info 9-11-09

Greetings Everybody.

1 – Those of you waiting for your 1096’s from the EA should receive them in September.

2 – We will be accepting accounts with multiple users (for participants who have submitted their fees/file) without having to include all of the accounts for each person on the account. Example – Mother has her file submitted and is a participant in the DDP. Her son is a joint or authorized user with her on one specific account. We’ll need the son’s name exactly as it appears on the contract with the creditor and we’ll need his ss number too.

3 – Please tell the people who are waiting for results that we should start seeing some accounts dismissed/restructured in September. There are many people waiting so there is going to be a huge surge of files submitted during the next few weeks. Those people who have their entire file ready to go will be at the top of the stack. Those people who are procrastinating and don’t have their files together may experience delays due to the high volume of DDP new file submissions that we anticipate seeing in September and beyond.

4 - We are anticipating having access (soon) to lists of creditors that are easier to dismiss than others so we can give better estimates to people of dismissals/reductions.

5 – We are anticipating having access (soon) to a large database of creditor EIN numbers. This will save agents some time in preparing the DDP submission forms.

6 – We learned that sometimes the EA works on the original creditor and in some cases the EA may work with the collection agency so please include as much information as possible on each account when submitting the DDP submission form

7 – We added another company to our group that can substantially delay potential foreclosure sales. We know of many different ways to postpone foreclosure sales so please contact us for a detailed analysis of any particular situation.

8 – There is a seasoning requirement for all secured accounts 90 days (at least two payments must be made before submitting the account into the DDP)

9 – Reminder for everyone - Please review the Service Agreement regarding the non- circumvention and non-disclosure requirements. Also, please review the confidentiality portions of the agreement (items 12 and 15). The reason we have the relationships we have is because we have agreed to such terms ourselves.

10 – We are accepting new DDP participants who only have unsecured debt and or who only want to receive a refund (of line 37 on the first page of their 1040’s either 2005, 2006, & 2007 or 2006, 2007, & 2008). The minimum up front fee for these files is $1500 and the standard 20% success fee applies to these files. We will review the DDP submission forms and do up front estimates for each file. They will have a higher fee if there is a married couple involved and or there are an extraordinary amount of accounts. People who are expecting higher than average refund checks may have higher up front fees too. The refund checks may be between 25%-35%.

11 – Many of you are referring people to us. Please make sure that your referrals have either listened to the recorded call, read the FAQ’s and or read the blog. This will save everybody a lot of time.

12 – Many people are experiencing varying levels of financial hardship. The DDP is a great opportunity for those people to refer participants to generate income for their own up front fees (to submit their own file into the DDP) and their own monthly expenses. This may be a very lucrative business for those people who want to be part of the solution for other people’s debt problems.

Thanks for your patience and thanks to the hard working people who are submitting files and referring new participants. We are working very hard on improving the speed of the DDP. We hope that we will have some more good news very soon.