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Before going over checklist with client, make sure you are completely aware of their accounts in the program so you can give them the best guidance possible. Also make sure you know what the retainer structure for your client is and if they have any special notes in info center accounting.
– My name is _________ and I am going to be your Customer Satisfaction Representative. My direct line is 1-877-852-7517 and my e-mail is email@example.com
– Communication is vital. You need to always maintain communication with us via email or phone. Always check your email because the settlement offers will be sent through it.
– We have opened an online account for you through which you will be able to communicate with us in an efficient way. You should be receiving an e-mail with your username and password but I’m going to give it to you right now anyway just in case.
Username: (Client is sent via email automatically)
Password: (Client is sent via email automatically)
– When you go into your online account you will see a “To do list” which includes 4 very important items that we would need for you take care of as soon as possible in order to start the negotiation process.
Power of Attorney Letter. Print, sign, and have it notarized. Then fax it back. This is the most important document we need in our office in order to initiate the negotiation process.
Submit the hardship letter online and help yourself out by looking at the sample letters in there.
Submit your detailed financials online which are going to give us an idea of where you stand financially.
Update the balance of your set-aside account. Do this on a monthly basis; by phone or email, but logging into your online account is also available. We will be fielding calls from your creditors and it is ****essential**** that we know what you have available to settle your accounts.
– Retainer Fee: Usually paid in 3 installments, and it is 5% of client’s total debt. The three installments are debited from the same account as the down payment.
– Besides your retainer fee, there will also be a 20% commission for CuraDebt based on the savings we get you. $25 per installment fee if installments are approved.
Example if you have a $9,000.00 debt and we get you a 50% settlement then you would pay $4,500.00 and our commission would be 20% of the savings, which would be $900.00.
– What options do I have in the rare case of litigation by a creditor? Very few accounts are in this status; while possible, the likelihood is very low. The options are: Settlement. If there are some funds available and a discount can be negotiated, the 20% commission is paid on the savings.
Payment plan. Another resolution is a long term payment plan on the full balance in the case of a pending or actual litigation. For this option, the commission is 7.5% of the total balance.
If at a future point, sufficient funds are available and CuraDebt is able to re-negotiate a cash discount on the same account, the originally paid commission is credited against the new commission due (there is no refund on commission already paid). What we do is after you make some payments and you’re able to have a lump sum amount, we revisit the account and do our best to get you a settlement. Even if you have judgment against you, the account can still be settled.
– Remind client interest fees, late fees and over the limit fees accumulate until a settlement is reached. We try to minimize all fees by negotiating installment plans, but this should be considered a bonus if available.
– Remind client that after a settlement is finalized and the settlement terms signed by creditor plus clearing of payment, it takes around to 2-6 months for a creditor to update the monthly statement to reflect a zero balance. DON’T PANIC
– Some creditors knowing they are not going to get 100%, may keep an account in a department that is not negotiable for it to accumulate fees before offering a settlement. In most cases, this is a good thing because it gives client time to save money for settlements. Creditors use various collection tactics, including, but not limited to keeping the account in-house, using a collection agency, or a law firm. Generally speaking when an account stays in-house or goes to a collection agency, we find some of the best settlements. Many law firms also give very good deals.
– If any of your credit card payments are electronically withdrawn you must call your bank and stop these payments. Also should you have a bank account with any one of the creditors you entered in the program, we suggest that you close this account and open a different one.
– Have you made any cash advances or major luxury purchases in the last 12 months? This potentially can result in lower savings on settlements.
– If you are considering a refinance to generate funds for settlements, let us know BEFORE you go through with it. We have seen too many cases of people going through with their refinance and having the lender tell them that the proceeds need to go to pay their debts in FULL. Worst case scenario: person has a loan payment and outstanding debts that could have all been covered by the refinance, and the person looses their home and ends up filing bankruptcy. We have a partnership with a lending company that understands settlements and that the funds should go toward the settlements and not the full amounts. Please let us know and we will coordinate accordingly.
– Please remember that you must submit all creditor calls online by going to NEGOTIATIONS PROCESS section, item #7 (record and view collection calls) on your online account. This is a very important part of the negotiation process to stop the calls from going to you and rerouting them to us. This will take a couple of weeks to accomplish. We follow up with as many calls as it takes – just enter them online.It is very important not to have any type of conversation with creditors, they will try to confuse you, and before you know it, you have made a verbal agreement which takes leverage away from our negotiation position. So please refer all calls to us and limit conversations with the creditors. They will say they can not deal with 3rd parties or that we have not contacted them but these are all tactics used to get you to make any kind of agreement with them. It is important that you do not speak to creditors at any time except to give the information below.
In order for the program to work effectively, our office representatives must be the only individuals speaking with your creditors.
It is VERY IMPORTANT that you DO NOT USE your credit cards that have been included in the debt negotiations plan after starting this program. Each time you make a purchase or sign a credit card slip, you are verifying that you intend to pay the new debt in full. In DEBT REDUCTION, our plan is to SETTLE, not to PAY IN FULL. Failure to follow this guideline could be construed as FRAUD in a court of law.
CITIBANK ACCOUNTS or its affiliates : Sears, Home Depot, AT&T Universal, and Shell.
These creditors are extremely aggressive. They will not deal with third parties that are . When the account goes to a collection agency that work with, the settlements are better. If the account goes to a law firm, settlements are more conservative and paying around 75% on the dollar would be an expected settlement.
Please contact your creditors and change the contact information to one of our addresses and phone numbers. However, some creditors take longer to do this than others. To expedite the process, if you have online access, you can also update the contact information below:
The new phone number is 1-858-433-1448.
The new address is:
YOUR NAME / BSL,
12707 High Bluff Drive # 200
San Diego, CA 92130.
For the creditors listed above (Citibank), we use a less aggressive negotiation approach. Therefore, if you do get a call from them; DON’T say “call my legal representation” because this is a more aggressive approach. INSTEAD, just say “I HAVE NO MONEY.” and hang up the phone. Then, email us or enter online the call you got from Citibank. We may have to resend them the information to change your phone number to the one we have designated and we will continue to do so until calls are rerouted to us.
Do not engage the creditor and DO NOT mention to Citibank collectors that you are working with an outside debt negotiation company. The 1-858-433-1448 Line will go to a voice mail and the negotiatiors will follow up on all creditors calls.
All other accounts: Capital One, Bank One, B of A, etc…
You should say to them:
“You can reach my representative, Banks, Schwartz & Levitz at 858-764-0502. They’re taking care of everything for me.” THEN HANG UP! DO NOT, UNDER ANY CIRCUMSTANCES, discuss any financial arrangements, including any payments to us with your creditors.
One of our first steps will be to notify each of your creditors that you are now in our program, and that they must now contact us, not you, in regards to your accounts.
For each and every telephone call from any of your creditors, you must enter that information in your account area online (item #7 record and view collection calls). We will follow up on the calls by calling, faxing, or sending certified letters to make sure the creditors have our information noted to your file and know to contact us and not you as many times as needed.
The debt collection business sometimes is very brutal. Collectors often will say anything they can to intimidate or confuse you. Remember that collectors only make money when they collect money from you. In order to ensure the integrity and success of your program, you should never under any circumstances discuss any of the financial arrangements you have through our program. To do so, may damage the success of the outcome and your expected results.
Again, every time that a creditor calls you. Enter the information into the online area (item #7 record and view collection calls) for us to follow up with the creditors.
– Regarding creditor correspondence. It is very important that you fax over any collection letters, account statements, settlement offers, or legal documents you may receive. Fax number: 1-877-484-9837 and email us for confirmation of receipt of fax.