Posted by obbie on 3/21/12 8:45pm
Msg #415639

debt settlement

I would like opinions on doing debt settlements, yes or no and why?

Reply by Lee/AR on 3/21/12 9:12pm
Msg #415642

Totally your call. Cons to think about: 1. Every one I've seen has you stating you 'represent - are an agent of' the co. That true? Or just their way around the face-to-face meeting law? 2. You ARE the only face they see and you live nearby. Might not be a problem in a big city, but in my small town, they're my neighbors and I will see them around.
3. Give some thought to how you'd be explaining your role to a local judge if 'stuff' happens.

Pros to think about: 1. The signer is an adult who got themselves into this position and are now trying to get out with a 'deal'. 2. They read the papers, see the pitfalls and (see #1).
3. Sometimes I'd guess it is their only option besides bankruptcy.

Reply by obbie on 3/21/12 9:19pm
Msg #415644

Thank you Lee. I have been approached to do one of these in a community 50 miles from where I live and I'm struggling with the decision.

Reply by pan/nd on 3/21/12 9:39pm
Msg #415647

wouldn't touch it with a 100 foot pole...

forget the pole

i wouldn't touch it period..too many possible entanglements

jmho

Reply by jba/fl on 3/21/12 9:39pm
Msg #415648

I have done a couple. No notarizations, so I thought odd at first. But, same as some of these medical malpractice and/or class action things: they want the paperwork in a particular time frame to move forward so they are willing to pay for a courier, in effect. I only say that I was hired to visit with them, get some signatures and forms filled out, and take possession of the paperwork so that the work can commence. The hiring party is disclosed as whatever law firm, etc.

If the money is worth your time, take it. Before you print the package, look at it. If you find a great objection for whatever reason you feel is valid, then call them and let them know you cannot do it.

Reply by ToniK on 3/21/12 9:58pm
Msg #415649

I have done one of these. Read over the 18 page document. Met with recipient and had him sign. I read a two page document explaining the reason for the visit, why the company and how the company is helping you out. The law and policies and the verbal and written acknowledgement of the recipient to the program. Also there was a number to the attorney he was working with and if there were any questions I was to call. I did make a call from the table to let them know the recipient is agreeing and has no questions. Smooth transaction, in and out in 30 mins. Did not have to provide a copy as the law firm would send official signed copies directly to recipient. Got paid in less than 30 days.

I will say that the person was only in debt for $15k. I guess his credit was so bad he couldn't get help from other companies. But its not my decision to tell someone what to do with their finances. Im not a financial adviser or an accountant.

But that was the only one I did. Havent gotten any calls for more of those.

Reply by jojo_MN on 3/21/12 10:38pm
Msg #415653

Use the orange search button. Lots of discussion on this n/m

Reply by jba/fl on 3/21/12 10:49pm
Msg #415654

You asked this same question 1 month ago (2-21-12) Msg #373530 . Do you not remember?

Use the orange Search button from time to time if you want more than 12-13 responses.

Reply by Nicholas Bjornstad on 3/22/12 9:35am
Msg #415675

I've done a handful of these. I told the company I would not explain the docs to the client, only show them where to sign.

They take about 5 minutes, haven't had anyone read the docs. Usually the company sends the docs out to the clients before hand to read them.