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Insurance Settlements

by Ronald V. Miller, Jr. and Kevin Quinley, et al.



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Effective Approaches for
Settling Cases

Insurance Settlements (previously known as Insurance Settlement Handbook) opens long-locked doors to insurance claims departments, giving you an insider’s look at the settlement process. Discover in days what most plaintiff’s attorneys take years to learn. Veteran claims personnel reveal how to:

*

Demonstrate to the adjuster that you know what you are doing
*

Determine when and what to say for maximum impact
*

Help the adjuster sell your client’s damages to his superiors
*

Draft effective demand letters
*

Evaluate soft tissue injuries
*

Prove pain and suffering
*

Break cases free from common logjams
*

Get realistic offers from adjusters
*

Counter common insurance settlement tactics
*

Value cases using traditional insurance company techniques
*

Obtain top dollar

Insider tips from seasoned adjusters, claims managers, and top plaintiff's attorneys are loaded into this two-volume book. Just a few of the effective approaches for settling include:

Damages

“Adjusters will pay an extra $500 to $1000 for pain and suffering for every day spent in a hospital (excluding diagnostic time). Most attorneys fail to request this sum.”

Valuation

“During case evaluation, most insurance carriers will first calculate their exposure at what they call ‘dripping wet,’ without other considerations like prior injuries, comparative negligence, contribution by other defendants, amount of insurance available, etc. This formula is expressed as follows…”

Investigation

“Policy limits demands which are designed to determine the policy limit amounts are frequently counter-productive. Seldom will the demand result in divulgence of the policy limits. A more productive approach is to simply…”

Negotiations

“The supervisor and adjuster will not be moved because you think this claim is ‘different’ or you are ‘going to file a complaint.’ You will either have to bring your demand within the norm or justify more.

Bad Faith

“Often defense counsel will refuse to produce certain documents in the claim file, or other company documents. Insist the defendant provide an itemized list of each document and form in the file, along with sufficient descriptions of each document. You will need this information to support a motion to compel production of the documents.”

Coverage Disputes

“Coverage questions involving only the policy issued by the carrier involved are often troublesome to the plaintiff because the plaintiff will never be notified of the coverage dispute. The plaintiff’s notice will probably be by inference, when no settlement offers are forthcoming.”

Settlement Authority

“The bigger the exposure, the more levels through which the files must pass. At each level, the person reviewing the file will be judged in part by the quality of the file that is allowed to move upward.”

Evaluation

“In reality, frequently no evaluation at all is done by the carrier until a demand for settlement is made by the plaintiff. The carrier’s offer is more a reaction to the demand than an independent evaluation.”



This comprehensive insider's guide to the insurance settlement process, Insurance Settlements gathers the experience of more than 25 veteran claims managers, attorneys, medical experts, adjusters and others, and turns it to your advantage. Learn how to settle more efficiently and for top dollar. The latest two-volume edition now includes a helpful CD-ROM containing 131 digitized forms, as well as searchable full-text of the book.

The latest update of Insurance Settlements includes:

*

Aspects of claims frequently questioned by adjusters
*

How to deal with adjusters, from veterans on both sides of the bargaining table
*

Solutions to common settlement problems, from learning policy limits to dealing with novice adjusters
*

How adjusters view claims, complete with red flags

Updated annually. ISBN 0-938065-53-X Book price: $129.00

B7

Reviews

"Your insurance books How Insurance Companies Settle Cases and Insurance Settlement Handbook really provide the practical tools needed to put it to insurance companies and negotiate reasonable settlements."
— E.L. Brock

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Related Titles:

bluearrow.gif (273 bytes) How Insurance Companies Settle Cases

bluearrow.gif (273 bytes) Maximizing Damages in Small Personal Injury Cases



bluearrow.gif (273 bytes) More Insurance & Settlement Publications

Updated 03/23/09


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credit card settlement

Credit card debt reduction analysis to help learn how to eliminate your credit card debt.
Bankruptcy Alternatives / Debtor's Options
Credit Card Debt Reduction & Settlement FAQ
Call for Credit Card Debt Settlement help right now! - 800-351-3301

17. What is the different between a debt workout and a debt consolidation for reduction or elimination of credit card debt and other unsecured debt?

1. For the context of this discussion I refer to a credit card debt workout as a negotiated settlement of credit card debt. For example if you owed $5,000 on a credit card and made an agreement with the credit card company to pay $2,000 instead of $5,000 as settlement in full on the debt, this would be a credit card debt workout. Firms who perform this type of work may identify themselves as debt management, debt reduction, debt relief, debt workout, debt settlement or a host of other names inferring they help with debt even sometimes including debt consolidation. However, I define debt consolidation as a reorganization of the debt through a credit counselor or taking a debt consolidation loan to pay of the debts in full. Other FAQ’s on this site address each of these debt elimination options individually.



17. Who is eligible for a debt workout to get out of credit card debt?

1. Creditors agree to debt reduction arrangements where they feel a settlement of the debt will be in their best interest. In most cases they come to this conclusion because the person requesting the debt negotiation appears to be a legitimate candidate for bankruptcy. Knowing that in most bankruptcy cases they would receive nothing, they opt to take a discounted settlement on the debt rather than receive zero dollars in a bankruptcy.



17. What kinds of people appear to be bankruptcy candidates to the creditors?

1. 1. People who have shown an inability to pay their debts as evidenced by their failure to make payments for several months on their credit cards and other obligations.

2. People who do not have assets to protect such as equity in homes and cars.

3. People whose current or future income would not allow them to reorganize their finances either through a Chapter 13 or a plan outside of bankruptcy.



17. How do the creditors find out about this information

1. When you applied for credit, in most cases, you authorized the creditor to inspect your credit report when necessary. As part of the collection process in determining proper resolution option for your debt most creditors will run a credit report. The creditor obviously knows of your own debt payment history with them. The credit report will allow them to see how you are treating all of your other creditors. For example if you have ten credit card accounts and are current with all of the others they will make the assumption that you are capable of paying them as well. On the other hand if you were delinquent with all of your other credit card debts it would seem to indicate that you do not have the ability to pay anyone including that particular creditor.



17. How could they find out about my income and assets?

1. As a starting point they will use the application that you used to obtain the credit card in the first place. Beyond that, although there are some public records and some information on a credit report. For even more data you will have to provide the creditor with this information yourself. Some creditors will never ask for this information, others will ask for it before any debt reduction negotiation begins and others will ask for it depending upon the status of the debt reduction negotiation.



17. What would trigger them insisting on my income and asset information as a part of the debt settlement negotiation?

1. Imagine that after only seeing a credit report and some preliminary information the creditors make what you might consider a high debt settlement offer such as 75 cents on the dollar. In order to persuade them to take a debt settlement less than their initial offer they might demand further evidence of your financial hardship including financial statements indicating income and assets. Then, with evidence in hand proving the person’s lack of ability to repay the debt, to the creditor may consider a debt reduction allowing a pay off of the debt in a much lower range.



17. Would a typical credit card debt account accept to pay off the debt?

1. Most of credit card debt accounts settle in a range of 30 to 50%. Be aware that some credit card debt accounts may settle considerably higher reaching into the 75 to 80% range while in rare cases credit card debt accounts can be settled in the 20 to 30% range. In very rare cases I have seen debt solutions agreed to for as little as 5 to 10% or as much as 90 to 95%.



17. What would determine differences in the debt reduction amounts?

1. While a person’s own financial situation would have an important effect on debt reduction figures the next most important factor would be the internal debt settlement policy of the creditor. Prediction about the internal policies of these creditors cannot be made on their size or the amount of the debt necessarily, but they are consistent in their own policies. For example MBNA, American Express and Citicorp may all be major players in the industry and all of a large size but their policy on debt settlements are quite different. On the other hand the way American Express treats each of their own customers individually is fairly consistent in terms of their own internal debt settlement policies. Therefore someone who works with these creditors everyday would know what to expect from each individual company when putting together a debt management plan.



17. Do credit card debt settlements need to be made all at once to achieve debt elimination?

1. With most settlements you do need pay off the each individual credit card debt all at once in a lump sum by paying the creditor the reduced debt settlement figure they have agreed to with your debt negotiation firm. There are two significant exceptions that debtors should be aware of. First is that in some cases the creditors will arrange a short payment plan, especially with larger amounts of credit card debt. These plans might range any where from three to six months to pay off the credit card debt. The other exception comes in the form of special debt management or debt reduction companies, which arrange to stretch debt settlement plans out of a period of one to four years. These debt relief companies will be discussed later in this article.



17. How does this type of credit card debt workout affect someone’s credit?

1. It depends on the status of the debtor’s credit before the debt workout. Let’s imagine that credit report scores run on a scale of one to 10, one being the best. Only ranks of one and two are good enough to walk into most local banks to get a loan or credit card. Someone who has done a credit card debt settlement would be considered would be near a six on this scale immediately after the pay off of the credit card debt settlement. For someone who started as a one or two this would be a dramatic devastation of their credit. Anyone with good credit should consider the debt workout as an option very seriously before undertaking it, as his or her credit will be essentially destroyed. On the other hand, if an individual already shows multiple accounts on their credit report that have been charged off by creditors they may already have a credit score of approximately nine on a scale of one to ten. For these people settling the charge off accounts through debt settlement would actually improve their credit. This does not mean it will make their credit good, it just means it will improve it from very very bad to only plain bad.



17. Can a person achieve these credit card debt settlements on their own or do they need to hire a debt reduction professional to get out of the credit card debt?

1. While it is certainly possible for someone to achieve a credit card debt settlement on their own I do not recommend it anymore than I would recommend somebody taking out their own appendix. In the first place creditors do not take the situation nearly as seriously when a debtor calls to make a settlement as when a debt relief professional, such as a bankruptcy attorney or debt management firm calls to make a debt settlement. An individual would not know how to negotiate a debt settlement or what a proper debt settlement would be. A debt management professional working in this field would know most individual creditors including what their standard acceptance offer would be. In order to achieve the proper credit card debt settlement it is important to understand the proper way to fill out certain financial forms, most individuals do not know how to do this properly. A debt reduction professional also knows what to say, what not to say, what to ask for and what, to a creditor, would be a ridiculous request. Credit card debt settlements are best achieved when the creditors standard operating procedures and formats are followed. An individual would have no idea how to go about following such debt solution procedures. It is harder to negotiate one of your own credit card debt accounts because of the emotions involved when negotiating for yourself. Even amongst lawyers it is said that the lawyer that represents himself has a fool for a client. This is the case for either a lawyer or non-lawyer negotiating debt settlements on their own behalf. When someone else is negotiating for you the calls from the collector and letters end up going to the debt management professional you have hired to work for you making the entire debt settlement process less stressful. It is disturbingly common for debt collectors to try and do things, which may be industry tricks or potentially fraud in order to get you to pay off debt in full. Some of these things may include getting you to reveal information about yourself you may have no obligation to reveal or having you to send money you have been told would be settlement of the debt in full only to find they have lied and simply taken the money on account.



17. What if the creditor initiates a credit card debt settlement offer directly to the debtor?

1. In most cases the first debt settlement letters coming from the creditors are initial attempts to make contact the debtor combined with a debt settlement offer that the creditor deems high, but certainly one the credit card company would be happy to accept. A typical case would be a creditor offering a settlement of 75 or 80 cents on a dollar. In almost all cases debt settlement can be achieved for less than the offer made in these initial contact letters from the credit card companies.



17. What if I have gotten a series of letters from the credit card company and the offer keeps getting better, at what point should I take it as a viable debt elimination solution.

1. This answer depends on the creditor. A debt reduction professional working in this field would know the answer based on the specific creditor. With certain creditors I found when the offer gets low enough, although better settlements can be achieved, when one looks at the fees to pay the debt reduction professional and the difference in the debt settlements the end result is fairly close. In these cases I have personally told clients to except offers and make sure they followed the proper procedures. Although I must say those cases are quite rare.



17. How long does the card debt settlement process take?

1. A normal credit card debt settlement case might take three to nine months. If someone wanted to expedite the situation it could be shortened to one to three months. Someone wishing to stretch things out could find the time extended to twelve to eighteen months. Some special debt management and debt reduction firms can even lengthen the process to four years or more.



17. Why would someone want to stretch the credit card debt negotiation process out longer?

1. In order to get more time to get debt settlement funds accumulated. For many people the only options to get out of debt are four-year settlement times or bankruptcy.



17. Are there any downsides to lengthening the credit card debt negotiation process?

1. 1. As time goes on interest builds on the outstanding credit card debt. Even if the credit card debt ends up being settled for 50% interest building at 20% on the total outstanding credit card debt still means a significant increase in what you will pay as a debt reduction settlement.

2. At some point you will want to begin rebuilding your credit. This process cannot and should not begin until all of the old credit card debts have all been settled.

3. Laws, your own personal situation or creditor policies can change so that a credit card debt settlement, which might be archived now, can no longer be reached in the future.

4. The longer things go after the credit card company has started litigation in the court system the more likely it becomes that a creditor will refuse to participate in your debt settlement plan and you must settle a credit card account for more than you might want to or you will face a court hearing and its consequences such as garnishment.



17. How do these debt settlement firms work to get you out of your credit card debt over a term of years?

1. First they access your own financial situation to determine if you would be a good candidate for their debt settlement program. Be aware that some of these debt reduction firms will try to get you signed up because that makes the debt management firm money, not because it truly represents the best debt solution route for you. To help figure out what might be best for you to reduce debt I have written a set of pre-qualification questions for various debt options.



17. Suppose the debt settlement option does work best for me and it’s what I want to do to pay off the credit card debt.

1. Together with the debt settlement firm you will establish a master plan to help deal with the credit card debt including how long the debt elimination process might take, and how much money you will need to make the credit card debt reduction plan work.



17. Who do I pay to get out of my credit card debt and when do I pay it?

1. This varies with each debt management company. All credit card debt reduction plans will provide both for payment to the creditors and payment to the debt settlement firm. Payment to the debt relief firm can be on a flat fee basis calculated as a percentage of the total debt or a percentage based on the money saved through debt settlements. Payment of these debt reduction fees can be paid up front, over time, or when debt settlements are reached. Money to pay the creditors can be kept by the debtor until it may be needed or held in escrow by the debt negotiation firm. In many cases these debt settlement funds build up by the debtors adding to them each month.



17. Is it better to accumulate credit card debt settlement funds on my own or allow the debt management firm to keep them in escrow for me?

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