Debt Settlement Letter - CREDITOR: Beneficial

On March 27, 2008, Debt Free League reached the following debt settlement on behalf of a client as a result of a debt negotiation with Beneficial (Member HSBC Group, P.O. Box 19610 Virginia Beach, VA 23452)

The client original owed an outstanding balance of $15,659.62. Although the credit card account was seriously delinquent, in the creditor's debt settlement letter, they wished to resolve the matter without resorting to other methods of collection. Due to our debt negotiation, they agreed to a lump sum settlement for less than the full balance. Upon receipt of the total settlement amount of $4,200, the creditor also agreed to notify the credit bureaus of the settlement to reflect a zero balance. In turn, our debt negotiators instructed the client to remit the $4,200 payment to Beneficial Finance. Otherwise, the creditor might have considered an alternative means of collection to recover the unpaid balance.

Instead of Beneficial (Member HSBC Group) deciding to enforce collection of the $15,659.62 original balance, our debt negotiation specialists reached a settlement with the creditor for a total debt payoff of $4,200.00. The outcome represented a savings of 73% of the outstanding balance. As a result, our client was able to save $11,459.62.

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