| Author |
Previous Topic | Next Topic |
cnoiroux
54 Posts |
 Posted - 04/28/2008 : 4:28:26 PM
|
This is a great complementary activity to a slowed down mortgage market.
$20,000 a month is very realistic.
We have several loan officers who are doing it right now!
Find out how.
You can email cnoiroux@cwndebtrelief.com
|
|
Gilby21
137 Posts |
Posted - 04/28/2008 : 4:57:00 PM
|
| $20,000 I would like to see how that works. |
|
|
cnoiroux
54 Posts |
Posted - 04/28/2008 : 5:18:22 PM
|
Here is a summary on how this works.
In one sentence, we settle a client's unsecured debt (credit card debt) for about half of what they owe and that includes our fees.
ALL YOUR BAD MORTGAGE LEADS BECOME GREAT LEADS FOR DEBT SETTLEMENT.
PLEASE CHECK OUT WWW.CWNDEBTRELIEF.COM
If you have not sold debt settlement before, the rest might be a little hard to understand. Please read it first and then call me for more info if this is something you might be interested in.
The program is very simple. You will work out of your office or home office. You purchase your own leads (your existing database, your old leads, your bad leads, fresh new leads, etc...). You receive 70% of the revenue generated.
Here is how the revenue is generated:
You decide how much % you charge. On average it will be 8% of the unsecured debt. You decide how to spread this enrollment fee, average is 10 months. You get paid 70% of the dollars as they come in.
Here is an example based on a $30,000 unsecured debt.
Enrollment fee: 8% or $2,400.00
Your commission: 70% or $1,680.00
Amount of months for the enrollment fee to be paid: 10
Monthly payments: $240.00
Your commission: 70% or $168.00 per month
If you consistently enroll $250,000 worth of unsecured debt per month (that would be low, and would get you fired eventually at a regular debt settlement company) your commissions would look like this:
$20,000 per month at 70% = $14,000. From there, you deduct the lead expense, maximum $3,000, which would leave you with $11,000 per month. Any good salesperson will surpass these numbers easily.
We provide training, online CRM software, continuous support, basically all the help needed to make you successful.
You will be an independent contractor and you will be paid commission only.
This is a brief overview of the program.
You can call us at 866-764-3381.
Best regards, |
|
|
velecico
2914 Posts |
Posted - 04/28/2008 : 5:59:22 PM
|
No one is paying debts in this economy LOL |
|
|
Loan Pro
401 Posts |
Posted - 04/28/2008 : 6:04:30 PM
|
Why would one not sign up wit EFA on their own why would some one give up 30% when they can deal directly with them.
quote:
Originally posted by cnoiroux
This is a great complementary activity to a slowed down mortgage market.
$20,000 a month is very realistic.
We have several loan officers who are doing it right now!
Find out how.
You can email cnoiroux@cwndebtrelief.com
|
|
|
cnoiroux
54 Posts |
Posted - 04/29/2008 : 09:10:16 AM
|
Because they don't sign up individuals. They typically want companies with an office, a minimum of 5 salespeople and solid funding.
That's why.
|
|
|
Loan Pro
401 Posts |
Posted - 04/29/2008 : 09:36:08 AM
|
How long would it take an agent to start making (take home) 20k a month ?
quote:
Originally posted by cnoiroux
Because they don't sign up individuals. They typically want companies with an office, a minimum of 5 salespeople and solid funding.
That's why.
|
|
|
SirThomas
111 Posts |
Posted - 04/29/2008 : 09:56:25 AM
|
Christian,
Are there any costs associated with becoming a rep for your company?
I am not talking about marketing costs, but the fees some companies
charge their reps for using CRM software, access to "systems", training etc?
Thomas
PS. Do you supply leads (paid or free) or direct where to get them? |
|
|
cnoiroux
54 Posts |
Posted - 04/29/2008 : 10:06:19 AM
|
Obviously as fast as sales are generated. But realistically about 6 months. Please call me at 949-892-5168 if you are interrested in more details.
quote:
Originally posted by Loan Pro
How long would it take an agent to start making (take home) 20k a month ?
quote:
Originally posted by cnoiroux
Because they don't sign up individuals. They typically want companies with an office, a minimum of 5 salespeople and solid funding.
That's why.
|
|
|
cnoiroux
54 Posts |
Posted - 04/29/2008 : 10:09:15 AM
|
There are no costs whatsoever. We can tell you where to buy leads.
However all your bad leads for mortgages are good leads for debt settlement.
Please call 949-892-5168 for more details.
quote:
Originally posted by SirThomas
Christian,
Are there any costs associated with becoming a rep for your company?
I am not talking about marketing costs, but the fees some companies
charge their reps for using CRM software, access to "systems", training etc?
Thomas
PS. Do you supply leads (paid or free) or direct where to get them?
|
|
|
cnoiroux
54 Posts |
Posted - 04/29/2008 : 3:56:40 PM
|
A ton of people are trying to settle their debts for half of what they owe.....
quote:
Originally posted by velecico
No one is paying debts in this economy LOL
|
|
|
subprime
3573 Posts |
Posted - 04/29/2008 : 10:55:01 PM
|
| How delinquent to the debts need to be before they can be negotiated? Or can they be current? |
|
|
cnoiroux
54 Posts |
Posted - 04/30/2008 : 1:20:47 PM
|
The debts need to reach a stage where the power shifts back to the consumer. When the debt is being written off or is sold or handled by a third party collection agency, it is "ripe for a settlement" as long as the client has accumulated the money necessary to settle in a lump sum.
I hope that makes it clear.
Please call me for any questions at 949-892-5168.
quote:
Originally posted by subprime
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
|
|
|
gilbert
133 Posts |
Posted - 04/30/2008 : 1:28:59 PM
|
How many people with 25k in debt in collections actually have any money to settle the debt?
I have clients all the time with plenty of debt, in collections, but they still don't have a dime to their name. How can you help them? or is this just for the Ideal canidate?
quote:
Originally posted by cnoiroux
The debts need to reach a stage where the power shifts back to the consumer. When the debt is being written off or is sold or handled by a third party collection agency, it is "ripe for a settlement" as long as the client has accumulated the money necessary to settle in a lump sum.
I hope that makes it clear.
Please call me for any questions at 949-892-5168.
quote:
Originally posted by subprime
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
|
|
|
cnoiroux
54 Posts |
Posted - 04/30/2008 : 1:40:21 PM
|
the program is usually about 2 to 3 years long. The client accumulates money in their savings account ( set up just for that purpose ) and the creditors are no longer receiving money from the client. After a while the client has accumulated enough money to settle their first account, then the process is repeated for the other accounts. So if a client has 25k in debts, they will need to accumulate approx. 12k over the course of 2 to 3 years ( approx. $333 per month) and when the last account is settled the client is debt free.
Please call me so I can explain in detail how this works, 949-892-5168.
quote:
Originally posted by gilbert
How many people with 25k in debt in collections actually have any money to settle the debt?
I have clients all the time with plenty of debt, in collections, but they still don't have a dime to their name. How can you help them? or is this just for the Ideal canidate?
quote:
Originally posted by cnoiroux
The debts need to reach a stage where the power shifts back to the consumer. When the debt is being written off or is sold or handled by a third party collection agency, it is "ripe for a settlement" as long as the client has accumulated the money necessary to settle in a lump sum.
I hope that makes it clear.
Please call me for any questions at 949-892-5168.
quote:
Originally posted by subprime
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
|
|
|
Loan Pro
401 Posts |
Posted - 05/01/2008 : 09:41:18 AM
|
Subprime,
A client can enroll in to debt settlement at anytime, If the customer has debt that he is current on they can still enroll into the program. In order to get a creditor to agree to a settlement of the debt, a client most voluntarily fall behind on their payments to the creditors. Each bank deals with debt negotiations in a different manner than the next.
[/i]
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
[/quote] |
|
|
cnoiroux
54 Posts |
Posted - 05/01/2008 : 09:56:29 AM
|
That is correct. But you certainly will not be able to negotiate a debt down if you are current because at that point the creditor expects the whole amount to be paid back.
quote:
Originally posted by Loan Pro
Subprime,
A client can enroll in to debt settlement at anytime, If the customer has debt that he is current on they can still enroll into the program. In order to get a creditor to agree to a settlement of the debt, a client most voluntarily fall behind on their payments to the creditors. Each bank deals with debt negotiations in a different manner than the next.
[/i]
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
[/quote] |
|
|
Loan Pro
401 Posts |
Posted - 05/01/2008 : 12:14:44 PM
|
Christian,
This should not prevent any of your affiliates from enrolling a client because they are current... as along as the client understands that he must voluntarily fall behind on his payments in order to get a creditor to agree to a settlement of the debt.
In any case the negotitation process does not happen for several months when a customer enrolls. This allows for a client with account(s) that are current to fall behind. IF they do a have a Financial Hardship.
quote:
Originally posted by cnoiroux
That is correct. But you certainly will not be able to negotiate a debt down if you are current because at that point the creditor expects the whole amount to be paid back.
quote:
Originally posted by Loan Pro
Subprime,
A client can enroll in to debt settlement at anytime, If the customer has debt that he is current on they can still enroll into the program. In order to get a creditor to agree to a settlement of the debt, a client most voluntarily fall behind on their payments to the creditors. Each bank deals with debt negotiations in a different manner than the next.
[/i]
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
[/quote] |
|
|
cnoiroux
54 Posts |
Posted - 05/01/2008 : 12:31:58 PM
|
You are absolutely right. A client can enroll regardless of their debt status. Not only are you a loanpro but you are a debtpro as well. Is that handle taken?
quote:
Originally posted by Loan Pro
Christian,
This should not prevent any of your affiliates from enrolling a client because they are current... as along as the client understands that he must voluntarily fall behind on his payments in order to get a creditor to agree to a settlement of the debt.
In any case the negotitation process does not happen for several months when a customer enrolls. This allows for a client with account(s) that are current to fall behind. IF they do a have a Financial Hardship.
quote:
Originally posted by cnoiroux
That is correct. But you certainly will not be able to negotiate a debt down if you are current because at that point the creditor expects the whole amount to be paid back.
quote:
Originally posted by Loan Pro
Subprime,
A client can enroll in to debt settlement at anytime, If the customer has debt that he is current on they can still enroll into the program. In order to get a creditor to agree to a settlement of the debt, a client most voluntarily fall behind on their payments to the creditors. Each bank deals with debt negotiations in a different manner than the next.
[/i]
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
[/quote] |
|
|
Loan Pro
401 Posts |
Posted - 05/01/2008 : 12:40:33 PM
|
LOL,
Thanks
quote:
Originally posted by cnoiroux
You are absolutely right. A client can enroll regardless of their debt status. Not only are you a loanpro but you are a debtpro as well. Is that handle taken?
quote:
Originally posted by Loan Pro
Christian,
This should not prevent any of your affiliates from enrolling a client because they are current... as along as the client understands that he must voluntarily fall behind on his payments in order to get a creditor to agree to a settlement of the debt.
In any case the negotitation process does not happen for several months when a customer enrolls. This allows for a client with account(s) that are current to fall behind. IF they do a have a Financial Hardship.
quote:
Originally posted by cnoiroux
That is correct. But you certainly will not be able to negotiate a debt down if you are current because at that point the creditor expects the whole amount to be paid back.
quote:
Originally posted by Loan Pro
Subprime,
A client can enroll in to debt settlement at anytime, If the customer has debt that he is current on they can still enroll into the program. In order to get a creditor to agree to a settlement of the debt, a client most voluntarily fall behind on their payments to the creditors. Each bank deals with debt negotiations in a different manner than the next.
[/i]
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
[/quote] |
|
|
Loan Pro
401 Posts |
Posted - 05/01/2008 : 1:27:52 PM
|
Gilbert,
You would be surprised on how many client actually do make enough money to pay their bills.
This is why it very important to offer your client a free debt and budget anlysis. By having your clients write out on paper what their monthly bill and living expenses are, will help them determine how they got into this situation in the first place, It paints a picture showing them exactly what money is coming in and whats going out.
Believe it or not most of these guys are in this position not because of loss of job, divorse, or a death in the family it simply because of poor money management which is considred a form of financial hardship.
By doing this debt and budget analysis it helps you better qualify the client upfront to determine what he can afford and how long the client will need to be in the program.
You will need to help decide if your client needs a traditional 12-36 month program or does the client need a longer prgram?
Bottomline this is a great opportunity being offered by Christian for mortgage professionals to offer more services to your customer and add another profit center to your current business.
quote:
Originally posted by gilbert
How many people with 25k in debt in collections actually have any money to settle the debt?
I have clients all the time with plenty of debt, in collections, but they still don't have a dime to their name. How can you help them? or is this just for the Ideal canidate?
quote:
Originally posted by cnoiroux
The debts need to reach a stage where the power shifts back to the consumer. When the debt is being written off or is sold or handled by a third party collection agency, it is "ripe for a settlement" as long as the client has accumulated the money necessary to settle in a lump sum.
I hope that makes it clear.
Please call me for any questions at 949-892-5168.
quote:
Originally posted by subprime
How delinquent to the debts need to be before they can be negotiated? Or can they be current?
|
|
|
cnoiroux
54 Posts |
Posted - 05/07/2008 : 09:25:41 AM
|
I have had a lot of inquiries from people on this board. A few of you have already signed up. I am preparing a detailed document to explain how all this works. I think this will help all of you realize what a great complementary activity this is to your mortgage related business. It should be up in 24 hrs.
If you have any questions, please call me at 866-764-3381.
Thanks and regards, |
|
|
velecico
2914 Posts |
Posted - 05/08/2008 : 3:39:31 PM
|
How many people can you honesltly say are making 1/4 Mil a year doing this ? are you ? |
|
|
cnoiroux
54 Posts |
Posted - 05/08/2008 : 4:22:14 PM
|
All you would have to do in my system is average $350,000 of unsecured debt per month. The average debt amount is just below $30,000 per client. Please ask any employee at a debt settlement company how much unsecured debt they average.
I know the answer: $500k
Unfortunately if you are a salesperson for a debt settlement company you will make about $5,000 a month at that level ($500k).
Please call any debt settlement company and ask. That would be better than me giving you numbers you will not believe anyway....
quote:
Originally posted by velecico
How many people can you honesltly say are making 1/4 Mil a year doing this ? are you ?
|
|
|
Loan Pro
401 Posts |
Posted - 05/08/2008 : 11:38:55 PM
|
quote:
Originally posted by velecico
How many people can you honesltly say are making 1/4 Mil a year doing this ? are you ?
Velecico,
Dealing with the skepticism, this has been one of the challenges many debt settlement companies face… the skepticism of income claims. There are a lot of professionals in the mortgage industry that automatically get defensive, and feel that they are going to be taken advantage of by these startup debt settlement companies offering net branch and affiliate programs.
The fact is there are some mortgage brokers and loan officers that are making a few thousand per month and there are also others who are doing this and making tens of thousands per month.
It is easy to make money with a Debt Settlement Net Branch, but just like any business opportunity, you get what you put into it.
I know there have been several debt settlement companies that have come on to Broker Outpost making their income claims companies like:
First Choice Debt Relief JoinDebtSettlement.com
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=214212
It’s post like this that make mortgage professionals skeptical of debt settlement companies. They come onto broker outpost pitching their program and income claims one way then when questioned about there business programs they switch it to something else, and go back and change their original posts.
I would recommend anyone on Broker Outpost interested in this company to read that entire post before deciding to do business with or become an affiliate of First Choice Debt Relief.
DebtTuner.com
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=220387
Then you have a company like DebtTuner.com advertising an affiliate program. This company can not even come up with their own marketing to recruit loan officer to join their program. They just rather copy and paste and use the content of websites like DebtSettlementNetBranch.com (a separate website & company from their own) instead of spending an extra 10-15 minutes to create their own marketing pitch.
Again its post like this that give the debt settlement companies like CWN Debt Relief a bad name.
Velecico, we had the opportunity to talk with Christian Noiroux’s the President of CWN Debt Relief and I really can not say anything negative about him or his company. Just reading through this post you can tell that he seems to be an upfront and honest guy. He does not seem like he is trying to mislead or Lie about his opportunity to anyone, like others are doing or have done on this forum.
If I was looking for a Debt Settlement Company to join as an affiliate I would really consider CWN Debt Relief over the others I have seen come on Broker Outpost
|
|
|
FirstChoiceDebtR
136 Posts |
Posted - 05/09/2008 : 12:17:40 PM
|
Loanpro did you decide to support Christian Noiroux before or after he decided to purchase your website debtsettlementnetbranch.com?
Again I had your support until i didn't move forward with purchasing your website...IF people on the post want the truth let them decide instead of bashing other companies that didn't purchase your website... |
|
|
FirstChoiceDebtR
136 Posts |
Posted - 05/09/2008 : 12:19:01 PM
|
| If you were as great as you make yourself seem to be with the Debt Settlement Industry you wanted be dumping it and moving forward to your "Next Big Idea" |
|
|
Loan Pro
401 Posts |
Posted - 05/09/2008 : 12:47:52 PM
|
FirstChoiceDebtRelief,
First of all you never did have our support with you or your company First Choice Debt Relief. Just like you the offer was presented to other Debt Settlement Companies's. All you were presented with was the opportunity to purchase the website this does not mean we endorse your company or support your company.
I am sorry you feel like you are being bashed butI only asked questions about your program and pointed out what I felt were lies about who you are and how long you say you have been in the debt settlement industry and the claims of how many years of experience you have in the debt settlement business.
Second I am sorry but no purchase of DebtSettlementNetbranch.com has been made by CWN Debt relief.
All I did was give my opinion on which company I would choose to do business with out of the companies that are advertising their services on Broker Outpost.
Third I agree with you the members of Broker Outpost will make there own choice of who they do business with.
quote:
Originally posted by FirstChoiceDebtRelief
Loanpro did you decide to support Christian Noiroux before or after he decided to purchase your website debtsettlementnetbranch.com?
Again I had your support until i didn't move forward with purchasing your website...IF people on the post want the truth let them decide instead of bashing other companies that didn't purchase your website...
|
|
|
FirstChoiceDebtR
136 Posts |
Posted - 05/09/2008 : 12:51:34 PM
|
If First Choice and I did not have your support or endorsement, why did you send me leads off your website and told me to contact them about my debt settlement program?
Maybe thats what confused me! |
|
|
Loan Pro
401 Posts |
Posted - 05/09/2008 : 12:56:41 PM
|
FirstChoiceDebtRelief,
All we are dumping (Selling)as you put it,is a website that was used for recruiting and several other web properties that can be used for marketing to consumers. We are not selling Our Debt Settlement Company.
quote:
Originally posted by FirstChoiceDebtRelief
If you were as great as you make yourself seem to be with the Debt Settlement Industry you wanted be dumping it and moving forward to your "Next Big Idea"
|
|
|
FirstChoiceDebtR
136 Posts |
Posted - 05/09/2008 : 1:00:57 PM
|
you know what loanpro your right, lets do this, I don't want to take anything away from Christian's company and what he has to offer, I think he has a great program in place and I think alot of people here are the post can make a lot of money with his program...
|
|
|
Loan Pro
401 Posts |
Posted - 05/09/2008 : 1:08:27 PM
|
FirstChoiceDebtRelief,
It's ok to be confused, but again leads were also sent to other Debt Settlement Companies who are offering netbranch & affiliate programs not just First Choice Debt Relief.
Just like many other type of lead companies, all we did was send over a few leads so that you can see what type of leads that we generate from the website. Sort of a TRY before you Buy program that many companies offer and promote.
quote:
Originally posted by FirstChoiceDebtRelief
If First Choice and I did not have your support or endorsement, why did you send me leads off your website and told me to contact them about my debt settlement program?
Maybe thats what confused me!
|
|
|
Loan Pro
401 Posts |
Posted - 05/09/2008 : 1:25:08 PM
|
FirstChoiceDebtRelief,
Again I do agree with you that CWN Debt Relief does have a great program in place and that the members of Broker OutPost that do realize this can and will make alot of money with his program.
If you look my previous posts I also questioned cnoiroux about his program and income claims, which he answered very openly and what I felt was honest.
quote:
Originally posted by FirstChoiceDebtRelief
you know what loanpro your right, lets do this, I don't want to take anything away from Christian's company and what he has to offer, I think he has a great program in place and I think alot of people here are the post can make a lot of money with his program...
|
|
|
Janlynn
83 Posts |
Posted - 05/09/2008 : 3:26:26 PM
|
I have a question- what about the legal aspects of doing debt settlement in certain states. I am in RI and I read somehwere that only nonprofits can do this. I read that MA considers doing debt settlement to be practicing law. So, does your company have the ability to do debt settlement in all states? If not, where can you operate? And, how would I as an individual fit in?
I am not trying to challenge you. I have actually been considering this as an option recently, to join up with a debt settlement company, and have come across what seem to be roadblocks to do this. So, how would it work if I were to do this with you?
Thanks! |
|
|
Loan Pro
401 Posts |
Posted - 05/09/2008 : 4:32:39 PM
|
Janlynn
I am not an affiliate of CWN Debt Relief nor am I a employee of them.
I think you asked a great question, each state has their own rules and regulation re: Debt Settlement services. Last I checked there were about 17 states that prohibit the practice of debt settlement in which case you would need the use of an attorney instead of a traditional debt settlement company.
Both RI & MA, I believe allow the practice of both traditional and attorney models for debt settlement. So, this should not keep you from offering debt settlement services to your clients.
I think there are a lot of mortgage brokers and loan officers out there that think Debt settlement and Credit Counceling are one of the same service but they are not. Most debt settlement companies that I am aware of are for-profit unlike your credit counceling which are a non-profit.
quote:
Originally posted by Janlynn
I have a question- what about the legal aspects of doing debt settlement in certain states. I am in RI and I read somehwere that only nonprofits can do this. I read that MA considers doing debt settlement to be practicing law. So, does your company have the ability to do debt settlement in all states? If not, where can you operate? And, how would I as an individual fit in?
I am not trying to challenge you. I have actually been considering this as an option recently, to join up with a debt settlement company, and have come across what seem to be roadblocks to do this. So, how would it work if I were to do this with you?
Thanks!
|
|
|
cnoiroux
54 Posts |
Posted - 05/09/2008 : 4:37:23 PM
|
I will stay away from drama and arguments and only answer questions about my program.
At the present time, RI and MA are states were we can do debt settlement. There are about 20 states where only attorneys can practice debt settlement. We can still "originate" the deals for our attorney network. Only WI right now is a state where we cannot do debt settlement, but it will be back in a few weeks as I understand it.
Please email me a request for info and I will send it to you. cnoiroux@cwndebtrelief.com
Sorry I was away today....playing golf. It will not happen again except for next Friday..:)
Have a great weekend everybody.
quote:
Originally posted by Janlynn
I have a question- what about the legal aspects of doing debt settlement in certain states. I am in RI and I read somehwere that only nonprofits can do this. I read that MA considers doing debt settlement to be practicing law. So, does your company have the ability to do debt settlement in all states? If not, where can you operate? And, how would I as an individual fit in?
I am not trying to challenge you. I have actually been considering this as an option recently, to join up with a debt settlement company, and have come across what seem to be roadblocks to do this. So, how would it work if I were to do this with you?
Thanks!
|
|
|
Janlynn
83 Posts |
Posted - 05/10/2008 : 07:00:41 AM
|
| Thanks Christian - I just emailed you. |
|
|
cnoiroux
54 Posts |
Posted - 05/12/2008 : 5:26:42 PM
|
I have received a lot of inquiries for more info via email. I will respond to everybody, please be patient. I am also signing up and setting up a lot of people who obviously understand the opporunity for all parties. This is truly a win/win/win situation (you/the consumer/us).
Thanks for understanding. |
|
|
cnoiroux
54 Posts |
Posted - 05/13/2008 : 1:45:37 PM
|
I believe I responded to everybody. If I missed somebody, please let me know right away.
|
|
|
realtorsfriend
157 Posts |
Posted - 05/13/2008 : 7:38:28 PM
|
quote:
Originally posted by cnoiroux
the program is usually about 2 to 3 years long. The client accumulates money in their savings account ( set up just for that purpose ) and the creditors are no longer receiving money from the client. After a while the client has accumulated enough money to settle their first account, then the process is repeated for the other accounts. So if a client has 25k in debts, they will need to accumulate approx. 12k over the course of 2 to 3 years ( approx. $333 per month) and when the last account is settled the client is debt free.
Please call me so I can explain in detail how this works, 949-892-5168.
Hello Christian,
I have some questions about how debt settlement works...
1. Why do the clients need us at point of contact if they still need to save & accumulate the money required to settle their accounts in a lump sum?
2. What does the client recieve in return for the fee that we charge? Do we (CWN) actual settle the account for them directly?
3. What if the creditor refuses to accept the settlement plan... what happens to the clients fee?
4. Do we help the client save money via trust account - or are they expected to be disciplined enough to do it themselves?
5. In the example you provided above - a client would need to save $333 per month to settle a $25,000 for roughly $12,000. At that rate it would take 36 months to save the money to settle their accounts. When does the enrollment fee begin? If it is immediately - what are the clients receiving in return for our fee during the time they are simply saving money?
I appreciate your input. Thanks! |
|
|
cnoiroux
54 Posts |
Posted - 05/14/2008 : 09:58:28 AM
|
I'll answer the questions in order:
1) they first need to enroll in the program. We will send them all kinds of great educational and useful info on how to handle creditor calls, how to budget their money, etc.... We will teach them to save money and make sure they actually do it. The main goal is to get the client debt free as fast as possible and save the client as much money as possible.
2)first part was just answered and our negotiating team will present settlement offers to the client when appropriate. The client will actually send the money to the creditor and get the "paid in full, $0.00 balance letter" in exchange.
3)creditors do not refuse settlement plans.
4)in a trust account for the attorney model (about 20 states) and in their own account for the rest of the states.
5)see 1)
I hope that answers your questions. Please feel free to call me at 949-892-5168 for more info.
best regards,
quote:
Originally posted by realtorsfriend
quote:
Originally posted by cnoiroux
the program is usually about 2 to 3 years long. The client accumulates money in their savings account ( set up just for that purpose ) and the creditors are no longer receiving money from the client. After a while the client has accumulated enough money to settle their first account, then the process is repeated for the other accounts. So if a client has 25k in debts, they will need to accumulate approx. 12k over the course of 2 to 3 years ( approx. $333 per month) and when the last account is settled the client is debt free.
Please call me so I can explain in detail how this works, 949-892-5168.
Hello Christian,
I have some questions about how debt settlement works...
1. Why do the clients need us at point of contact if they still need to save & accumulate the money required to settle their accounts in a lump sum?
2. What does the client recieve in return for the fee that we charge? Do we (CWN) actual settle the account for them directly?
3. What if the creditor refuses to accept the settlement plan... what happens to the clients fee?
4. Do we help the client save money via trust account - or are they expected to be disciplined enough to do it themselves?
5. In the example you provided above - a client would need to save $333 per month to settle a $25,000 for roughly $12,000. At that rate it would take 36 months to save the money to settle their accounts. When does the enrollment fee begin? If it is immediately - what are the clients receiving in return for our fee during the time they are simply saving money?
I appreciate your input. Thanks!
|
|
|
mschwader
76 Posts |
Posted - 05/14/2008 : 11:39:23 AM
|
What's the story with Illinois? I know there are all kinds of rules and regulations set in place for mortgages but have no clue when it comes to debt settlement.
quote:
Originally posted by cnoiroux
I will stay away from drama and arguments and only answer questions about my program.
At the present time, RI and MA are states were we can do debt settlement. There are about 20 states where only attorneys can practice debt settlement. We can still "originate" the deals for our attorney network. Only WI right now is a state where we cannot do debt settlement, but it will be back in a few weeks as I understand it.
Please email me a request for info and I will send it to you. cnoiroux@cwndebtrelief.com
Sorry I was away today....playing golf. It will not happen again except for next Friday..:)
Have a great weekend everybody.
quote:
Originally posted by Janlynn
I have a question- what about the legal aspects of doing debt settlement in certain states. I am in RI and I read somehwere that only nonprofits can do this. I read that MA considers doing debt settlement to be practicing law. So, does your company have the ability to do debt settlement in all states? If not, where can you operate? And, how would I as an individual fit in?
I am not trying to challenge you. I have actually been considering this as an option recently, to join up with a debt settlement company, and have come across what seem to be roadblocks to do this. So, how would it work if I were to do this with you?
Thanks!
|
|
|
cnoiroux
54 Posts |
Posted - 05/14/2008 : 11:42:21 AM
|
IL has no particular rule or regulation pertaining to debt settlement.
Please email me at cnoiroux@cwndebtrelief.com for more info.
Have a great day!
quote:
Originally posted by mschwader
What's the story with Illinois? I know there are all kinds of rules and regulations set in place for mortgages but have no clue when it comes to debt settlement.
quote:
Originally posted by cnoiroux
I will stay away from drama and arguments and only answer questions about my program.
At the present time, RI and MA are states were we can do debt settlement. There are about 20 states where only attorneys can practice debt settlement. We can still "originate" the deals for our attorney network. Only WI right now is a state where we cannot do debt settlement, but it will be back in a few weeks as I understand it.
Please email me a request for info and I will send it to you. cnoiroux@cwndebtrelief.com
Sorry I was away today....playing golf. It will not happen again except for next Friday..:)
Have a great weekend everybody.
quote:
Originally posted by Janlynn
I have a question- what about the legal aspects of doing debt settlement in certain states. I am in RI and I read somehwere that only nonprofits can do this. I read that MA considers doing debt settlement to be practicing law. So, does your company have the ability to do debt settlement in all states? If not, where can you operate? And, how would I as an individual fit in?
I am not trying to challenge you. I have actually been considering this as an option recently, to join up with a debt settlement company, and have come across what seem to be roadblocks to do this. So, how would it work if I were to do this with you?
Thanks!
|
|
|
gilbert
133 Posts |
Posted - 05/14/2008 : 6:29:17 PM
|
Christian,
OK I have a scenario for you....
please let me know what you could do for this paticular client.
Credit Card Debt $63,750 (6 accounts)
Current min payments $2,008
|
|
|
Loan Pro
401 Posts |
Posted - 05/14/2008 : 7:43:50 PM
|
Gilbert
The available Debt Relief program examples below are based off the information of your scenario:
"6 Credit Cards with a total Debt Load of $63,750 w/ current min payments of $2,008"
Total Debt Load enrolled into program: $63,750
State: Unknown
Estimated Settlement Rate: 50%
Setup Fee: $99.00
Enrollment Fee: 8% ($5,100)
Monthly Maintenance Fee: $65.00
Total Repayment(Cost): $37,074.00
Programs(Terms)Available:
1. Keep Your Payment Program - 20 month Program -Monthly Savings (payment) of $2008.00
2. 35% Savings Program – 30 month program -Monthly Savings (payment) of $1305.20
3. 12 month Program -Monthly Savings (payment) of $3154.50
4. 24 Month Program -Monthly Savings (payment) of $1609.75
5. 36 Month Program -Monthly Savings (payment) of $1094.83
6. 48 Month Program -Monthly Savings (payment) of $837.38
7. 60 Month Program -Monthly Savings (payment) of $682.90
8. 72 Month Program -Monthly Savings (payment) of $580
FYI- Program lengths will vary from state to state
quote:
Originally posted by gilbert
Christian,
OK I have a scenario for you....
please let me know what you could do for this paticular client.
Credit Card Debt $63,750 (6 accounts)
Current min payments $2,008
|
|
|
financialfinders
6 Posts |
Posted - 05/14/2008 : 10:50:16 PM
|
I'm confused, Who do we contact if we want to join the program, Lena or christian or does it not matter?
Also do you guys work together or are you guys offering different products? |
|
|
Loan Pro
401 Posts |
Posted - 05/14/2008 : 11:21:24 PM
|
financialfinders,
Yes it does matter. You will need to contact Christian not me as I was only giving examples of what type of different payment scenarios can be offered to the clients of mortgage professionals that may not qualify for a mortgage.
Sorry for the confusion. I am not promoting or offering any debt settlement service or net branch opportunites on this thread. Even though I may be in the same industry also I am just giving my $0.02 and hopefully it will help the members on Brokers Outpost to learn a little more about this industry and how they can apply it to their own mortgage business to earn additional revenue.
Again, if you are interested in this opportunity please contact Christian, I think he has a | |
Search for: