Patience and Persistence

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

Related Posts

• No Related Post