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General/Field Collection Services

Scope of Work:

General collection services are as follows:

  1. Preparation and mailing of initial dunning letter.
  2. Follow-up with debtor via telephone contact within three days of mailing first dunning letter. Intermittent telephone contact with debtor approximately twice a week for 30 days thereafter.
  3. If no contact or payment arrangements are made within the first thirty days a second dunning letter is sent.
  4. Continued attempts to establish contact and or make payment arrangements with the debtor.
  5. If no contact or payment is made within 15 days of second dunning letter a third letter making a final demand for payment within seven days is mailed. In addition the account is now potentially subject to credit reporting as a collection account.
  6. If no contact or activity occurs within this last seven days an optional "Attorney alert letter" can be mailed.
  7. Skip tracing is also available.
  8. Payment arrangements can be predetermined or arranged individually at the Client's discretion.

As a further incentive to encourage debtors to pay off their accounts with our office, we sometimes offer what we call an "amnesty program". With this program, we send coupons with all letters advising debtors that we will waive ½ our interest charges if they present the coupon to pay-off their account. These services are provided as an example and may be extended or retracted based on future negotiations.

Field/Banking Collection Services are as follows :

  1. Vehicle Repossession
  2. Collection on delinquent Secured and Unsecured Loans
  3. Collection on delinquent Credit Cards
  4. Collections on delinquent Real Estate Loans
  5. Real Estate Home Inspections
  6. Delivery of letters or notices
  7. Special Field Visit(s)

Vehicle Repossession:

Repossession of various vehicles as instructed by an individual or a lending institution.

Collection on delinquent Secured and Unsecured Loans:

Collection service provided to a bank with delinquent account 30+ and over on any secured or unsecured loans.

Collection on delinquent Credit Cards:

Collection service provided to the bank with delinquent account 30+ and over on any credit card issued

Collections on delinquent Real Estate Loans

Collection accounts on Real Estate Loans 30+ and over

Real Estate Home Inspections

Provide Lending institution with Home Inspection

Delivery of letters or notices

We provide letters and notices delivery

Special Field Visit(s)

Miscellaneous request for field visit to show presence and acknowledgment

Fees & Costs

In order to provide these services in a timely and responsible manner the following fee structure is proposed:

  1. Assuming loan and credit documentation allows for the addition of collection agency fees to the debt, our recommendation is to use a contingent fee arrangement as follows:
    • United Pacific will collect the entire amount referred plus an amount in addition equal to 33.33% of the amount referred.
    • Upon collection in full United Pacific will remit to Client an amount equal to the amount referred and retain as its contingent fee the 33.33% added to the debt.
  2. Another option would be to collect only the amount of the debt, of which 75% will be remitted to Client, 25% being retained by United Pacific as our contingent fee.

In some instances where documentation is not specific, a 25% / 75% split as mentioned above may be necessary. Some clients may also decide to use this 25% / 75% fee arrangement to keep from alienating customers by tacking on the collection agency fees. In many cases this is effective since many bad debts are the result of the current financial situation of the debtor and not the character of the customer.

In both cases, 25% of all payments made by the debtor each month will be retained as payment towards the appropriate fee amount until the debt is paid in full or settled. This will allow a monthly remittance to CLIENT equal to 75% of the amount collected in the prior month.