We negotiated this settlement with 1st Financial Bank for 40% of the clients existing balance. Forty percent is right at the low end of our 40 to 60 percent average and right on par with industry current trends. This translates to a sixty percent savings for the client.
"This letter is to state the settlement offer on your account with 1st Financial Bank USA.
We will accept the following payment schedule, on the above referenced account number. The payments must be made in the form of pre-authorized drafts, or "autopays," that will be automatically printed by 1st Financial Bank USA on the dates listed below and presented to your bank for payment.
July 31, 2006 - $2,800
The payment(s) must be set up in our office by the end of business July 31, 2006 or this offer is null and void. Should any payment be returned for any reason this offer is null and void. We will consider the account settled in full and the balance will be reduced to zero as soon as the final payment clears the bank."
