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One of, if not the largest shortcoming that exists in the current system designed to provide people struggling with debt an alternative to bankruptcy is – Information. That we have come through the “information age” and fallen short of including more of it in professional debt relief products and servicing is a failing that can and should be fixed.
A system that better educates and thoroughly informs consumers about their debt relief options; intervention steps available to them that can be accomplished on their own; through service providers charging only fair and affordable fees; all with a consumer first focus – Is Here.
In an effort to be a catalyst for continued industry change; deliver enhanced value to consumers; and to bring complete information and tools direct to consumers; CRN now offers industry professionals training and access to efficient and effective technology systems for our successful methods in educating and supporting consumers through the debt relief decision process and delivery of debt reduction solutions.
So – what’s on the table? Let’s dig in.
The initial focus of this education platform is to assist customers with reaching informed decisions about their options for managing debt they can no longer afford to pay weighed against current and projected income, individual hardship circumstances, and future financial goals.
The education, support and communication systems next place consumers in the best position to take actions steps to manage some or all of the debt relief activities on their own, while offering continued access to professionals and peers. Consumers can also connect with service providers directly when needed or requested.
Your customers will be subscribed to information and individualized support allowing them to:
- Reduce monthly payments via DIY DMP efforts or as provided by a CCA
- Negotiate debts for less than balance owed through DIY settlement or full negotiation services provided by attorneys who charge based on contingency and at a rate of 15% of savings
- Why bankruptcy may be the option of first resort, not last – as it is often referred to.
- Direct access to discounted bankruptcy assistance
- Cost/Time/Resource benefit analysis
Capitalize on existing market reach:
You can simply refer people into the system with confidence knowing that the education and information is supported by knowledgeable professionals with years of experience in delivering unique and tailored strategies to your customers who can depend on fair and honest experienced support beginning with assessment and continuing through implementation and ultimately – successful resolutions.
You will be able to monitor and track activity with access to reports set at intervals and frequency you choose.
Expand existing products and services:
Established industry participants have the opportunity to earn while you learn. We provide executive level, supervisor/manager, intake/consultant/counselor training that will allow you to manage your own platform delivery, product and servicing support. In this way, you can provide meaningful value and experienced support to your customers while your internal resources are acquiring skill sets and competency levels consistent with your management, and control protocols.
Give yourself and your customers a competitive edge:
One significant market impacting attribute of this product and delivery system is the inclusion of proven upfront DIY settlement education that is supplemented with ongoing information and detail accessible to subscribers. This feature encourages consumers to:
- Confidently speak directly with their creditors in order to effectuate settlements without the need and expense of third party negotiation services.
- If direct debt settlement services are requested or needed they are available and offered by attorneys and established industry professionals at a rate of 15% of savings.
Access to proven DIY settlement strategies and support often lead to accelerated customer success because money is going to creditors instead of fees for services. With direct services available on an as needed basis, at half or less the cost of the industry norm, more customers will reach their debt relief goals.
Help people help themselves and connect them to affordable services:
Connect customers with your designated product and service partners. Whether you work with partners who deliver HUD or bankruptcy counseling, or provide same internally; where you connect those seeking bankruptcy or other competent legal resources; connect customers to debt and credit products and services of virtually any type – you have the ability to manage internal and external relations. If you need recommendations we can provide them.
The ability to maintain your internal and external work flow assists our partners with managing their reputation while maintaining current professional relationships or creating new ones, further economizing CPA and/or maintaining existing revenue channels.
Some of the partnerships you may already have, or may choose to connect with include:
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- Bankruptcy attorneys
- Attorneys providing direct debt settlement services charging a performance fee of as little as 15% of savings
- Credit Counseling
- HUD approved housing counseling
- Judicial foreclosure defense (in court)
- Attorney managed loss mitigation
- FDCPA protections
Systems delivery and efficiencies using proven technology:
With over 500,000 custom lines of code, there are many features to outline. What follows are but a few.
- Custom Enrollment Package, program types, program length, and EP submission pages for the Sales team.
- The Create EP module uses actual settlement data history to calculate estimated settlement for creditors/collectors
- Electronically store documents
- Custom enrollment checklist with multiple categories and items
- Ability to group creditors for easy deployment of policy changes
- Access to hundreds of built-in letters and reports
- Ability to modify our built-in reports and request custom reports
- Easily print and export data to Excel
- Users can define their default searches and activity views
- Easy navigation through the use of tabs and context menus
- Ability to track changes made to customer data
- Educational links and courses
- Financial Analysis tools, including custom form for the client to submit or change their monthly budget
- Useful debt, credit, and financial related links, calculators and tools
- Custom Company Contact info page
- Real time access to their account status, including all enrolled accounts and current statuses
Tasks and Events:
- Add notes and create follow-up reminders
- Attach documents to the client’s file
- Set up appointments based on availability and easily check the availability of every specialist or counselor
- Easily set up your appointment slots several weeks in advance with recurring appointments if necessary
- Ability to schedule for follow-up for a specific date and time
- Link documents or other attachments to each issue note
- Customize your own To-Do lists and set up custom workflows for automatic redirection of work
Fees, ACH, Payments:
- Set up multiple due dates and disbursement dates
- Automatically calculate one-time fees and monthly fees
- View balance forecast of each account using custom dates
- Create and submit ACH debit files to your financial institution
Customizing to fit your needs and the needs of your customers is available.
This partnership platform will be ideal for existing service providers to immediately help customers who do not qualify for programs you currently support while providing substantive upfront value. Given time and levels of market adaptation, this platform will usher forth broad and helpful impacts to:
- Debt relief industry servicers
- Financial services
- Regulatory oversight
The content and delivery platform is where the industry needs to be when informing and assisting consumers. This is where we as an industry should be given current and ongoing regulatory and oversight realities. The system provides lower cost efficiencies for current market needs while maintaining flexibility to adapt to future opportunities and realities.
Whether you simply wish to connect people to affordable and reliable resources when looking for answers and effective tools to deal with overwhelming debt, or would like to expand your available product and services, I invite you to ask questions and comment below. If you would like to schedule a time to learn more details you are welcome to contact me directly.
Working together we can build a more effective and productive debt relief industry future.
Michael Bovee has worked with financially challenged consumers for the past 17 years and is a recognized expert in his field. Michael founded Consumer Recovery Network (CRN) in 2006. CRN offers debt settlement services and educational resources nationwide. He has served as its president since 2006.