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Malcolm McNeil, a Los Angeles lawyer who represents Jubilee and its president, John E. Gustavsen, said Jubilee has succeeded in reducing about $7 million worth of client debt over the last several years.
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Mr. Lefcourt said that the practice had reduced client debts by an average of about 60percentt.
Then came the Swiss shock, however: At this stage IG remains on track to meet revenue expectations for the year, although profit and earnings will be negatively impacted by client debts associated with the Swiss franc movement.
He cuts clients' debt burdens by 60percentt on average, he says.
Meanwhile, a document, seen by the BBC and widely circulated in one division of GRG, speaks about staff extracting revenues from struggling small business customers, instead of trying to cut the clients' debt and return them to health.
That's because they help companies reduce expenses by taking unsavory steps like closing stores, shuttering factories, laying off workers and asking lenders to write off some of their clients' debts.
Buying a client's debt, after all, looks a lot like lending money.
SpringCoin does this, he said, by comparing a client's debts and spending patterns, then recommending a manageable monthly payment to erase the debt.
Although there is certainly personal satisfaction to be derived from representing underprivileged clients, the debt most law students accumulate may significantly influence an eventual choice of specialization.
Jason brings nearly 15 years of experience advising both multi-national and domestic clients on debt, equity and structured financings and complex M&A transactions.
The charity said its Citizens Advice Bureaux in England and Wales advised 2.1 million clients with debt problems between April 2011 and March 2012 – 31% of the total problems dealt with.
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