Columbia, MD (PressExposure) June 01, 2009 -- Employees at Debt Shield, a Maryland-based debt settlement company, are celebrating their Negotiations Department breaking three major company records last month: most settlements per negotiator, most settlements overall and most debt settled than in any previous month.
Debt Shield settled $3.3 million of debt in April, drove a 49 percent increase in the amount settled since April 2008 and saw a 58 percent increase in the number of debts settled per Client Advocate Negotiator.
"Whether you measure volume or actual dollars, our negotiators succeeded across the board," said Executive Director of Client Support Nazir Tyrewala. "These results are impressive, even considering the struggling economy."
Economic indicators such as rising foreclosures and charge-off rates indicate increasing stress on credit card companies and their collections departments. As a result, more banks are open to settlement opportunities at a time when consumers need them most. However, Tyrewala says that its takes a trusting relationship between his team and creditors to forge settlement agreements for Debt Shield's clients.
"Our negotiators develop and maintain working relationships with many creditors," explained Tyrewala. "When they approach creditors with settlement offers on behalf of our clients, creditors know that our clients are doing the best they can to make good on their debts."
Debt settlement is a debt relief option that lets qualifying consumers repay their creditors less then they owe in consideration of the consumers' financial hardships. Creditors benefit from collecting accounts that may otherwise get discharged in bankruptcy and go unpaid.
Tyrewala and all other Debt Shield executives are proud not only of their hardworking employees, but are also proud of Debt Shield clients.
"Consumers who qualify for debt settlement services are inherently struggling with unemployment, medical issues, and overwhelming debt," said Tyrewala. "Their dedication to getting out of debt is just as important to their success as the dedication of our Client Advocate Negotiators."