SAN FRANCISCO, Dec. 12, 2024 /PRNewswire/ -- Today, Solo announced an official name change from SoloSuit to Solo. This rebrand reflects the company's expanded mission to act as a trusted mediator between consumers and debt collectors, fostering collaboration for faster debt resolution.
Under the Solo brand, SoloSuit and SoloSettle will serve as sub-brands. SoloSuit continues to empower consumers to respond to debt lawsuits, while SoloSettle facilitates direct negotiation between consumers and collectors through an online settlement portal. Together, they simplify the debt resolution process and improve outcomes for both sides.
"This subtle shift builds on the brand equity we've developed while expanding our vision," said George Simons, founder and CEO of Solo. "As Solo, we're positioned to help both collectors and consumers achieve resolutions faster and more effectively. We help facilitate collaboration between traditionally opposing groups because we recognize both want the same thing: an optimal settlement obtained as quickly as possible."
Solo is not just for consumers; it is also a valuable tool for debt collectors. Solo's SoloSettle platform enables direct, digital communication between collectors and consumers, eliminating the need for traditional methods like phone calls or court filings. By automating and simplifying negotiations, SoloSettle helps collectors reduce administrative burden and close cases faster.
As part of its new vision, Solo recently hired Yale R. Levy. As former president of the National Creditors Bar Association and experienced debt collection attorney, Levy provides a collector's perspective, develops relationships with collectors, and helps improve the settlement process.
This rebrand comes as US household debt reaches record levels, totaling $17.94 trillion in Q3 2024, with a $147 billion (8%) increase from the previous quarter. Solo offers timely solutions, connecting collectors and consumers to resolve debts more effectively and keep the economy moving forward.
About Solo
Solo simplifies debt resolution for both consumers and collectors. Each year, 10 million consumers are sued for debt, and many use SoloSuit to respond to lawsuits and engage with collectors for the first time. SoloSettle then helps consumers and collectors negotiate debt digitally, often reaching a resolution in just days. Since its launch in 2020, Solo has helped consumers manage $1.69 billion in debt, offering tools that simplify and accelerate resolution.
For more information, visit www.solosuit.com.
SOURCE Solo
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