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.

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