I just got a request for a debt settlement package. Had anyone done this before? I don’t know what it entails but it is over an hour away and is paying 85 bucks I could counter but are these really difficult? I don’t want to counter, if these are super complicated because I literally did my first one today.
The distance is annoying but I don’t have anything else going on…any advice is appreciated
Mel
Over 2 hours for $85? Ummmm, No. And certainly not for a debt signing, which most of us won’t do anyway.
I’ve done two in the last month and they’re usually about the size of a seller’s package and not very involved. I have no doubt you can figure it out.
Thanks for answering. I am so new I turned it down because the distance was like over an hour from home and they offered me 75 initially i saw it went up to 115, but I am not familiar with the docs.
If the work is from NPN they will negotiate. Tell them how much you want. Worst thing is their pay schedule. Its long.
Please keep in mind that Debt Settlements are subject to your State’s Financial Code. These can be rather greasy to deal with. In Texas you become an agent for the debt settlement company, placing you at financial risk if something goes wrong. Please be certain you know what you getting into before taking these engagements.
Thank you - many states have prohibited these and have come down hard on companies that conduct business in their state. All these deals do is skirt FTC law about mandatory face-to-face requirement with an “agent” of any company offering this service; further, it’s illegal for them to take up-front money from people - no fees due until successful resolution - next time anyone gets one of these deals, take a good look at the paperwork - there’s usually a form in there filled out by the consumer and authorizing the company to automatically debit money from there account, most times amounting to thousands of dollars.
Debt settlement/resolution is not something the consumer can’t do on their own directly with the companies they owe. I, personally, will not do them
@RiverpointeTax I’ve never provided services for “Debt Settlements” for precisely this reason.
Thank you for sharing your perspective.
Don’t be afraid of the documents, if you have a question or any doubt, call Title co and ask, is the only way to learn and know the documents. You will be very familiar after you have done a few. Good luck!
I quit doing debt settlements years ago after seeing what the companies make to negotiate for you. It just requires the client to make those calls to companies they owe money to and set up their own payment plan.
I haven’t seen a debt settlement package offered in my territory in over a year? What was popular for a while was the MBE, some sort of scheme where people sold the right to choose their own real estate agent to a dedicated one. It looks like that real estate agent would agree to pay the home owner $800 or $1000 dollars to promise not to use another real estate agent at some undetermined point in the future. If the home owner renegs, they have to pay the original contracted real estate agent a percentage of the proceeds, a number which far exceeded the amount of money the homeowner is getting today. I didn’t do these closings but I heard that many signers folded at the table and the notary had to chase down the fee for printing and showing.
Nope. I did several and was i uncomfotable with, 1. what I thought was I predatory. Lets say, they owe 15k. By the time the signer was done with the program, their credit was crashed and they had ended up paying this company 12k. 2. The companies want you to take their training and present yourself as a paralegal. Nope, i do not “represent” any company that prepares the documents i present. My sole job is to give the documents to the signer and notirize the signatures. I saw a whole big bunch of liability here. I did about 6 of them before i stopped as i saw most of the signers as either desperate or vulnerable. The company “salesmen” " councilors" were dodgy and required a call the minute we were done. If i took too long, they would keep calling. Several people declined to sign because it clearly states their credit scores will suffer. Some still had good credit. I got yelled at if they did not sign being told i was not working hard enough to get them to sign. I think i ended up on the naughty list as i clearly said, i was a notary, not their salesman. Stay away.
They do not comecthrough a title company as therecus no real property involved. The debtcsettlement company/lawyer office originates the documents.
One thing is imperative that you know. Your E&O will not cover you on the Debt Settlements. Most of us refuse to do these but some notaries will.
I won’t touch them with a 1000 foot pole.
Fear isn’t the problem The problem lies in that 1) you are representing the company, 2) they are very long presentations and 3) your E&O will not cover you in the Debt Settlements. Not to mention the pay is terrible.
I personally don’t know one notary or one signing agent who will touch these.
A friend of mine decided to participate in one of those to settle her debt and at first she was happy but after that first year, they screwed her by saying that they couldn’t help her anymore and she had to find another way for her to resolve her debt. The company told her that she would be better off with bankruptcy (but they took all those initial fees before she was told to f***k off, over $8000), and all the money she deposited she couldn’t get back and they would never try to help her and they kept ignoring her. I would not recommend these debt settlement deals.
I dont do them… some require a script to be followed,but they are not worth it I dont like the premise
before i took the 2nd one ,i asked questions, and was told ,we can find somebody else, are you going or not ,I hung up on them havent heard back in 2 years …lol lucky me
I do debt settlements, some of the customers like the program and have paid previous debt using the program per thier statements. I never really pay attention to the terms just the POA that I am notarizing. You do act as a representative which is rhe same as when you present documents for the title co.
