Method and Apparatus for Computer Assisted Settling of Debts
First Claim
1. A computer implemented method for settling of consumer debts, comprising the steps of:
- providing consumers with recent settlement histories of the consumers'"'"' creditors via a web-hosted application; and
providing said consumers with means for using knowledge of said settlement histories to settle their debts.
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Accused Products
Abstract
A method and apparatus is provided for consumers to receive the recent settlement histories of their creditors in a web-hosted application that drives the settlement process, so they can use this insider knowledge to settle their debts for cents-on-the-dollar. One embodiment provides a computer assisted tool that tells consumers what their creditors take to settle debts for cents-on-the-dollar, and equips consumers to conduct the settlement process using a turn-key, web-hosted application; or alternatively provides a full-service embodiment that allows consumers to get immediate relief from collectors and be debt free in a matter of months rather than decades. The invention thus provides debtors with at least two principal competitive advantages: it provides debtors with knowledge in advance concerning how much credit card companies may take to settle their debts in view of their financial hardships; and it provides consumers with a turn-key method to settle their debts at discounts equivalent to those that professional negotiators could achieve.
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Citations
22 Claims
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1. A computer implemented method for settling of consumer debts, comprising the steps of:
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providing consumers with recent settlement histories of the consumers'"'"' creditors via a web-hosted application; and
providing said consumers with means for using knowledge of said settlement histories to settle their debts. - View Dependent Claims (2)
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3. A computer implemented method for settling of consumer debts, comprising the steps of:
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providing debtors with knowledge in advance concerning how much credit card companies may take to settle their debts in view of the debtors'"'"' financial hardships; and
providing said debtors with means for settling their debts at discounts equivalent to those that professional negotiators could achieve. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer implemented method for settling of consumer debts, comprising the steps of:
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providing a consumer with a website for settling of consumer debts;
optionally offering the consumer free financial check-up (FFC) including information about any of the consumer'"'"'s income, expenses, assets, and secured and unsecured liabilities (93);
analyzing the consumer'"'"'s input and produces an FFC output including any of a debt-to-income ratio, secured/unsecured debt allocation, an aggregate debt settlement ratio that is anticipated for all unsecured debts (ADSR), and a financial outlook recommendation. - View Dependent Claims (17)
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18. An apparatus for determining an aggregate debt settlement ratio (ADSR), comprising:
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a Debt Settlement Database;
a Consumer Database;
wherein said Debt Settlement Database and said Consumer Database associate debt settlements and consumers owing the debts settled; and
an ADSR Algorithm for determining said ADSR by comparing;
characteristics of debt in question to other debts actually settled by a creditor holding the debt in question, and characteristics of the debt in question to similar debts actually settled by other Creditors, and characteristics of a consumer owing the debt in question to other consumers whose debts were settled by the creditor holding the debt in question, and characteristics of the consumer owing the debt in question to similar consumers whose debts were settled by other creditors. - View Dependent Claims (19, 20, 21, 22)
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Specification