Patent ID: 8706616

Claim:
A computer implemented method of eliminating a Debtor's debt obligation to a creditor, comprising the steps of: a processor receiving data from the Debtor relating to the Debtor's debt obligation; the processor processing the data received from the Debtor to determine a debt purchase amount less than a total debt obligation that the Debtor owes to the creditor, wherein an assignee of the Debtor's debt obligation would be willing to pay the debt purchase amount to fully assume the Debtor's debt obligation; the processor processing the data received from the Debtor using a rating algorithm that determines, based on the Debtor's debt obligation and characteristics of the creditor, an anticipated amount for which the creditor will settle the debt; the processor providing an offer from the assignee to the Debtor to buy the Debtor's debt obligation at the debt purchase amount, accepting an offer from the Debtor to sell the Debtor's debt obligation to the assignee at the debt purchase amount or another amount offered by the Debtor, and requesting that the creditor authorize transfer of the Debtor's debt obligation from the Debtor to the assignee for the debt purchase amount; and upon acceptance of the offer to buy or sell the Debtor's debt obligation or upon authorization by the creditor to transfer the Debtor's debt obligation from the Debtor to the assignee, the assignee receiving assignment of the Debtor's debt obligation, becoming a guarantor of the Debtor's debt obligation, or becoming a step-in entity in place of the Debtor with regard to the creditor.