Start-up: Debt Settlement Biz

A very good friend of mine is starting a "debt settlement" company. Basically what they do is work as a "go between" to settle unpaid debts between credit card comps and consumers.

Of course, scammers have jumped in this business in droves and are giving the industry a bad name (the only time these companies get any press is when one of the scammers takes the consumers money but never pays the settlement amount to the credit card comps).

I've been ask what might be the best way to generate leads for this business.

He checked into a "lead company" that offers leads specifically for the "debt settlement" industry. Exclusive leads at $25 per. They claim a closing ratio of 10% (I think that was the number). If so, average customer cost would be $250. Not bad really, if it happens to work out that way.

My first suggestion was to consider what else might be done to generate legitimate leads that would average less than $250 per customer.

I started a mind-map to come up with ideas to generate good press and good leads, i.e. press release on local seminars about "how to settle your own debt" = good press and good for marketing purposes.

I suggested he work on developing a good USP and recommended he come up with a Free Report ("5-6-7 Steps To Erase Your Debts" or something to that effect) to use in direct response ads. Banner Ads maybe? Are banner ads still effective?

I mention the "do it yourself" type report because it's been my experience that even if you tell people exactly what to do, the majority will still come back to you to do it for them!

Suggestions on lead generation?