FinovateSpring 2012 / Balance Street
How they describe themselves: Balance Street is the premier direct marketplace between consumers and creditors for the purpose of debt settlement. We provide consumers with the opportunity to relieve their debt burden without fees. Through Balance Street, consumers can negotiate with their creditors directly, allowing them to avoid debt settlement companies who charge exorbitant fees (up to 20% of total debt owed) to perform basic “automatable” tasks. This means Balance Street frees up about 20% of market inefficiencies created by debt settlement middlemen, providing a better financial outcome for consumers and creditors. Our consumer debt transaction engine will create efficiencies, data and consumer behavior metrics never seen before by the consumer debt industry. With over $785 billion of credit card debt in the U.S., Balance Street will revolutionize the way debt is settled.
How they describe their product/innovation: Balance Street shows consumers how much their debt costs them (as well as the high costs of debt settlement companies), then provides an easy way for them to enter delinquent credit card debt, save money for settlement, and make, accept, and counter offers from creditors. It’s a free, secure and easy way for consumers to settle delinquent debt that also provides creditors with critical information to help them recover more debt faster. Creditors can also benefit from making large lump sum settlements with blocks of consumers, saving millions in customer service, mail, fax, email and money transfer costs. Furthermore, Balance Street will introduce and sell diverse metrics to the credit industry, derived from the unique transaction engine it built to help struggling consumers and overburdened creditors.
Bus. Dev.: Johnny Simon, Founder, 562-883-0390
Press: Suzanne Coleman, VP Operations, 619-206-2784
Sales: Michael Lees, VP Corporate Development, 310-383-4841