with a original creditor)
Worst Settlement:
- Current Claim – $11,774
- Settlement Amount – $9,000
- Percentage – 76.4% (negotiated with an original creditor)