We do not generally accept credit card workouts; we do however take care of the credit card issues our commercial clients are experiencing. We have a complete understanding of our clients financial conditions and, thus, can plead a well documented and supported presentation. And we experience excellent results, depending upon which card it maybe… a 10% compromised payoff is not unusual.

However, we have stumbled upon a new strategy which is working well. It requires teamwork and not everyone can participate but for those who can, we are experiencing even better results.

Simply stated, after we do our best and reduce the payoff to the lowest possible amount, we can gain acceptance for we then recommend that the credit card collector talk directly to our client to conclude the workout; an opportunity they prefer as they typically believe they can intimidate the customer more effectively than a professional.

Thus, we prepare our client to talk with the collector and offer less than we offered with immediate payoff, over the phone if possible.

Who would believe this would work, but the strategy works very well, as we squeeze a few more thousand dollars out of the collector reducing the payment one more notch. Why does this work? Human nature, the collector wants the immediate payoff and will accept an even lower payoff than we would normally achieve, hence, we take it as far as we can, which is quite good, and then turn them over to our clients with coaching and guidance and they get one more reduction in exchange for immediate payment and off we go… happy and resolved.

You cannot implement this plan alone but when appropriate, we can and it works very well.

The credit card companies have been taking advantage of their customers for a long time, and now that the tide is turning and more and more customers are unable to pay their bill, for reasons beyond their control, it is very appropriate that we work this out for as low a payoff as possible. This is only one strategy we utilize; this is one way we do a better job.