Settlements Now More common for Debt Collectors

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Columbia, MD — Executives at Debt Shield, a Maryland-based debt settlement company, are alerting their clients and consumers everywhere about a recent survey demonstrating the growing success of debt settlement.

About half of all collections agencies surveyed (54 percent) responded that “more settlement-in-full offers” were being extended to debtors, according to the recent Credit & Debt Collection Industry Confidence Survey. The survey also found that 44.1 percent of debt buyers were also accepting more settlement offers.

According to Debt Shield CEO Phil Fewster, these results show that more and more collectors realize debt settlement is a smart business decision.

“Due to our country’s huge economic downslide, an increasing number of collectors have become much more open to exploring alternative solutions to recapture delinquent monies,” said Fewster.

But it isn’t internal red tape that can make the collection process slow and arduous.

“Unfortunately, the recent surge in the number of debt settlement companies to meet this growing demand by consumers for our assistance was filled by many of the same persons who helped bring down the mortgage industry,” said Fewster. “Naturally this has a lot of creditors nervous.”

Fewster explained that some new and disreputable debt settlement companies have tried to take advantage of current circumstances by enrolling consumers who could legitimately pay their bills.

“Fortunately, companies such as Debt Shield, who have been in the industry well before the boom hit, forged a great reputation and working relationship with many of these collectors,” said Fewster. “Because they know we only enroll consumers who truly cannot afford to keep up with their minimum monthly payments and likewise cannot afford a credit counseling program, the collectors can forego much of the time-consuming, high-cost research and collection tactics they would otherwise need to invest.”

Because Debt Shield can improve the profit margins and reputations of creditors, creditors in turn are more likely to offer concessions when debt settlement clients need them most.

“In essence, we are slowly converting our business from one that engages in a confrontational negotiation with our client’s creditors to one in which we can sit side-by-side with collectors to work towards a common goal, which is to return to them as much money as the consumer can legitimately afford,” said Fewster.

The survey also found that more than 85 percent of collection agencies are eager to try new collection strategies in light of declining recoveries.

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Managing Christmas Debts

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Keeping with budget this Christmas is essential to ensure that there are no additional overdraft charges in the new year, Moneynet.co.uk has advised consumers.

For those who find that they are getting paid a couple of weeks early, they should be careful that they do not overspend, as this could lead to a strain on cash in the beginning of 2010.

Any consumers who are concerned they may stray into their overdraft this holiday period should arrange an extension with their bank now, as this will avoid them receiving any extra costs.

Andrew Hagger of Moneynet.co.uk said: “Failure to check the state of your current account and adopting a worry about it later attitude could see you run out of cash and faced with some hefty bank charges come the new year.”

The decision last month by the Supreme Court not to force banks to repay overdraft charges meant that an estimated £2.6 billion in fees was not returned to consumers

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UK Borrowers paying of unsecured debt

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Borrowers are taking steps to pay off their unsecured debt at the moment, one industry analyst has noted.

According to Pierre Williams, head of research at MoneyExpert, people are “busily” paying off their overdrafts and loans. He noted that this shows that people are paying attention to the message that they need to live within their means, especially in the uncertain economic climate that is currently in place in the UK.

Mr Williams said that the fact that people are taking these steps is pleasing. “It’s encouraging that people are making the most of this situation as low interest rates won’t be with us forever and, when they do rise, those people who have failed to pay off debt could find themselves in hot water,” he concluded.

Mr Williams made his remarks after the Bank of England published figures which indicated that unsecured loans fell by £713 million in October.

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