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.
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.
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.
SpringCoin does this, he said, by comparing a client's debts and spending patterns, then recommending a manageable monthly payment to erase the debt.
Buying a client's debt, after all, looks a lot like lending money.
In 2007, the average income for clients entering debt-management plans through the agency, CredAbility, was $43,000, and their average credit-card debt was roughly $22,000, said Mark Cole, executive vice president.
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.
