A student recently referred me to a debt resolution Internet webinar to which he had received an invitation. The invitation indicated this person had "found a select group of people who are quietly using debt settlement as a "secret" revenue stream to massively increase their monthly cash flow...". The invitation went on to say "collectively, these experts are earning TENS OF THOUSANDS of dollars a MONTH in debt settlement, most PART TIME!" (their emphasis). Of course, "collectively" could mean that 1000 "experts" are only earning $10 or $20 per month, but I digress.
Always eager to learn new or "secret" ways to generate revenues in this profession, I decided to listen in on the webinar.
Sadly, this turned out to be yet another situation where someone has found a way to take advantage of the unfortunate folks who find they have more debt than they can handle. The "secret" revenue stream involved signing people up to reduce their debts on a regular payment plan while skimming a percentage fee for this service off the top of each payment. The only difference was that this program was directed at out of work real estate professionals looking for income ideas.
No real assistance was involved and, if people were to do this themselves, they would pay off their debts much earlier for less money. These so called services have given debt resolution (or settlement) a bad name for good reason and have resulted in increased regulation on the consumer / retail side of the profession to protect vulnerable individuals.
My Commercial Debt Resolution Business Plan System teaches people how to work with BUSINESSES and / or BUSINESS OWNERS to resolve their past due or disputed BUSINESS DEBTS on a case-by-case basis. Fees are agreed upon up-front in a written contract and are earned only for results. They are only paid upon acceptance of each settlement by the business and not skimmed from any ongoing payment plans.
I encourage people to avoid consumer / retail debt settlement situations for many reasons (please see previous related blog posts). This new twist is just the same song with a different tune and should be avoided as well.
With the information from my Business Plan System, anyone can earn substantial, ongoing and HONEST fees in the Commercial Debt Resolution profession.
Scott F. Soape
Tuesday, May 4, 2010
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