Point of View

A Provanta client had a large principle balance of $14,772.00 on a major credit card , to which an additional $5,258.49 was added in interest and late fees for a total of $20,030.49.

The client had a good amount of funds available for settlement, but over three months, she could only provide $5,030 which is 25.11% of the total balance with interest.  Working together, the Provanta negotiator and the agent devised that they should present the offer as a percentage of the principle, rather than the total balance.

When the agent presented the offer to his client as writing off the interest and then collecting 34% of the principle, they agreed. This client saved $15,000.49 because our negotiators and the agent didn’t get hung up on the interest and fees, which, after all, are arbitrary.

(Ref. 1532)

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