The original version of my do-it-yourself debt settlement training course was launched in 2004. After three years of working one-on-one with consumers as their debt coach, I had gained so much additional information that I started including a 55-page written update to the existing material.
This new content was incorporated into the completely revised 2008 version of the audio seminar, which expanded the recorded material from five hours to nearly eight hours. The program includes live coaching support, so it has not been necessary to revise the training material since the last release. However, a lot has happened since 2008, and prospective clients are justified in asking whether the material remains up-to-date.
After a thorough review of the course material, I’m pleased to report that about 95% of the recorded audio content of the existing version is still fully applicable to debt settlement in 2011. In terms of the core tactics of the strategy, nothing important has changed, and the system outlined in the course has proved *extremely* effective for clients. (See our reported results here.) So rather than re-recording a new version of the audio seminar, I have provided the key updates in the written Workbook included as part of the course.
What follows is an excerpt from the updated 2011 version of the Workbook for the Debt Settlement Success Seminar™:
General Update for 2011
The financial world is very different today from what it was in 2008. Bank failures, government bailouts, the foreclosure crisis – it’s certainly been an amazing period to live through. For consumers who need to tackle their debt problem, however, the good news is that debt settlement remains a powerful and effective strategy. This is especially true of do-it-yourself debt settlement (or more precisely, do-it-yourself with the assistance of a top-notch coach). In fact, it’s even easier today than ever before to settle your own debts. Settlement has become mainstream. Over the past three years, the banks have trimmed more than $160 billion of outstanding credit card balances. Many of those accounts were settled directly by consumers, with no need for third party intervention by “professional negotiators.” And while no creditor makes it easy to settle an account, virtually all of the major credit issuers are still settling in 2011, just the same as during the peak of the financial crisis during 2008-2010. As far as the banks are concerned, it’s business as usual, and the old principle of the “bird in the hand” still applies, just as it always has and always will! The three main changes that have developed since 2008 are discussed below, and for each individual audio track, the Workbook material to follow will note any important differences associated with updates for 2011 forward.
What’s Different in 2011?
1. Over the past three years, credit card debt balances have fallen by more than $160 billion, down to “only” $797 billion at the end of 2010, versus $957 billion at the time the 2008 course was recorded. Most of this reduction was due to charge-offs, and that included a great deal of settled debt. The bottom line is that over the past three years, settlement of delinquent debts has become a mainstream activity at the major credit card banks.
2. When the 2008 course was recorded, the Credit CARD Act of 2009 had not been passed yet. This new Federal law went into effect in February 2010, with the intent of helping consumers to avoid getting into trouble with their credit cards by making illegal various bank tactics like “double billing,” universal default, and due date tricks.
3. The debt settlement industry itself has completely changed. In the 2008 version of the audio course, I discussed the 15% front-loaded fee structure of the industry at large. After a ruling by the Federal Trade Commission that went into effect October 27, 2010, debt settlement firms are no longer permitted to charge in advance of performing services. The result is an industry in total chaos, with many firms closing their doors, while others try to survive by implementing a completely untested business model. With what’s happening today in the debt settlement industry, it makes more sense than ever to take the DIY approach (with guidance from a coach). Why trust a company with your settlement funds when they might not be around a few months from now?
If you’re not sure whether debt settlement makes sense for your situation, we’ll be happy to talk with you by phone and answer your questions. Our pledge is to give you a straight answer on whether this strategy is a good fit for your financial circumstances.
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