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