Commercial Collector’s Inc. (here in after called CCI) agrees to provide the following services to users of this website
Here in after referred to in this agreement as Creditor.
The following services shall be provided by CCI
Free demand service not to exceed 14 calendar days.
During the 14 day time period, CCI shall send two written demands to any account placed by the creditor for full collection. Any payment received by either CCI or the creditor during the 14 day period shall be free of charges due CCI. This service is optional and can be waived by the creditor. No accounts can be placed for free demand only.
Personal Collection Services.
Upon the expiration of free demand or upon the creditor’s instructions to proceed, the creditor’s accounts shall be contacted personally by one of CCI”s experienced collectors. Demands shall continue as appropriate. They will be made by phone, letter, email or in person when justified. Demands shall continue until collection is made or it is determined that the services of a collection attorney are necessary.
Attorney Services.
CCI will transmit any files that cannot be collected by its staff of personal collectors to a Licensed, Bonded Collection law firm of CCI’s choosing. The law firm shall represent the creditor and shall endeavor to collect for the creditor without taking legal action. All communications from the law firm to the creditor shall go thru CCI. If legal action is required to collect for the creditor, all costs of any action shall be disclosed prior to any filing or incurring of any costs. The creditor will decide whether to proceed and shall direct CCI accordingly to its wishes. No suit will be filed without the express consent of the creditor.
Collection Bureau Services.
CCI will act as a forwarding agent for the creditor to a local credit bureau on any claims returned by the collection law firm or on any files too small to forward to a collection law firm. The bureau shall continue to work through CCI in an effort to collect the Creditors claims without filing legal action. If legal action is required, the collection Bureau shall obtain an assignment of claim from the Creditor thru CCI. No suit shall be filed without the express consent of the creditor.
The following fees shall be paid by the creditor upon any collection made to the creditor, CCI or any of its designated agents.
During the 14 days of free demand, Zero fees shall be paid.
During personal collection, if the claim is less than 180 days past due at the time of placement, CCI ‘s Preferred Rate shall apply.
20% of the first $3,000.00 collected.
18% of the next $7,000.00 collected
16% of the excess of $10,000.00 collected.
A minimum fee of 120.00 shall apply on all collections of $240.00 to $600.00. On all collections of $240.00 or less a fee of 50% will apply.
During personal collection, if the claim is older than 180 days past due but less than 365 days, CCI ‘s Standard Rate shall apply.
25% of the first $3,000.00 collected.
20% of the next $7,000.00 collected
16% of the excess of $10,000.00 collected.
A minimum fee of 125.00 shall apply on all collections of $250.00 to $500.00. On all collections of $250.00 or less a fee of 50% will apply.
During Attorney Service:
28% of the first $10,000.00 collected
21% of the excess of $10,000.00 collected
If suit is filed the attorney will charge a separate and independent suit fee of its own in addition to the fees just stated. It is understood that this fee may or may not be contingent and is not shared with CCI in any form or fashion.
In addition to the fees already stated the creditor agrees to pay
40% on all accounts that exceed 365 days past due when placed for collection.
50% on all claims previously handled by someone else Any claims settled in full or in part by return goods shall be billed at 50% the normal rate. Fees shall be calculated on net return value of the goods returned. CCI may also retain as compensation for its costs and expenses part or all of any legal amounts collected over and above the amount of the claim originally placed.
Any accounts withdrawn from collection by the creditor for any reason during the first 120 days after receipt of the claim by CCI will be subject to a withdrawal fee at the discretion of CCI exclusive of files in legal service. Any account which is in judgment and later is paid in partial or in full, due to the liens created by the judgment are subject to full fees at the time the judgment is paid.
Creditor gives CCI authorization to accept payments and endorse checks and money orders for deposit received on accounts. CCI shall remit the proceeds of any collection immediately upon notification that funds have cleared all banking channels. Creditor agrees to return any and all funds that have been remitted, upon notification by CCI that an error occurred or a late return by a bank has been received.
Creditor promises to promptly notify CCI upon receipt of any direct payment made by an account directly to the creditor. Creditor remains responsible to the CCI for fees/commissions on any direct payment received from the debtor once a file has been opened. Commissions are determined as outlined previously in this agreement. |