Friendly Solutions, LLC - Collection and Debt Relief Services

How was Friendly Solutions born?

Friendly Solutions, LLC

What is Friendly Solutions? Friendly purchases bad loans (credit card debt and pay day loan debt) and work with the owners of this debt to work out a solution and solve their debt problem.

How does a company that’s buying and selling real estate get into the bad loan buying business?

Mike and Jeff Smith formed JM2 Investment Properties, LLC to buy, sell and hold real estate. One reoccurring theme they saw over and over again were buyers with large debts and could not seem to get out from under this debt.

They are not one of those companies that collects a fee upfront and then try’s to work out a repayment plan with the credit card company. They have heard some of these companies charge a very high fee, which in their minds seems counter productive.

So how does Friendly Solutions work? It goes out into the market place looking for portfolios of bad credit card and pay day loans. It takes special knowledge of what to look for and where, not just anyone can get into the buying bad loans and be successful without knowing what you are doing. Friendly Solutions buys portfolios and this is where they are different from a typical collection agency. We do not threaten, demand or call at all hours wanting the full amount of the debt, hence the name Friendly Solutions. The advantage they have is once they own the debt it can be collected whatever they want; for example: Someone owes $500.00 dollars Friendly Solutions can work with the person and see what they could really afford to pay back, making affordable monthly payments or settle on a one time payment of say $150.00, they work with the person for a “Friendly Solution” to their problem. It’s a win win all the way around.

The philosophy of their company is: The more portfolios they can buy, the more people they can help. The goal is by helping people one at a time, they can help a small part of the economy recover and help a lot of people get out from under the crushing burden of debt.

What We Do

Friendly Solutions, LLC is in the business of acquiring charged off credit card debt at a steep discount and collecting those assets by placing the portfolios with highly qualified third party collection agencies.

The purchase and collection of charged off debt is not a new one – nor is it a small one as it is populated by a handful of large public companies and hundreds of small companies. Right now, and for the next several years, there is a huge oversupply of charged off debt available for purchase (because of the recession and high rates of charge offs at the very large banks). This excess supply allows a new and small market entrant, like Friendly, to purchase these assets at a discounted price.

Friendly expects to achieve above average collection results by the selection of collection agencies who utilize a unique strategy for working with consumers. The Applied Psychology strategy is unlike the typical “confrontation” strategy used by most collection agencies. Friendly has learned the strategy under the guidance of the person who developed it and, at the same time, built the largest and most successful collection agency in the nation.

The principals of Friendly Solutions, LLC are Michael Smith and Jeff Smith. Both are well known in the community and will be “hands-on” in the business. The Friendly Solution team prides itself on working closely with the selected collection agencies. Additionally, to facilitate the start up and operations, Friendly has engaged Success Support Systems (SSS) for training, consulting and support services. SSS consultants have deep backgrounds in banking and all facets of collection activity and will be especially valuable to Friendly for expert advice and guidance, identification, pricing and acquisition of portfolios, and selection and management of third party collection agencies.