My Business Plan System material provides you with a number of referral sources to contact about your debt negotiation service. These sources will encounter qualified candidates for your service on an ongoing basis and are usually very happy to steer them your way.
Incorporate a system of contacting these important folks on a regular basis into your business so that you are always at the forefront of their minds when potential clients show up.
You may want to start by sending a letter to introduce yourself and briefly explain your service to them. Including a bi-fold or tri-fold brochure will help create an identity for your business and give them something to maintain on hand along with your business card. Ideally, a follow-up phone call should be made to ensure they received your information, provide additional information and ask about any current referrals they may know of.
Once you have made the initial contact, be sure to "touch" your referral sources occasionally with a brief letter, email, newsletter, phone call or personal visit on at least a quarterly basis.
I make a point of dropping in for personal visits whenever possible. This allows my referral sources to connect a face with my name and also lets me provide extra information about my unique professional service. Often, I will even make a "cold call" visit to new referral sources when my time allows. Most folks are happy to take a minute or two for an introduction and almost all are interested to hear about what I do.
Don't make the common mistake of thinking one brief contact with a referral source is all you need. By Fanning the Flames of your referral sources, you will keep a steady stream of qualified leads coming your way... and the fees will follow.
Scott F. Soape
Saturday, January 24, 2009
Friday, January 16, 2009
The BEST Profession for this Recession!
It should come as no surprise that the Commercial Debt Resolution profession is experiencing a HUGE SURGE in business given current economic conditions. Not only is this a recession proof profession but our business actually improves when times are bad since companies are experiencing a variety of debt problems stemming from the overall down economy.
Fortunately, we professional debt specialists are here to assist companies with their past due and disputed debts by negotiating discounted settlements with the creditors. Everyone wins when a debt can be settled out of court... the debtor gets a discount and/ or a manageable payment arrangement, the creditor receives money they may not have ever seen otherwise and the professional debt negotiator receives a substantial fee for his or her successful efforts.
Industry forecasts indicate our profession will prosper for the foreseeable future. If you are on the fence about getting into this business, I encourage you to take the plunge NOW. Commercial Debt Resolution can provide you with new or additional revenues and can be worked on either a full-time or part-time basis. Please visit my website for details and feel free to contact my office if you have any specific questions I may address.
Scott F. Soape
Fortunately, we professional debt specialists are here to assist companies with their past due and disputed debts by negotiating discounted settlements with the creditors. Everyone wins when a debt can be settled out of court... the debtor gets a discount and/ or a manageable payment arrangement, the creditor receives money they may not have ever seen otherwise and the professional debt negotiator receives a substantial fee for his or her successful efforts.
Industry forecasts indicate our profession will prosper for the foreseeable future. If you are on the fence about getting into this business, I encourage you to take the plunge NOW. Commercial Debt Resolution can provide you with new or additional revenues and can be worked on either a full-time or part-time basis. Please visit my website for details and feel free to contact my office if you have any specific questions I may address.
Scott F. Soape
Sunday, January 11, 2009
Another Reason to Avoid Consumer Debts
As stated in my blog entry of May 29, 2008, there are several reasons I suggest debt negotiators avoid consumer (personal) debts. An additional reason is the pending legislation to regulate that area of debt settlement that will likely soon be adopted in every State of the Nation.
The Uniform Debt-Management Services Act (UDMSA) provides comprehensive regulation of debt counseling and debt settlement services. It provides guidance and regulation to the consumer credit counseling and debt settlement industries and is a comprehensive statute that provides rules for (among other things) registration requirements, bond requirements, certification requirements, disclosure requirements and penalties for non-compliance.
My sources assure me this Act applies only to consumer or personal debt counseling and debt settlement and not to Commercial or Business debt services. Our profession remains basically unregulated and will for the foreseeable future. That is because we are basically acting as business consultants, dealing only with commercial entities on both sides of a debt settlement negotiation.
I strongly recommend you avoid working with consumer debts on any level for many reasons. This pending legislation is just one more reason to stick with Commercial Debts ONLY.
Scott F. Soape
For additional information please visit the official website for UDMSA at http://www.udmsa.org/ .
The Uniform Debt-Management Services Act (UDMSA) provides comprehensive regulation of debt counseling and debt settlement services. It provides guidance and regulation to the consumer credit counseling and debt settlement industries and is a comprehensive statute that provides rules for (among other things) registration requirements, bond requirements, certification requirements, disclosure requirements and penalties for non-compliance.
My sources assure me this Act applies only to consumer or personal debt counseling and debt settlement and not to Commercial or Business debt services. Our profession remains basically unregulated and will for the foreseeable future. That is because we are basically acting as business consultants, dealing only with commercial entities on both sides of a debt settlement negotiation.
I strongly recommend you avoid working with consumer debts on any level for many reasons. This pending legislation is just one more reason to stick with Commercial Debts ONLY.
Scott F. Soape
For additional information please visit the official website for UDMSA at http://www.udmsa.org/ .
Monday, January 5, 2009
Who Handles the Settlement Money?
I am often asked by folks new to this profession if they will be responsible for handling the settlement payments on behalf of their clients. (Students of my Business Plan System already know the answer to this question.)
Although some programs require debt negotiators to place settlement funds into escrow accounts and direct payments themselves, my system shows you how to avoid this headache.
As far as I am concerned, the primary function of a Commercial Debt Resolution Specialists is to NEGOTIATE SETTLEMENTS. If you happen to have a background or expertise in other areas such as accounting, law, insurance, investments, etc. you may want to offer to assist your client with these matters as well. Otherwise, I suggest you limit your service only to settlement negotiations.
My system shows you how to negotiate the best possible settlement for your commercial client to include the lowest total amount and, if a payment plan is arranged, the longest time to pay, the lowest interest rate and the smallest monthly payments.
Once a settlement is agreed upon, your job is done and it is entirely up to your client to follow through with and adhere to the payment terms with the creditor or their agent. In other words, after a settlement is finalized, you are "out of the loop". This is specified in writing and a sample document is included in my Business Plan System material.
There is no reason to create extra work, responsibilities or record keeping for yourself by offering to handle settlement payments through an escrow account. Simply negotiate the best terms for each client and move on to the next fee-generating case.
Scott F. Soape
Although some programs require debt negotiators to place settlement funds into escrow accounts and direct payments themselves, my system shows you how to avoid this headache.
As far as I am concerned, the primary function of a Commercial Debt Resolution Specialists is to NEGOTIATE SETTLEMENTS. If you happen to have a background or expertise in other areas such as accounting, law, insurance, investments, etc. you may want to offer to assist your client with these matters as well. Otherwise, I suggest you limit your service only to settlement negotiations.
My system shows you how to negotiate the best possible settlement for your commercial client to include the lowest total amount and, if a payment plan is arranged, the longest time to pay, the lowest interest rate and the smallest monthly payments.
Once a settlement is agreed upon, your job is done and it is entirely up to your client to follow through with and adhere to the payment terms with the creditor or their agent. In other words, after a settlement is finalized, you are "out of the loop". This is specified in writing and a sample document is included in my Business Plan System material.
There is no reason to create extra work, responsibilities or record keeping for yourself by offering to handle settlement payments through an escrow account. Simply negotiate the best terms for each client and move on to the next fee-generating case.
Scott F. Soape
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