Michael Nikoley
I have been with Provanta for almost ten years. I have worked in just about every position possible from client services, negotiator and sales. For the past several years I've been the I.T. manager and most recently stepped into internet marketing.
Weekly Debt Free Clients
July 24, 2008
Total Debt Free Clients July 14 - July 18
- Total Clients Debt Free - 3
- Total Debt Settled - $101,856
- Settlement Amount - $41,743
- Savings - $60,113
- Average Percentage of Settlements - 39%
- Average Program Length - 52 months
- Shortest Program Term - 37 months
- Longest Program Term - 63 months
- Best Overall Settlement Percentage - 34%
- Worst Overall Settlement Percentage - 44%
Technorati Tags: debt forgiveness, debt settlement
Weekly Settlement Statistics
July 24, 2008
Total for the week of July 14-July 18, 2008:
- Total Debt Settled - $116,038
- Total Settlement Amount - $53,671
- Settlement Percentage - 46.3%
- Total Cases Settled - 27
Best Settlement:
- Current Claim - $8,915
- Settlement Amount - $1,700
- Percentage - 19.1% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $3,542
- Settlement Amount - $2,500
- Percentage - 70.6% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
Patience and Persistence
July 18, 2008
A Provanta Debt Settlement client had an major credit card account with a large balance ($10,214.13) and was concerned he’d be vulnerable to a lawsuit because he was a homeowner. Three months ago, client indicated that he’d be happy to settle for slightly above our guideline as long as it could be done quickly, and provided some additional funds to help out. Our negotiators responded with an even more intense effort, since the extra funds provided leverage for a quick settlement.
The collection agency in charge of the file was playing hard ball, though. The first month they insisted upon 60% of the current balance. Both Provanta and the client agreed that without an active litigation process, 60% was too much for a settlement. Though it was difficult, the client agreed to wait it out.
The next two months were a series of back and forth moves, gradually eroding the agency down to 50%, and then 40%. At the end of this period, the agency admitted that they had purchased the account from the original creditor.
If an agency owns the account, it means they only have themselves to satisfy. No major banking client needs to be pleased; it is entirely up to them to recognize a good settlement when they see one. The lead negotiator knew the jig was up and made it clear that no more than 30% of the current balance would be paid on the settlement.
After another several weeks of holding out for 40%, the agents announced on the morning of June 30th that under no circumstances would they accept 30% for a settlement. By 3:30pm, they wanted that money and the following morning a settlement letter arrived stating that $3,000.00, or 29.37% of the balance, would be accepted.
Patience and persistence paid off.
Technorati Tags: debt settlement results, debt settlement percentages, debt settlement offers, debt negotiation process
Turning The Tables
July 17, 2008
Many collection agents and creditors don’t like dealing with settlement companies. We are just as persistent with calling and leaving messages for them as they are to debtors. After awhile, they’ll give up and speak to us, especially if they have no luck in contacting the debtor directly.
Last week, one of our negotiators was asked by a debt collector to please stop calling and harassing him…
Technorati Tags: debt settlement, debt forgiveness, debt collectors
The Value of Professional Negotiators
July 17, 2008
One of the cornerstones of Provanta’s Debt Settlement process is the use of professional negotiators. As professional negotiators, the settlement team is able to say no to a potential deal — in favor of the promise of a better one down the line much — more effectively than the debtor himself, who may feel guilt, pressure, remorse, or other emotions that cloud his judgment.
Besides objectivity, professional negotiators have the resource of numerous client cases that can be used as leverage, and as a bargaining tool. Having access to case histories allows Provanta negotiators to quickly evaluate a settlement proposal in comparision with other deals that have been made with that agency. It also allows Provanta negotiators to quickly pull up all the open files and use the information to broker multiple-case, large scale deals.
A mountain of debt is much less intimidating if you can hire professionals to move it for you.
Technorati Tags: debt settlement results, debt settlement percentages, debt settlement offers, debt negotiation process
Getting Past the Fist Line of Defence
July 16, 2008
Provanta Debt Settlement negotiators receive hundreds of calls each month from creditors and collection agents. Oftentimes, these front line agents have limited authorization to accept the low settlements that we achieve for our clients.
The agents who make the first call on a case are usually not the same people who make the decisions about accepting funds for settlement. These agents are usually hemmed in by some sort of standardized speech about how if you don’t pay they may recommend litigation against you to their client, etc., etc. Sometimes, the first trick to getting a settlement is to make it past that first caller and speak to a supervisor, or at the very least, get that agent to pass your information along to a supervisor.
In one case, one of these agents contacted a Provanta negotiator, saying he was required to stick to a guideline of 50% of the current balance. The negotiator wheedled and cajoled, until the agent agreed to submit her much lower offer of 30.99% of the current balance. After a few minutes, the agent returned to the line to announce that 30.99% was an acceptable settlement and the client saved $2,082.05!
Even if a negotiator doesn’t get a settlement on the first call, it’s a mini-victory if the agent agrees to submit the offer for manager review.
(Ref. 1529)
Technorati Tags: debt settlement results, debt settlement percentages, debt settlement offers, debt negotiation process
Weekly Debt Free Clients
July 16, 2008
Total Debt Free Clients July 7 - July 11
- Total Clients Debt Free - 3
- Total Debt Settled - $63,842
- Settlement Amount - $24,684
- Savings - $39,158
- Average percentage of Settlements - 41%
- Average Program Length - 49 months
- Shortest Program Term - 36 months
- Longest Program Term - 57 months
Technorati Tags: debt forgiveness, debt settlement
Term Settlements
July 16, 2008
Oftentimes, Provanta Debt Settlement negotiators are able to reach a settlement on an account with term payments. Mostly, these types of settlements are paid in four months or less.
Recently, more so than before, agents are making settlement offers and extending the offer out to as many as sixteen payments. Less than a year ago it was difficult — but possible — to get an agent to extend an settlement out four months. Now they’re offering six, twelve and as much as sixteen month arrangements. While this shows us the agents have came to terms with the benefit of debt settlement, this is not particularly beneficial to our clients. The future is unpredictable, and to make a commitment that extends out more than four months is setting our clients up for failure. The gesture is appreciated, but not particularly useful — though it does come with a general flexibility that’s far easier to work with.
Technorati Tags: debt settlement, debt forgiveness, debt collectors
Weekly Settlement Statistics
July 16, 2008
Total for the week of July 7-July 11, 2008:
- Total Debt Settled - $129,237
- Total Settlement Amount - $62,300
- Settlement Percentage - 48.2%
- Total Cases Settled - 25
Best Settlement:
- Current Claim - $7,576
- Settlement Amount - $2,107
- Percentage - 27.8% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $3,080
- Settlement Amount - $2,330
- Percentage - 75.6% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
Weekly Settlement Statistics
July 9, 2008
Total for the week of June 30-July 4, 2008:
- Total Debt Settled - $117,097
- Total Settlement Amount - $49,466
- Settlement Percentage - 42.2%
- Total Cases Settled - 21
Best Settlement:
- Current Claim - $1.920
- Settlement Amount - $378
- Percentage - 19.7% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $853
- Settlement Amount - $683
- Percentage - 80% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
Monthly Settlement Statistics
July 1, 2008
For June, 2008:
- Total Debt Settled - $727,180
- Total Settlement Amount - $334,528
- Settlement Percentage - 46%
- Total Cases Settled - 133
Best Settlement:
- Current Claim - $11,585
- Settlement Amount - $1,200
- Percentage - 10.4% (Negotiation entity: original creditor)
Worst Settlement:
- Current Claim - $4,121
- Settlement Amount - $3,500
- Percentage - 84.9% (Negotiation entity: original creditor)
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Weekly Settlement Statistics
July 1, 2008
Total for the week of June 23-27, 2008:
- Total Debt Settled - $232,305
- Total Settlement Amount - $123,600
- Settlement Percentage - 43.1%
- Total Cases Settled - 53
Best Settlement:
- Current Claim - $8,771
- Settlement Amount - $2,066
- Percentage - 23.5% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $3,962
- Settlement Amount - $2,774
- Percentage - 70% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
Educating Collectors
June 27, 2008
A Provanta negotiator received a call regarding a five year delinquent account on a client that resides in California.
The original balance on this account was $15,744.00 and the current balance is $16,555.00. Provanta made an offer for settlement in full at $4,723.20. The collection agent counter offered at $10,761.00.
Our negotiator informed the agent that the client has a current debt load of $89,563.41, and $4,723.00 was all the funding available. We informed the agent that this account was possibly past the statute of limitations, which in California is four years. The agent’s response was “we know the account is past statue of limitations and that’s why we want to resolve it now, before it goes to litigation.” In shock our negotiator gave the collector and brief layman’s education on statue of limitations. The collectors response then was, I will have my manager call you back in the morning to discuss the account.
Hopefully the manager will have more knowledge than the collector.
(Ref. 1527)
Technorati Tags: debt settlement, debt forgiveness, debt collectors
What Are My Options
June 25, 2008
Technorati Tags: debt settlement, debt forgiveness, introduction to debt settlement, debt settlement video
Weekly Settlement Statistics
June 25, 2008
Total for the week of June 16-20, 2008:
- Total Debt Settled - $181,407
- Total Settlement Amount - $94,793
- Settlement Percentage - 52.3%
- Total Cases Settled - 32
Best Settlement:
- Current Claim - $8,726
- Settlement Amount - $1,947
- Percentage - 22.3% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $3,559
- Settlement Amount - $2,576
- Percentage - 72.4% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
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