Wednesday, June 6, 2012

Debt Mediator and Collections Specialist

In 2008, Alex Nathan lost his job and his home. He lived in the Salvation Army’s Sarasota homeless shelter until he found a job as a debt mediator and worked to get his financial situation under control. He read an article regarding Harvey Vengroff, a collections multimillionaire, who was offering free space to entrepreneurs in return for a stake in their businesses. After several meetings, Vengroff offered to support Nathan’s company, Legal Debt Solutions.

Legal Debt Solutions helps people who have unmanageable credit card bills to reduce their payments and offers options for people who need help with their mortgages. Legal Debt Solutions will take one person’s debts and pool them with hundreds of others, and negotiate with creditors to cut the debt of all the people in the pool. The creditors benefit because the debtors do not file bankruptcy, where the court may wipe out the debt completely. The debtors benefit because their debt is lowered and they can begin to repair their credit. Legal Debt Solutions benefits as well because they collect a percentage of the total debt.

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