The Bigger the Creditor, the Better!

I have found over the years that dealing with larger creditor entities usually improves my odds of reaching favorable settlement terms for my commercial debtor clients.  When you stop to think about this, it makes perfect sense.

A smaller creditor seeking financial remedy in a dispute will not be in as good of a position to forgive or write-off a large dollar amount.  They will want to squeeze their debtor companies for as much as possible simply because they truly need the funds to continue operations.

Larger entities, on the other hand, are able to continue business as usual even if they settle debts at substantial discounts.  They will have a larger capital base and can more easily absorb losses with little impact to their bottom line.

Don't make the mistake of shying away from large corporate or government creditors thinking they are too powerful to negotiate with.  You will find most are quite willing and able to work with you for discounted settlements to the ultimate benefit of your commercial clients.

Scott F. Soape

Phone Calls to Prospects

Sending my powerful Prospect Letter to prospective clients often results in calls to you for your service.  However, if you have not heard from a prospect within 3 or 4 business days of sending your letter, give them a call.

Many times when I call prospects after mailing my Prospect Letter, they tell me "I have your letter on my desk and I was intending to call you but I have just been too busy".  All it takes is a follow-up call from me to land a fee generating client.

Other times, I will just make an initial call to a prospect without bothering to send a letter first.  My offer to resolve a problem debt on a "no results / no charge" basis is a hard offer to refuse!

Phone calls to prospects, with or without sending my Prospect Letter, always enhances my revenues.

Scott F. Soape

A Quick Negotiation Tip

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

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

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

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

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