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)
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June’s Debt Free Clients
July 2, 2008
In June Provanta helped 28 clients complete their debt settlement program. This is the highest number of completed programs in a single month all year.
This group included people from California all the way to New York. Some of these individuals are single and some are married and raising a family. One couple is helping their young daughter raise her young child as a single mom. A few from this group have on going medical illnesses that they still have to manage in the future.
Regardless of the different backgrounds, this group has one common reason to celebrate- they have completed their debt settlement program and are now debt free!
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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)
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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
Make Him an Offer He Can’t Refuse
June 23, 2008
On June 4th, one of our negotiators received an unexpected call from a collection agent. This agent wanted to make an offer to Provanta for a relatively new client. Since the client was so new, he was just starting to to accumulate funds in a savings account that was reserved for his debt settlement program. The current balance on the account was $11,536, our client’s highest account, and he only had $250 in his savings account.
Our negotiator didn’t know what the offer was going to but expected it to be high. She was prepared to decline the offer and explain it was too simply too high and unreasonable, our client had a valid financial hardship, etc, when the agent made an unexpected offer that we simply could not refuse (at least not right away). The agent said the account can be settled for $1200 (10% of what was actually owed!). It was simply too good for us to turn away without serious consideration.
We immediately contacted the client, who was just as excited as we were. We discussed his options and helped him brainstom the different ways for him to come up with the money. The creditor agreed to accept the $1200 settlement in 3 payments over 3 months which will make it easier for our client to accomodate.
(Ref.1525)
Technorati Tags: debt settlement results, debt settlement percentages, debt settlement offers, debt negotiation process
The Attorney Surrenders
June 19, 2008
This Provanta Client is seventy-seven years old, on a fixed income, and has all the health issues one might expect. One creditor sent their account to a collection attorney, subsequently suing the client for a delinquent debt of $7,265.00. After court costs, attorney fees, and interest, the balance had inflated to $11,468.00 despite the numerous attempts we have made to settle since the client enrolled in early 2003.
At one point our negotiator was told they would only settle for 80% of the balance regardless of the clients limited income, health issues, and age. After the attorney spent time and money to obtain a judgment against our client in 2007, they finally realized the client had no assets they could secure the judgment with. Today we are happy to report that our clients account has been settled for $5,128.29 only 44% of the current balance and about 70% of the original balance, after five years of delinquency.
(Ref. 1522)
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Outstanding Settlement
June 18, 2008
A Provanta client had a delinquent balance of $17,133.00. Through tough and hard-nosed negotiating, our staff was able to settle the debt in full satisfaction for $5,996.54 only 35% of the balance. That’s a total savings of $11,136.46.
Though any particular settlement is never a guarantee for any particular future result, some clients can certainly expect similar results from time to time on some cases.
(Ref. 1520)
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“Standard” Won’t Do
June 18, 2008
Today, one of Provanta’s debt negotiators was attempting a settlement for one of our clients with a Successor In Interest or Debt Buyer.
As our negotiator opened dialog with the agent, he was given the “standard.” This agency’s “standard” settlement offer is 60% of the current balance, which would be $4,879.00 on this client’s debt. The negotiator countered the agents offer with an offer of $1,640.00, which was only 20% of the current claim. She emphasized that the client’s account is more than four years delinquent and that recovery, no matter how small, should be an important part of their decision.
She was hoping to get them off of their “standard” and go lower, and she was pleased when they came back with 25% of the current claim as an acceptable settlement amount. The client is now getting a settlement of $2,032.00 on her $8,131.00 account, which amounts to almost $6,000 worth of savings.
(Ref. 1521)
Technorati Tags: debt settlement, debt relief, bad debt buyers
Weekly Settlement Statistics
June 18, 2008
Total for the week of June 9-13, 2008:
- Total Debt Settled - $131,618
- Total Settlement Amount - $62,522
- Settlement Percentage - 47.5%
- Total Cases Settled - 25
Best Settlement:
- Current Claim - $8,868
- Settlement Amount - $1,956
- Percentage - 22.1% (negotiated with a original creditor)
Worst Settlement:
- Current Claim - $4,121
- Settlement Amount - $3,500
- Percentage - 84.9% (negotiated with an original creditor)
Technorati Tags: debt forgiveness, debt settlement
38 Months to Freedom From Debt
June 17, 2008
A young couple, Provanta clients, just received some very good news from us. Not only did we just settle an account for them, it was the last account on their program. In approximately 38 months, we were able to settle all 9 of the accounts they enrolled and they are debt free.
Our clients had a financial hardship when they first enrolled. For over a year and a half, the husband worked for the military and he was relocated to Hawaii, so he and his wife were separated for quite awhile. When he finally switched jobs to be back at home, he worked for a year and then suddenly, he was laid off. He was still collecting unemployment by the time he and his wife had their first child. His wife was also not working and collecting disability. They were new parents, unemployed, and struggling with medical bills when they contacted Provanta.
Their financial hardship actually worsened during our program. While the wife was pregnant with their second child, she was in a serious car accident. The car was totaled but luckily, both the unborn child and mother were going to be okay. Provanta worked closely with the clients to help them maintain their program despite the unexpected and scary experience. We made adjustments to their program and to our negotiation strategies to accommodate their new situation.
Though their program took 38 months instead of 36, as originally estimated, our clients are thrilled to finally be able to put all of this behind them and concentrate on raising their children. In addition, since they referred someone they knew to our debt settlement program, we offered the clients the option of receiving $595 cash or $1000 credit toward their final Provanta fees, simply as a thank you for helping someone they know become debt free through our program. They opted for the credit so not only did we settle their last account for them, we paid the fees associated with it. They are very happy.
(Ref.1519)
Technorati Tags: debt relief story, debt hardship, debt management program estimates, debt management referral program, debt settlement results
Weekly Settlement Statistics
June 10, 2008
Total for the week of June 2-6, 2008:
- Total Debt Settled - $62,342
- Total Settlement Amount - $24,874
- Settlement Percentage - 39.9%
- Total Cases Settled - 13
Best Settlement:
- Current Claim - $1,783
- Settlement Amount - $400
- Percentage - 22.4% (negotiated with a collection agency)
Worst Settlement:
- Current Claim - $13,316
- Settlement Amount - $9,321
- Percentage - 70% (negotiated with an original creditor)
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An Early Victory for a New Client
June 10, 2008
Last week we settled an account for a client who just enrolled at the end of April. Our client signed the Limited Power of Attorney we provided in his Enrollment Application, as all of our clients are required to do, which authorized Provanta to negotiate debt settlements on his behalf. We had to send the creditor a copy of the Limited Power of Attorney three times in May before the creditor finally acknowledged that we had proper authorization to speak on behalf of our client regarding this account.
In a different letter we faxed to the creditor office in June, we offered to settle the $8747 account for $2625. A Provanta negotiator contacted an agent at the office to follow up on our offer. The agent said that his manager was reviewing it and would get back to us. Two days letter, they accepted the offer. The account was settled at 30% of the original claim.
This settlement was possible at this early stage of our client’s program because our client had provided a substantial lump sum for the program up front. He was recently laid off and although he will be receiving unemployment, he knew he would not be able to keep up with his minimum payments. With unemployment on the rise nationwide, our client knew he had to find a solution to his debt as soon as possible just in case he could not find a job within a reasonable time frame. He decided to liquidate a significant amount of his savings so that he could offer it as settlements to his creditors through our program. He decided to do this before he even contacted Provanta.
Whether to use savings, investments and/or retirement funds to expedite the debt settlement process is always completely up to our clients. There can be benefits to doing so such as shorter programs, litigation avoidance, lower monthly EFTs, etc, but there can also be some risks as well such as a smaller emergency reserve or a postponed long term goal such as a house or retirement. This is why our Program Managers are always available to speak to any client who is debating such an issue.
(Ref. 1515)
Technorati Tags: debt settlement, debt settlement percentage, unemployment, financial hardship
Monthly Settlement Statistics
June 5, 2008
For May, 2008:
- Total Debt Settled - $708,512
- Total Settlement Amount - $295,406
- Settlement Percentage - 41.7%
- Total Cases Settled - 123
Best Settlement:
- Current Claim - $9,637
- Settlement Amount - $1,328
- Percentage - 13.8% (Negotiation entity: original creditor)
Worst Settlement:
- Current Claim - $3,832
- Settlement Amount - $3,257
- Percentage - 85% (Negotiation entity: original creditor)
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Weekly Settlement Statistics
June 4, 2008
Total for the week of May 26-30, 2008:
- Total Debt Settled - $266,887
- Total Settlement Amount - $118,413
- Settlement Percentage - 44.4%
- Total Cases Settled - 42
Best Settlement:
- Current Claim - $12,614
- Settlement Amount - $3,154
- Percentage - 25% (negotiated with an original creditor)
Worst Settlement:
- Current Claim - $3,832
- Settlement Amount - $3,257
- Percentage - 85% (negotiated with an original creditor)
Technorati Tags: debt forgiveness
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