When negotiating settlements (especially when a lawsuit is pending) always refer to the debt as "the amount claimed to be due". Any acknowledgement of an actual debt from you, as agent of your client, could be used against the client should you fail to reach an acceptable settlement.
Scott F. Soape
Thursday, October 13, 2011
Saturday, October 1, 2011
Avoid "Unlicensed Practice of Law"
How you phrase settlement offers and client communications can be important, especially if you are dealing with attorneys on pending lawsuits.
Unless you happen to be a lawyer, you must always avoid giving your client advice that could be construed as "legal advice" or making arguments against a debt that include matters of law. The unlicensed practice of law (UPL) is taken very seriously in the legal community and can result in legal action being brought against you if you are not careful.
By positioning yourself only as a provider of "financial advice" for each debt settlement situation, you will avoid the UPL pitfall. My complete Business Plan System shows how to do this and all of my sample correspondences make this position clear... with clients and creditors. In my 14 years of negotiating settlements with creditors and their attorneys, I have NEVER had a problem with UPL.
Scott F. Soape
Unless you happen to be a lawyer, you must always avoid giving your client advice that could be construed as "legal advice" or making arguments against a debt that include matters of law. The unlicensed practice of law (UPL) is taken very seriously in the legal community and can result in legal action being brought against you if you are not careful.
By positioning yourself only as a provider of "financial advice" for each debt settlement situation, you will avoid the UPL pitfall. My complete Business Plan System shows how to do this and all of my sample correspondences make this position clear... with clients and creditors. In my 14 years of negotiating settlements with creditors and their attorneys, I have NEVER had a problem with UPL.
Scott F. Soape
Thursday, September 22, 2011
My Refund Policy
As indicated on my website, I offer a "no questions asked" full purchase price refund (less S&H) for material returned intact within 30 days... for any reason. These don't happen very often but, when they do, I am always quick to process a refund.
Here is an excerpt from a refund request dated September 8th, 2011:
"Dear Scott, I am writing to inform you of my need to return the Business Plan material received last week. In the last few days, events in my immediate family have totally changed my present and future plans, leaving me no opportunity to pursue the business. I did review the documents and I was very impressed with your work. I regret not being able to take advantage of your system and the business opportunity. Certainly, if anyone I speak with is looking for a great business opportunity, I will recommend you and your business. George H."
This student's material was received intact within the 30 day period and a refund was immediately issued.
I encourage prospective students to contact my office with whatever questions they may have about my program and the profession in general before placing an order. However, if anyone decides this business is not for them after receiving my material (for any reason), I will always honor my refund policy. Just like my core commercial debt resolution service I offer to my clients, there is truly "no-risk" to students of my Business Plan System either!
Scott F. Soape
Here is an excerpt from a refund request dated September 8th, 2011:
"Dear Scott, I am writing to inform you of my need to return the Business Plan material received last week. In the last few days, events in my immediate family have totally changed my present and future plans, leaving me no opportunity to pursue the business. I did review the documents and I was very impressed with your work. I regret not being able to take advantage of your system and the business opportunity. Certainly, if anyone I speak with is looking for a great business opportunity, I will recommend you and your business. George H."
This student's material was received intact within the 30 day period and a refund was immediately issued.
I encourage prospective students to contact my office with whatever questions they may have about my program and the profession in general before placing an order. However, if anyone decides this business is not for them after receiving my material (for any reason), I will always honor my refund policy. Just like my core commercial debt resolution service I offer to my clients, there is truly "no-risk" to students of my Business Plan System either!
Scott F. Soape
Friday, September 16, 2011
A Recent Actual Case
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
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
Tuesday, September 13, 2011
Repitition is Key to Marketing
When marketing your service, it is best to keep a common theme so you can build an identity for your business. Repetition of a slogan, a look, a message, etc. will allow your target audience to quickly recognize your business.
Be sure to tie all your marketing and advertising pieces together (business cards, brochures, fliers, ads, etc.) with one or more common theme(s) and you will enhance you results.
Scott F. Soape
Be sure to tie all your marketing and advertising pieces together (business cards, brochures, fliers, ads, etc.) with one or more common theme(s) and you will enhance you results.
Scott F. Soape
Thursday, July 21, 2011
Contacting Prospective Clients
Once you have identified a prospective client that might be in need of your service, you will need to contact them. My comprehensive Business Plan System provides detailed instructions on how to go about this and includes my powerful Prospect Letter as well as a sample script. Many times, prospective clients will give you a call after they recieve the letter but often a follow-up call is required on your part.
You will quickly find that calling prospective clients is one of the easiest and most gratifying aspects of this profession. After all, you are offering to assist these folks with a very stressful and maybe even scary situation (business owners are often named as co-defendants to lawsuits along with their companies).
Learning about your risk-free service as an affordable alternative to resolving thier problem debts can be the best call a business owner receives!
Scott F. Soape
You will quickly find that calling prospective clients is one of the easiest and most gratifying aspects of this profession. After all, you are offering to assist these folks with a very stressful and maybe even scary situation (business owners are often named as co-defendants to lawsuits along with their companies).
Learning about your risk-free service as an affordable alternative to resolving thier problem debts can be the best call a business owner receives!
Scott F. Soape
Wednesday, June 29, 2011
Marketing Material
There is no need for a lot of out-of-pocket expense as you get started in this profession. However, you will find it helpful to use whatever marketing material your budget will allow... business cards, letterhead, envelopes, flyers, brochures, etc. All of these will help you build a professional image for your business.
You may want to check out the online material at www.VistaPrint.com for some affordable ideas. Or simply visit a local print shop for a choice of styles that fit your budget and project the image you want. These folks can provide great insight into what might best fit your needs.
Scott F. Soape
You may want to check out the online material at www.VistaPrint.com for some affordable ideas. Or simply visit a local print shop for a choice of styles that fit your budget and project the image you want. These folks can provide great insight into what might best fit your needs.
Scott F. Soape
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