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LOAN SERVICING and DEBT RECOVERY Loan Servicing We contract to manage other company’s accounts receivables for a either a flat fee per account per month or a percentage of the payment that we collect. The fees structure is based on the type of credit that we are servicing. For example, we will charge a higher fee if we are servicing poor credit only and a lower fee if we are charging a mixture of good and bad credit. Many companies find they are good at creating new sales, but not very good at managing accounts receivable. These companies find that it is cheaper and more efficient to hire us. There are other loan servicing companies, but what distinguishes us from them is that our efforts to reduce delinquency are far and away above par. Many servicing companies will send a letter series when a consumer becomes delinquent. Some will charge their clients per letter, and other will throw in extra fees if they need to make phone calls to consumers in order to try and resolve the debt issue. We do not charge a separate fee for delinquency notices and we do not charge for extra phone calls or skip tracing. Skip tracing is the practice of locating consumers who have changed numbers, addresses, etc. and cannot be found otherwise. In some situations, we require clients to leave their poor credit accounts in our loan servicing company. Here we earn our fee for collecting the monthly payment for the client and we have additional security for riskier clients that we are purchasing contracts from. It’s no uncommon that if we purchase contracts from a vacation club, health club, or other type of “future service” for us to require servicing of the poor credit accounts. We use the serviced contracts as collateral in the event that the client defaults in any way. We also offer on‐line Internet access so that clients can view their accounts and download reports 24/7! Benefits that we offer for serviced contracts. We send all welcome letters, statements, and/or delinquency notices as needed. We make unlimited phone calls to delinquent consumers at no additional cost. We collect all payments and deposit them into a protected, escrowed account so our clients know their funds are safe. We offer weekly and monthly disbursements to our clients. We provide skip tracing at no additional cost. We provide complete accounting reports so that they always know how their portfolio is performing and bookkeeping is made easy. We provide custom programming for clients that have special requests. We must earn $500 per month in minimum servicing fees. For example, if we are charging $5 per contract to service, the minimum amount of contracts would be 100. Clients have On-Line 24/7 Internet Access to their portfolio. Delinquent Debt Collections We began doing business in 1990 as a collection agency and to this day, our operations are based on original collection techniques. While we do NOT PURCHASE DELINQUENT DEBT, we offer our collection services with no risk and no upfront cost to our clients. We will book in delinquent debt at no up front cost to our clients. We keep our collection fee for anything that we collect and if we do not collect, WE DO NOT GET PAID. Our fee for collections is generally 1/3 of the amount collected monthly. While some companies wish to sell their bad debt (for pennies on the dollar, no doubt), most will net much more cash if they utilize a qualified agency, such as ours. Just as in our loan servicing program we offer free skip tracing in addition to credit reporting to all three bureaus. Our collectors are the most experienced in the field. On average our collectors have been with us for more than 5 years. That means that we have the most talented collectors around. Most collection agencies experience high turnover. That means that they are continuously hiring new collectors that need to be freshly trained. Since the art of collecting is based on the art of negotiation, it’s rare that a newly hired collector has the talent to collect delinquent debts effectively. We collect both CONSUMER and COMMERCIAL DEBT! Unlike our finance company, we can provide collection services to just about any type of business/industry. As long as the debt is valid, we are anxious to provide our service. Our minimum requirement for collection placement is either $100,000 as a one time placement, or the promise of regular future placements that would be tantamount to $100,000 or so in a year. Let us customize a Loan Service Program or Debt Recovery Plan for you.
USA Patriot Act - Customer Identification Notice-Privacy 2646 Ashley Oak Drive Phone: 210-232-3812 Fax: 888-547-7993
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