Service Agreement for Collection Services
Concord Collection Services, Inc. is dedicated and committed to high quality and detailed personalized professional customer service to meet the needs of your business. We provide you with a timely and comprehensive debt management solution that allows you to reduce operational costs, reduce charge-off accounts, and increase profitability.
Standard Fees
We collect on a contingency fee basis, and have no upfront fees or sign up charges for our services. We only charge a fee if we are successful in collecting money for you. If we do not collect your account/s, NO fee will be charged.The fee schedule listed below is an industry standard only. Fee structure will be based on the age, balance, and the volume of accounts placed for collections. After speaking with and agreed to by client, Concord Collection Services, Inc. will adjust rates accordingly.
| Claims $300.00 or Less | 50% |
| Claims $300.01 to $500.01 | 35% |
| Claims $500.01 to $15,000.00 | 25% |
| Claims $15,000.01 to $50,000.00 | 20% |
| Claims over $50,000.01 | 15% |
Aged Accounts
A collection fee of 50% will apply on any account with no payment activity in the past twelve (12) months prior to placement.
Second Placement Accounts
A collection fee of 50% will apply on previously placed accounts, to be reviewed prior to acceptance on a case-by-case analysis.
Legal Forwarding
If our efforts fail to collect your bad debt, we will consult with your regarding the advisability of suing the debtor. Claims placed into litigations must exceed $1,000.00. Should your account/s require Litigation to collect, or we feel the debtor will only respond to a collection attorney in the same location as the debtor, or as close as possible, our fee will be 35% of all monies collected plus all court costs. Depending on the nature, age and/or size of the claim, there may be an additional charge or suit fee to place said claim into litigation.
When a claim is sent legal, the next contact to the debtor will be from one of our attorneys in the same area as your debtor collecting on your behalf. Accounts will only be sent legal with your prior consent. As a client, you will be responsible for the filing fees and court costs associated with your case should litigation become necessary. None of these costs will be incurred without your prior authority. Court costs will be collected up front from clients.Payments
Concord Collection Services, Inc. will remit all monies due to client on monthly-bases on accounts that have been recovered by CCS, Inc. Client agrees to notify Concord Collection Services, Inc. promptly of all payments received after accounts are transferred to CCS, Inc. and further agrees to pay fees for all monies recovered by CCS, Inc. Client authorizes Concord Collection Services, Inc. to endorse and deposit all monies received from debtors into a trust account for client. The Client Trust Account physically separates money collected on our client's behalf from the general operating funds of the company. Client will receive a monthly and/or quarterly status report of all accounts placed for collection.
Warranty
Client warrants and represents to Concord Collection Services, Inc. that no other collection agency, attorney, or other individual(s) is currently collecting any account client has authorized to CCS, Inc. to collect.
All collection activities will be undertaken in accordance with all applicable state and federal collection laws.
