I have spent a great deal of time and effort developing a very powerful and compelling Prospect Letter which I now use on a daily basis. By enlisting expert advice and through systematic testing, I now have what I consider to be the perfect opening sales letter or email. You will find a number of previous posts here with examples of its effectiveness.
Below is a link to an excellent article from Inc. Magazine's online edition that outlines how to write a great sales email. I was struck by the similarities of the author's recommendations to those I am already using.
Please click on the link to view the entire article:
http://www.inc.com/geoffrey-james/how-to-write-a-killer-sales-email.html
All students of my commercial debt resolution Business Plan System are provided a sample of my Prospect Letter for use in building their own successful practices.
Scott F. Soape
Monday, July 21, 2014
Monday, July 14, 2014
More Repeat Business
While working a recent case for a client, the creditor's attorney (with whom I have dealt many times) informed me he was also pursuing another debt against my client for a different creditor. He asked if I was also going to work that case and emailed me the information.
After a quick consultation with my client, I was retained to work the new case as well. Fortunately, the attorney had not yet filed suit on this new case and we were able to agree upon a settlement amount without needing to take court filing costs into account.
You never know where new business will come from and a referral from a creditor's attorney is rare! Even though I always ask my clients if they have any other problem debts they want me to work, they often wait until a lawsuit has been filed to hire me. Catching these cases early can usually result in more favorable settlement terms for my clients.
Scott F. Soape
After a quick consultation with my client, I was retained to work the new case as well. Fortunately, the attorney had not yet filed suit on this new case and we were able to agree upon a settlement amount without needing to take court filing costs into account.
You never know where new business will come from and a referral from a creditor's attorney is rare! Even though I always ask my clients if they have any other problem debts they want me to work, they often wait until a lawsuit has been filed to hire me. Catching these cases early can usually result in more favorable settlement terms for my clients.
Scott F. Soape
Saturday, June 28, 2014
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
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
Saturday, June 14, 2014
My Powerful & Compelling Prospect Letter
Students of my commercial debt resolution Business Plan System are provided with sample letters for every type of correspondence they encounter in this profession. The very first communication is contacting a prospective client. Sometimes, this entails a quick phone call. More often, it is in the form of a letter or email to a company owner.
My powerful and compelling Prospect Letter has been tested and refined over the years with the goal of quickly grabbing a business owner's attention and getting them to take action.
As an example, on the afternoon of May 23rd I emailed a business owner this letter after I had identified him as a qualified prospective client. Within 30 minutes, he called me to discuss his case and agreed to retain my services by the end of the conversation!
I successfully settled this case less than 3 weeks later saving my client thousands of dollars on a 42 month payment plan at 0% APR while earning myself a $1,500 fee in the process.
There is no reason to take chances with this very important first contact you have with prospective clients. By using my proven sample letters in all phases of your practice, you will see immediate results.
Scott F. Soape
My powerful and compelling Prospect Letter has been tested and refined over the years with the goal of quickly grabbing a business owner's attention and getting them to take action.
As an example, on the afternoon of May 23rd I emailed a business owner this letter after I had identified him as a qualified prospective client. Within 30 minutes, he called me to discuss his case and agreed to retain my services by the end of the conversation!
I successfully settled this case less than 3 weeks later saving my client thousands of dollars on a 42 month payment plan at 0% APR while earning myself a $1,500 fee in the process.
There is no reason to take chances with this very important first contact you have with prospective clients. By using my proven sample letters in all phases of your practice, you will see immediate results.
Scott F. Soape
Thursday, May 22, 2014
Openning Offers
My complete commercial debt resolution Business Plan System details exactly how to initiate negotiations with a creditor or their agent. I suggest that debt resolution professionals always start with a low-ball offer just to test the waters and leave plenty of room for further negotiations.
A recent article in Inc. Magazine's online edition supports my position. Please click on the below link to see the entire article and the justifications for this strategy:
http://www.inc.com/drake-baer/why-you-should-always-make-first-offer-in-negotiation.html
Scott F. Soape
A recent article in Inc. Magazine's online edition supports my position. Please click on the below link to see the entire article and the justifications for this strategy:
http://www.inc.com/drake-baer/why-you-should-always-make-first-offer-in-negotiation.html
Scott F. Soape
Tuesday, May 6, 2014
Follow-Up Service
Typically, once a settlement is finalized, it is up to the client to follow through with whatever payment arrangement has been made and our job is done.
Occasionally, though, clients will encounter further financial difficulties and have problems making a payment as planned. I always offer to continue my service in communicating with the creditor or their agent when these situations arise. All it usually takes is an email to the creditor notifying them of the expected late payment and the client's intention to make good as quickly as possible.
This is a small task but is always appreciated by both the client and the creditor. It also helps to position you as a professional with the client's best interest at the top of your priorities.
Scott F. Soape
Occasionally, though, clients will encounter further financial difficulties and have problems making a payment as planned. I always offer to continue my service in communicating with the creditor or their agent when these situations arise. All it usually takes is an email to the creditor notifying them of the expected late payment and the client's intention to make good as quickly as possible.
This is a small task but is always appreciated by both the client and the creditor. It also helps to position you as a professional with the client's best interest at the top of your priorities.
Scott F. Soape
Wednesday, April 23, 2014
Non-Discounted Settlements
Every now and then you will encounter a creditor that is not willing to negotiate a debt and all you can work for your client is the payment term and interest rate.
I just finalized a settlement where the creditor was willing to discount the debt but they would not do business with my client in the future unless the compromised amount was paid. Since my client wanted to continue business with this creditor, all I had to work with was the term and interest rate.
I was able to work out an acceptable payment arrangement for my client over a 2 year period at a 6% annual interest rate with no discount on the debt.
My fee ended up being for a $1,000 minimum amount which we agreed upon before negotiations began. Had I been able to negotiate a discount, the fee would have been higher but it was still fair for both parties based on the outcome and the time and effort I put in.
Always be sure you set a minimum fee for any accepted settlements whether or not a discount is negotiated and all parties will benefit.
Scott F. Soape
I just finalized a settlement where the creditor was willing to discount the debt but they would not do business with my client in the future unless the compromised amount was paid. Since my client wanted to continue business with this creditor, all I had to work with was the term and interest rate.
I was able to work out an acceptable payment arrangement for my client over a 2 year period at a 6% annual interest rate with no discount on the debt.
My fee ended up being for a $1,000 minimum amount which we agreed upon before negotiations began. Had I been able to negotiate a discount, the fee would have been higher but it was still fair for both parties based on the outcome and the time and effort I put in.
Always be sure you set a minimum fee for any accepted settlements whether or not a discount is negotiated and all parties will benefit.
Scott F. Soape
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