Grateful Client

This letter is from a Provanta client who finished their debt settlement program.

Dear Sir / Madam:

I would like to send my appreciation  to all your staff in the Settlement Department for helping to solve my financial problems. All of your efforts has help to relief some of my stress.

Thank You.

Yours Truly 
Jane

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Weekly Settlement Statistics

Monthly Settlement Statistics

Weekly Settlement Statistics

How Would You Like $55k of Debt Settled for $8,400

Our client was overwhelmed with joy to hear that two of his major credit card accounts totaling $55,267.00 had been settled for a total of $8,400.00 only 15% of the amount owed.

Best of all, these were his last 2 accounts to be settled.

Congratulations on a fresh start for the New Year!

Ref. 1540

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Weekly Debt Free Clients

Total Debt Free Clients October 6 - October 10, 2008

• Total Clients Debt Free -2
• Total Debt Settled - $83,669
• Settlement Amount - $19,999
• Savings - $63,669
• Average Percentage of Settlements - 32%
• Average Program Length - 24 months
• Best Settlement - 15%
• Worst Settlement - 72%

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Weekly Settlement Statistics

Total for the week of October 6 - October 10, 2008:

• Total Debt Settled - $180,544
• Total Settlement Amount - $56,604
• Settlement Percentage - 31.4%
• Total Cases Settled - 23

Best Settlements:

• Current Claim - $41,077
• Settlement Amount - $12,000
• Percentage - 29.2% (negotiated with a original creditor)

• Current Claim - $26,477
• Settlement Amount - $4,000
• Percentage - 15.1% (negotiated with a original creditor)

• Current Claim - $28,790
• Settlement Amount - $4,400
• Percentage - 15.3% (negotiated with a original creditor)

Worst Settlement:

• Current Claim - $6,917
• Settlement Amount - $4,150
• Percentage - 60% (negotiated with an original creditor)

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The Importance of Commitment

After 33 months of being in Provanta’s Debt Settlement Program, one of clients is finally able to be free of his credit card debt.

Our client’s original estimated program term was 29 months.  However, he continued to struggle with his income and expenses after enrollment.  Six of his regularly scheduled monthly deposits were returned as non-sufficient funds (NSF) by his bank.  He has also made special requests to skip or reduce his deposits on 3 other occasions.

We take these types of problems very seriously.  If a client continues to demonstrate an inability to make his monthly deposits as scheduled, we may consider closing the client’s debt settlement program.  This is not to be inconsiderate or unsympathetic to our client’s on going financial problems but to encourage them to look for different options that may suit them better.  Our debt settlement program simply cannot be effective if the client cannot afford it.

We never had to consider closing this particular client’s program despite some of his financial problems.  He was always in communication with us immediately whenever there was a issue.  He made efforts to make up the NSFs or skipped deposits.  He was honest about his situation and he understood why this was a serious matter.  He made all efforts necessary to continue with the program and we stayed committed to help him and to make necessary adjustments to our settlement strategy to accommodate his situation.

In the end, his program term extended only 4 months longer than originally anticipated and we were able to settle his accounts for 41% of the total balance owed.

Ref. 1539

Weekly Debt Free Clients

Total Debt Free Clients September 29 - October 3, 2008

• Total Clients Debt Free - 1
• Total Debt Settled - $23,755
• Settlement Amount - $9,047
• Savings - $14,707
• Average Percentage of Settlements - 38%
• Average Program Length - 72 months
• Best Settlement - 28%
• Worst Settlement - 60%

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Weekly Settlement Statistics

Total for the week of September 29 - October 3, 2008:

• Total Debt Settled - $92,500
• Total Settlement Amount - $42,919
• Settlement Percentage - 46%
• Total Cases Settled - 22

Best Settlement:

• Current Claim - $1,886
• Settlement Amount - $535
• Percentage - 28.4% (negotiated with a original creditor)

Worst Settlement:

• Current Claim - $1,055
• Settlement Amount - $738
• Percentage - 70% (negotiated with an original creditor)

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Sixteen Percent Settlement!

The best news of the week came yesterday when our settlement department supervisor came by my desk and informed me that she had just achieved a 16% settlement on two accounts with the same creditor.  Things got even better when I learned that the accounts belonged to a client I had personally referred the program.  I was ecstatic!

When James (alias) and I first spoke he was coming out of a difficult divorce and just finishing up a doctorate program at a local university.  James was financially insolvent and owed approximately $52,000 in credit card debt.  Because of a high concentration of debt with one creditor we placed him on a shorter program.  We also talked in some detail about some of the difficulties we typically encounter with this particular creditor.

The original debt amounts on the two largest accounts, $27,000 and $24,000, respectively were ultimately settled for $4,400 and $4,000 respectively.

I am pleased to report that James will be graduating from the program with a total program cost at approximately 38% of his original debt amount.  In other words, James saved approximately $32,000!

While James’ situation is not indicative of most of our clients I am encouraged by the two recent settlements. Hopefully this is an indication of things to come even when considering the struggles within the financial industry.

(Ref 1538)

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Another Debt Free Client

A middle aged couple from the Northeast recently completed their debt settlement program with Provanta.  They enrolled 10 accounts in the program.  Nine of those account were settled for a total of 40% of the current balance (51% of the original balance).  Great settlements overall.

One account was not settled because the account could not be located.  When we contacted the credit card company, we were told that they had no record of the account.  We asked our client to obtain their free credit report so that we could review it.  It turns out the account could not be found on the credit report either.  This is rare but we come across these situations from time to time.  There are several possible explanations.  Perhaps the credit card company simply made internal errors and erased all record of the account.  Maybe the credit card company has simply let the account slip through the cracks and they don’t want to bother with it anymore.  It may even be possible that the account may resurface in the future.  In any case, the clients decided to simply close the account since no one was collecting on it any more.

Our client can move forward with their credit card debt-free life with confidence that if the account ever resurfaces in the future, they can come back to Provanta and we will help them resolve it.

Ref. 1537

Patience

All of our clients are aware that some creditors may still pursue legal action to collect on debt owed even though our clients have enrolled in Provanta’s Debt Settlement Program.  However, that does not make a creditor’s lawsuit any easier to deal with  In fact, some of our past clients have decided to withdraw and look for other options when litigation began.

I can’t say I blame our clients for making that choice.  Knowing something might happen and then actually experiencing it are two completely different things.  The latter can be extremely unpleasant.

Despite the creditors choice to litigate, we always encourage our clients to stay with the program and reach their ultimate goal of becoming debt free.  We provide support and guidance to help them through the unfortunate situation.  We explain that although one creditor may have filed a lawsuit, it does not mean others will.  More importantly, we continue to negotiate for settlements on accounts even if the accounts are in litigation or have judgments.  Settlements may still be reached in these situations.

For example, a client who recently graduated from Provanta’s Debt Settlement Program started the program with 7 accounts.  In 2006, one of her creditors decided to file a lawsuit and obtained a judgment against our client for a balance of $8100.  We had already settled 3 accounts for her and she had 4 accounts left including the judgment account.

Though she was distraught over her situation, she decided to stick to her original plan- to complete Provanta’s Debt Settlement Program and resolve her unsecured accounts.  We continued negotiations with the remaining creditors.  About a year later, in the spring of 2007, the creditor who filed a lawsuit finally realized our client would not be able to pay the judgment.  They offered to settle the account for $5698.  This was a good offer considering our client’s situation so we helped her take advantage of it.

Even though this particular account settled for 70% of the balance, the overall settlement percentage for our client at the end of her program was 42%.

(Ref. 1536)

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Settlement Offers

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.

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Great Settlement

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

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