Case Studies & Testimonials

See our experience. Hear from our clients directly.

TESTIMONIALS

CASE STUDIES

CREDITOR LETTERS

Client Case Studies

Business Case 1: Sports Memorabilia Retail

Location: Walnut Creek, California
Annual Revenues: $182,000.00
Annual Expenses: $169,000.00
Net Income: $13,000.00

Program Information:

Debt Enrolled: $77,600.00
Annual Cost to Service Debt (minimum payments): $18,500.00
Debts included:
Loan and Line of Credit
Business Credit Cards

Application: Debt Settlement

Situation: Business owned and operated by small family partners. Due to decline in economy, their revenues dropped nearly 46%. Partners used all available credit to support payroll, purchasing, etc. Clients decided to use Corporate Debt Settlement as a means to pay down personally guaranteed debt.

Outcome: Through SettleSource's negotiations process, we enabled Client to reduce monthly expenditures. SettleSource settled 1 pending lawsuit on credit card and reduced 2/3 of clients debt in under 18 months. Client was able to save significant monies from program inception which was allocated toward marketing primary business locations.

Business Type	Debt Under Management	Total Cost of Settlement Program (including fees)	AMOUNT SAVED
Retail	$77,600.00	$37,248.00	$40,352.00 (52%)

Business Case 2: Medical Practice

Location: Santa Maria, California
Annual Revenues: $990,000.00
Annual Expenses: $895,000.00
Net Income: $95,000.00

Program Information:

Debt Enrolled: $437,734.68
Annual Cost to Service Debt (minimum payments): $157,584.48
Debts included:
Vendor/Supplier Bills
Business Credit Cards

Situation: Primary health care Physician suffered long term illness. Wife (nurse) took over practice management and relied on available credit to maintain cost of operations due to declined patient billings. Much of the debt incurred was personally guaranteed. Client elected not to file for bankruptcy protection.

Outcome: By taking over communications and negotiating with creditors SettleSource enabled Client to list practice for sale and take care of ailing spouse. Client sold practice and was able to complete settlement program in just under 8 months.

Business Type	Debt Under Management	Total Cost of Settlement Program (including fees)	AMOUNT SAVED
Medical Practice	$437,734.69	$209,865.00	$227,869.68 (51%)

Business Case 3: Auto Resale

Location: San Diego, California
Annual Revenues: $435,000.00
Annual Expenses: $418,000.00
Net Income: $17,000.00

Program Information:

Debt Enrolled: $85,060.00
Annual Cost to Service Debt (minimum payments): $25,500.00
Debts included:
Vendor/Supplier Bills
Unsecured Business Loans
Business Credit Cards

Application: Debt Management/Settlement

Situation: Business was assumed by landlord of a former tenant. Landlord lost significant revenue due to real estate decline. Debts enrolled were negotiated or restructured to allow for term settlements over time. This helped clients cash flow until greater sales revenue was achieved.

Outcome: Client successfully completed settlements within 9 months of their enrollment.

Business Type	Debt Under Management	Total Cost of Settlement Program (including fees)	AMOUNT SAVED
Auto Resale	$85,060.00	$45,081.00	$39,979.00 (47%)

Business Case 4: Media Production

Location: Southern California
Annual Revenues: $13,500,000.00
Annual Expenses: $13,100,000.00
Net Income: $400,000.00

Program Information:

Debt Enrolled: $496,000.00
Debts included:
Critical Supplier

Application: Debt Restructuring

Situation: Media company a subsidiary of a public company. Due to decline in economy, their revenues dropped nearly 60%. Management downsized and attempted to negotiate with vendors and suppliers, which resulted in little relief. Critical vendor debt was assigned to negotiate past due amount and restructure a going forward contract relationship at a lower rate.

Outcome:Through an intense negotiations process, SettleSource successfully negotiated a reduction of 33% as settlement in full for past due amounts and a 24% annual price reduction. This saved the client over $40,000 annually on future services.

Business Type	Debt Under Management	Total Cost of Settlement Program (including fees)	AMOUNT SAVED
Media	$496,000.00	$210,000.00	$286,000.00 (42%)

Client Results & Testimonials

Business Line of Credit
Owed: $66,821.53
Settled: $12,351.00
Client Saved: $54,470.53

Vendor
Owed: $365,000.00
Settled: $247,600.00
Client Saved: $117,400.00

Business Credit Card
Owed: $46,461.28
Settled: $16,961.45
Client Saved: $31,499.83

Business Loan
Owed: $84,995.74
Settled: $30,000.00
Client Saved: $54,995.74

Lease
Owed: $91,460.00
Settled: $4,573.00
Client Saved: $86,887.00

Business Credit Card
Owed: $15,162.95
Settled: $1,516.29
Client Saved: $13,646.66

Commercial Loan
Owed: $8,038.46 Monthly
Settled: $5,225.01 Monthly
Client Saved: $2,813.45 Monthly

"I just wanted to let you know how grateful we are for all your staff has done to help keep us afloat! When we enrolled in SettleSource I was so strongly considering closing doors, that I was loosing sleep. Your business debt counselors were so helpful to evaluate our situation and give me the information I needed to make what I know was a great choice. We have just finished settling our last account and are feeling hopefull that we will fully recover our business! Thanks to you all for a job well done. "
- M.J. Speidel President, Marketing Firm

"The knowledgable staff at SettleSource have worked hard to understand the needs and challenges of our business. They have been diligent in settling my accounts and I have saved thousands of dollars and a lot of time and energy that now can be dedicated to improving my business."
- Al.D. Retail owner

"Just to thank you for taking so much time to help us out of a really rough spot in our business. I have been so relieved to work with people who fight hard to get debts restructured and helped me understand all my options. Our economy has hit our state quite hard and this last year has been difficult to say the least. Thanks to you all, we have gotten some big debts off the books and will be done later this year! Just wanted to tell you again what honest work you do and that means a lot to a small business owner."
- M. Peterson Owner/Founder, Trailer Company

"You should know how great your entire staff is and we owe it to their professionalism that we are surviving not only through a tough economy but through a difficult time in our business."
- J. Chichiana, Office Mgr. Medical Practice