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Case Study 18

Client name: 'AA'
Total debt: $9365.92.
Enrollment date: 04/15/2008
First payment date: 05/01/2008.
Number of creditors: Three
Type of creditors: Two credit cards and one in collections.
Client relationship associate: Oscar Sanchez
Monthly payments: $500
Total amount paid to creditors: $4286.93
OVLG fees: $850
Date the client became debt free: 05/11/2009

Progress of her case:

When “AA” enrolled with OVLG, she had a total debt of $9365.92. These were split amongst three creditors. OVLG helped “AA” walk debt free within a span of 1 year. A summarized version below best interprets OVLG’s journey with “AA”.
Paul, the Client Relationship Manager working with AA, was able to work out her first settlement offer with Leading Edge Recovery, in the month of December. At the time, the file had been transferred to Hollander Law Firm; in spite of this Paul successfully negotiated a settlement offer of 42%. On receiving this settlement offer AA was excited. This was after all the largest of her debts, thus it was settled at 42%. In the month of January, we successfully negotiated and settled with her second creditor, Chase credit card, with a settlement offer of 50%.
Working with her third creditor (Kohl’s), proved more of a challenge. Her file had been transferred to Zwicker & Associates P.C., who were adamant on settling the debt for nothing less than 80%. This is where Oscar used his wits and let the file go delinquent, hoping to get the creditor to back down on the settlement offer. However, after much negotiation & diligence by Oscar, the creditor was still determined on settling for nothing less than 80%. Finally, on May 2009, after much deliverance, Oscar informed “AA” that the creditor would not settle for less than 80%. This was accepted by “AA”, as the balance was low & we were already effective in showing her good savings prior to this. The debt was settled for 80%.

AA was finally debt free.