SoloSettle is a primary service offered by SoloSuit – a streamlined debt settlement platform bridging the gap between debt collectors and consumers who are seeking resolution.
In the contemporary legal context, settlement is often considered the most favorable outcome, as it allows consumers to settle for a fraction of the original debt. However, as consumer household debt rose to $17.7 trillion in 2024, it is increasingly evident that the debt settlement industry is in need of disruptive innovation. SoloSettle by SoloSuit seeks to close the divide between collectors and consumers and increase settlement outcomes.
SoloSettle introduces its comprehensive process for collectors and consumers to settle debt. Consumers indicate the amount they wish to settle for, and the platform utilizes advanced artificial intelligence (AI) technology to create a structured negotiation between all involved parties. Once terms are agreed upon, the collector uploads the settlement agreement and the consumer signs it, utilizing SoloSettle to transfer funds directly to the collector. As SoloSettle absorbs any associated fees, there is no additional cost to the collector, making the service all the more appealing.
Through this service, SoloSuit redefines the debt resolution space. Since its establishment, the company has remained committed to addressing an issue faced by millions of Americans. Responding to an increase in lawsuits over unpaid debts every year, the organization recognizes that 90% of individuals lose by default due to their inability to file a response within 14 to 30 days. SoloSuit makes it easy for the consumer to engage with collectors by filing an answer before connecting the parties to settle the debt.
The ground-breaking organization has acknowledged collectors’ strong preference for settling debts rather than prolonging the legal process. SoloSuit designed SoloSettle to enable most settlements to be reached within only a few days – a process that, on average, takes six months to complete.
By speeding up the settlement process, SoloSettle leads to quicker recovery of funds and a higher liquidation rate for collectors, streamlining the entire process. SoloSuit builds trust with consumers and uses that trust to manage expectations, leading to a more mutually beneficial settlement.
At our firm, we have resolved cases with less litigation and less costs due to SoloSuit,” said a director of litigation of a debt collection law firm.
Consumers are granted the ability to remove thousands of dollars from their financial obligations without declaring bankruptcy. Settling a debt also helps improve their credit, as a debt settlement looks better than a deficiency on a credit report. Moreover, SoloSettle allows clients to save thousands of dollars and prevent wage garnishment and the accrual of added interest.
SoloSuit has established itself as a trusted arbitrator between collectors and consumers. Currently, 232,000 consumers have enrolled $1.51 billion on the site, helping stakeholders navigate debt lawsuits and settlements. More than 10% of collectors have already used SoloSettle to resolve receivables. Negotiations with collectors have become more efficient thanks to a loyal and continuously growing consumer base.
By offering fast, fair, and efficient resolutions for collectors and consumers, SoloSuit remains committed to addressing prevalent issues in the debt settlement industry. We’re supporting collectors in recovering greater amounts of outstanding debts while also empowering consumers to reclaim their financial independence.”
