Richard L Nikoley

US Patent:

20080167982, Jul 10, 2008

Filed:

Nov 7, 2007

Appl. No.:

11/936237

Inventors:

Hugh F. LEO - Saratoga CA, US
Richard L. Nikoley - San Jose CA, US

International Classification:

G06Q 40/00
G06Q 30/00

US Classification:

705 37

Abstract:

Methods and apparatus for providing a reverse auction are presented. A network based multi-directional and/or multi-dimensional reverse auction is described in which lender bid for loan terms and priority. A borrower provides loan terms, such as desired loan amount and optionally provides minimal loan requirements. Multiple bidders (1) select position, such as first, second, or third position; (2) designate loan terms, such as interest rate and amortization period; and (3) designate compatibility requirements of other lenders in terms of position and loan terms. A loan coordinator combines fractional interests of multiple bidders to yield (1) the borrower's requirement; (2) minimizing borrower's terms; (3) fulfilling a lender's term and position requirements; and (4) fulfilling lender compatibility requirements. Optionally, a loan servicing coordinator manages the loans. Optional fees for services rendered are provided.

US Patent:

20070156554, Jul 5, 2007

Filed:

Dec 18, 2006

Appl. No.:

11/612409

Inventors:

Richard NIKOLEY - San Jose CA, US
Christopher Kelly - San Francisco CA, US
Hugh Leo - Saratoga CA, US

International Classification:

G06Q 40/00

US Classification:

705035000

Abstract:

A method and apparatus is provided for consumers to receive the recent settlement histories of their creditors in a web-hosted application that drives the settlement process, so they can use this insider knowledge to settle their debts for cents-on-the-dollar. One embodiment provides a computer assisted tool that tells consumers what their creditors take to settle debts for cents-on-the-dollar, and equips consumers to conduct the settlement process using a turn-key, web-hosted application; or alternatively provides a full-service embodiment that allows consumers to get immediate relief from collectors and be debt free in a matter of months rather than decades. The invention thus provides debtors with at least two principal competitive advantages: it provides debtors with knowledge in advance concerning how much credit card companies may take to settle their debts in view of their financial hardships; and it provides consumers with a turn-key method to settle their debts at discounts equivalent to those that professional negotiators could achieve.