National Law Firm Announces Groundbreaking Initiative To Help Consumers Deal With Overwhelming Debt

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Persels & Associates contingency fee program first of its kind for consumers drowning in debt -- Persels & Associates is the only law firm offering this service directly to consumers

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Other companies will try and negotiate debt but not with legal representation

As Americans drown in unpaid bills and desperately look for a way out, Persels & Associates, a national law firm with attorneys in 47 states, announces a groundbreaking approach to helping people manage their debt.

For a small initial set-up fee and an administrative fee of $50 per month, Persels & Associates lawyers will represent consumers with the goal of negotiating affordable settlements with their creditors. Persels & Associates will also assist the consumer if legal issues arise during the course of the representation Only when the firm has been successful in negotiating a compromise the client can afford will it take its fee as a percentage of the savings realized by the effort.

“Many consumers feel that they don’t have choices when it comes to managing their debts,” said Joe Cosentini, spokesman for Persels & Associates. “This new contingency-fee based fee structure gives people the options they’re looking for and can afford. It’s the first of its kind.”

“We strive for fresh thinking and best practices in the fields of consumer debt reduction,” Cosentini added. “This contingency fee-based initiative is just one more way we’re looking to provide the best service to our clients.”

Persels & Associates and its predecessors have been working with consumers to restructure debt payments for over 10 years. The law firm bridges the "gap" that can exist between the consumers and creditors. The firm’s ability to provide legal advice and negotiate payments consumers can afford can be essential to people working their way out of debt.

Unlike traditional debt management programs where consumers can pay up to 100% of the debt balance plus interest and penalties, the new Persels & Associates approach has clients with severe debt burden pay a very small set-up fee, then a nominal monthly administrative fee while the payments are being negotiated with the creditors. Only after successful compromise of the clients’ debts does the firm realize its fee as a percentage of the saving achieved for the client.

“Other companies will try and negotiate debt but not with legal representation,” said Cosentini. “With our representation, clients can effectively assert all the rights afforded them by federal and state consumer protection laws while we help them develop and execute a plan to pay their debt.”

“We are the only law firm offering this service directly to consumers,” he added. “We hear stories every day about the devastating impact consumer debt has on a family. We want to help people find a debt payment structure they can manage while protecting their legal rights.”

Last December, revolving debt — an estimated 95 percent from credit cards — reached a record high of $943.5 billion, according to the Federal Reserve. The annual growth rate of this debt increased steadily, reaching 9.3 percent.

The amount of debt that is delinquent — in which minimum payments are late but the accounts are still open — also appears to be on the rise. The Federal Reserve found that 4.34 percent of the credit card portfolios of the 100 largest banks that issue cards were delinquent in the third quarter of last year, up from 4.07 percent in the previous quarter. Charge-offs — accounts closed for nonpayment — also grew in that period, and banks expect charge-offs to keep rising.

The Persels & Associates initiative will go a long way to help consumers keep their heads above water in these difficult economic times.

About Persels & Associates
Persels & Associates, LLC and its predecessors are pioneers in the field of offering "unbundled" legal services to individuals who cannot afford traditional legal services. As Americans credit debt rose, Persels & Associates bridged the "gap" between consumers and their debtors. Today Persels & Associates employs over 150 lawyers in the 47 states and has 25 central office staff attorneys with 50,000 clients. For more information visit

Joe Cosentini, Persels & Associates
Lawyers and consumers who’ve worked together to resolve debt payments.


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Karen McGagh
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