I just realized it has been quite a while since I have reported on an actual case so I pulled one that closed this week.
On August 19th I called a debtor business named as a defendant on a local lawsuit to offer my services in negotiating a discounted out-of-court settlement on their behalf.
After a couple of conversations with the business owner over a period of a few days, he retained my services on August 29th.
The next day I sent an initial settlement offer to the Plaintiff's attorney. After a couple more communications back and forth, they countered with a very favorable offer.
On Friday, September 9th, I relayed the offer to my client in writing and asked him to consider it over the weekend. He accepted the following Monday, September 12th and I received a check for the balance of my fee today, September 16th.
The terms of the settlement were as follows: Original debt of $17,581 settled for $13,185 payable over 24 months with a 6% annual interest rate for monthly payments of $584.37.
I saved my client $4,396 on the principal and got the attorney to agree to waive ALL his fee (this could have been awarded up to 1/3 the amount of the debt... or over $5,800). I also negotiated a 2 year payment plan at a very low interest rate.
My fee was set at $900 with an up front refundable retainer of $100 so the balance came to $800 (which I received today). All this with a few quick phone calls and short emails and faxes within about 4 weeks... and all 3 parties benefited.
Of course, my complete commercial debt resolution Business Plan System provides you with EVERYTHING you need to do this yourself.
Scott F. Soape
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment