Locating cases, obtaining clients, negotiating settlements and getting paid can be a very simple and quick process in the commercial debt resolution profession.
As an example, on April 15th I identified a potential case lead at the local civil court records division of the county court. The debtor business had been sued by a local phone book for not paying on their yellow pages listing and the plaintiff was asking for $11,755.20 in principal, $3,900 for attorney fees, reimbursement of court costs (usually about $275) and post judgment interest on the entire debt until paid.
I immediately sent a letter offering my service to the owner of the business listed in the lawsuit at the address indicated. I followed up a few days later with a phone call and discussed my service. The owner expressed an interest but wanted to think it over first. On April 25th, he called me back and I faxed him a contract.
Since I knew from years of negotiating with the attorney representing this plaintiff (creditor) that a discount would be tough to get on the debt, I set my fee at a flat $350. It was also clear this business had very limited resources and a higher fee might be hard to collect.
After a phone call and 2 emails to the attorney, I had a final settlement offer of $12,000.00 payable in 24 monthly installments of $500 each (basically a 2 year loan with no interest). The client accepted the settlement on May 1st and I received a check for my fee immediately thereafter.
The total turn around time from identifying a lead to getting paid was just over 2 WEEKS but took only about an hour of actual hands-on work time for me.
This is just one example and the fee was set at my absolute minimum but you can see the results.
By the way, my client told me he had been contacted by another debt negotiator who offered to work for 35% of whatever he could save the business on the debt. I had intentionally set my fee as I did knowing I had competitors and knowing what to expect in the way of a final settlement. This helped me win the business.
My commercial debt resolution Business Plan System will teach you everything you need to know to operate your own business in this highly profitable profession. Please visit my website at http://www.debtresolutionbiz.com/ for details.
Scott F. Soape
skip to main |
skip to sidebar
Insider information on how to become a successful professional commercial debt negotiator and earn a Six Figure Income. My turn-key Business Plan System will teach you EVERYTHING you need to know... from locating leads to negotiating settlements to getting paid HANDSOMELY for your valuable service. Office from home and work part-time or full-time if you like. Earn professional fees from $500+ per day!
About Me
- Scott F. Soape
- Scott Soape is the owner and founder of Scott F. Soape & Associates, LLC and has been a leader in the commercial debt resolution profession since 1997. Scott's background includes employment as a bank executive early in his career, serving as President of the American Institute of Banking in Austin, employment as a Financial Consultant with a national brokerage company and owning his own financial consulting practice for many years. Over the years, Scott has assisted thousands of businesses across the country with their problem or disputed debts with a near 100% success rate. Mr. Soape is not an attorney. None of the information provided here should be construed as legal advice.
No comments:
Post a Comment