Creative Settlements

The majority of your settlements will be pretty simple and straight forward.  Either a monthly payment plan or a lump-sum single payment.

Occasionally, though, you will need to get a little creative with settlement offers.

One option is to offer a larger initial payment, or down payment, followed by smaller monthly installments.  Many creditors like this because it shows a bigger up-front commitment on the debtor's part.  It also puts more money in the creditor's pocket right away.

Another, option is to offer smaller monthly payments followed by a large balloon payment.  This works well whenever your client is expecting to be paid on a project at some point in the future.  Tying these expected revenues to a large final payment could be attractive to both parties.

Being able to come up with alternative payment options for your clients will solidify your position as a trusted and valuable consultant and help in settling all types of debts.

Scott F. Soape