Although they typically result in the best discounts, many businesses will not be in a position to make lump-sum payments to settle their problem debts. You will need to negotiate payment plans for these clients.
I always try to start negotiations with payment plans for the longest time period possible and at a 0% interest rate. However, many creditors will require some sort of interest rate if they are going to deal with extended payments. Using one of the many online calculators makes these offers simple. Here are just a few...
http://www.bankrate.com/
www.Calculator.com
www.moneychimp.com/calculator
You may need to click further to reach the "loan" calculator (auto, mortgage, etc.) on these sites. Just plug in the total amount of the settlement offer, the interest rate and the number of months (or years) and you can quickly calculate the monthly payment to complete your offer.
Of course, my complete Business Plan System provides all the information you need to negotiate ANY type of settlement.
Scott F. Soape
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