A Service To Collect Charged Off Debt
If you
have “charge-offs,” and you do not have your own internal collection
department, you have probably explored your three basic options.
You can give up on collecting the debt, sell the debt, or submit
it to a collection agency.
Selling charge-offs is often a very bad choice as it may result in just
pennies on the dollar (sometimes as little as two or three cents per
dollar).
Now, for
U.S. businesses with both small and large amounts of charge-offs,
NorthStar Technologies offers a GREAT solution—a proven charge-off
collection service for banks, credit card companies, and any other
industry! You may read
about NorthStar’s charge-off collection service below or contact me (Brad
Price).
OPTION 1:
Collection Letters
This
option is an inexpensive and simple solution, especially for banks that
charge off many checking accounts.
NorthStar will send out a series of three collection letters
telling debtors what they owe and how to remit payment.
Furthermore, NorthStar actually
automates this service for
clients (the information for charge offs can be provided to NorthStar in
almost any type of collection file each month).
NorthStar’s collection letters are mailed every two weeks and the debt may be paid by Visa, MasterCard, Check-by-Phone, or made via the Internet. When NorthStar collects charge-offs in this way, everything but the cost of the collection letters is returned to clients. NorthStar offers the three charge-off collection letters, plus remittance processing, web reporting, customer service and client support for just $6.85 per account. A $1.00 dollar discount per account is available to clients who wish to prepay for a minimum of 500 accounts.
OPTION
2: No fees contingency
split for charge-offs
If
charge-off collection letters do not work, or if clients would prefer to
use NorthStar’s no-fee contingency split option, this second program is
an ideal choice. NorthStar
absorbs all the collection costs and returns to its clients 65% of all
that is collected. With
this second option NorthStar does skip-tracing when necessary and will
work these accounts for eighteen months.
With the no fees contingency split, businesses have everything to
gain and nothing to lose.
Of course, NorthStar strictly follows the FDCPA (Fair Debt and
Collection Practices Act) in its collections.