Convicing Creditors

Sometimes convincing creditors to settle is unbelievably difficult, and the only way to overcome their reluctance is a persistent attitude.

Recently, a major creditor neglected to respond to all settlement offers with anything other than a canned letter requesting redundant copies of a limited power of attorney and/or client information we cannot disclose.

In response, we add dozens of accounts to our bulk offer list each month to reinforce the idea that by refusing to cooperate, they are turning their backs on potential revenue. This month, for example, if this creditor accepts 50% settlement offers on the 104 clients who have open accounts, they stand to make $80,000! With some foresight, they will see the light.

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