Short answer
Enrolled debt is the set of unsecured accounts (credit cards, personal loans, medical bills) a client places into a debt settlement program. Program fees are usually quoted as a percentage of enrolled debt, and each enrolled account moves through its own negotiation and settlement lifecycle.
Enrolled Debt explained
Enrollment starts from a credit pull: reps select which tradelines to include, and the program term, payment and estimated savings are modeled from the total. Each enrolled debt then carries its creditor, current balance, negotiator, negotiation status, settlement status and, once settled, the settlement amount and payment schedule. Accounts sold to debt buyers mid-program need current creditor and alternate payee fields.
How Vantage Point helps: we model enrolled debts as a credit item object on the Salesforce client record, with a debt calculator that builds the program live from the credit report.
Frequently asked questions
What debts can be enrolled?
Unsecured debt: credit cards, store cards, personal loans, medical bills and some private student loans. Secured debt, federal student loans, taxes and child support generally cannot be settled this way.
How many accounts does a typical client enroll?
Industry studies put the average at about seven accounts and roughly $28,000 of enrolled debt per client.