Retail

Debt Cancellation

Debt Cancellation products/agreements are two party contracts (insurance policies are three party contracts) that are replacing credit insurance policies.

Most of the credit insurance underwriters have transformed themselves into Debt Cancellation administrators for banks, thrifts, and credit unions, leaving a significant number of retailers without support.

We developed a program for furniture and jewelry retailers that mirrors offerings in the financial markets. We provide guidance in developing programs acceptable to industry regulators and offer complete administrative services support (third party claims management, reserve recommendations, and loss ratio management reports) on a fee basis. Our first client began offering Debt Cancellation agreements to their customers in November 2003. Preliminary results indicate there will be a strong demand for these services.

Support

During the sales process your onsite staff offers a Debt Cancellation option to the customer. If they should lose their job, be injured, die, or otherwise be unable to continue the payments on their purchase, our staff will review their claim, and, using your criteria, determine if the debt should be cancelled.