Debt Collection Rates, Terms and Conditions Richard Hart
Debt Collection Contingency Rates
15% Business/Commercial accounts
less than 60 days from date of oldest invoice.
20% Business/Commercial accounts
less than 120 days from date of oldest invoice.
25% Business/Commercial accounts
less than 365 days from date of oldest invoice.
30% Business/Commercial accounts
exceeding 366 days from date of oldest invoice.
35% Individual/Consumer accounts,
returned checks and all accounts under $1,000.00.
40% Accounts forwarded to attorneys for collection/litigation are collected on a contingency basis, however, should litigation/execution be required, there would be additional charges. These charges (i.e. court costs, suit fees or any other fees or disbursements) would be in addition to the contingency rate and would be required in advance. Of course, they would not be incurred without your prior authorization.
Debt Collection Conditions
By executing this Collection Agreement/ Submitting claims on-line, Client authorizes Direct Recovery Associates (DRA) to perform debt collection services according to these rates and terms and conditions on all accounts placed for collection, including reporting all debtors to the credit bureau.
Client authorizes DRA to receive and endorse, for the purpose of debt collection, any funds in all forms received by DRA for the purpose of remitting said principal to Client less any fee due DRA.
Client agrees to pay DRA its full commission on accounts collected, paid direct to Client, withdrawn, waived or forgiven, product or services returned or received in lieu of payment, or settled from any source, after demand for payment has been made.
Client agrees to pay DRA a 10% fixed fee in the event an account was placed for collection having already been paid by the debtor prior to placement.
Client agrees to notify DRA immediately of any direct communication or payment from Debtor. Client agrees to pay DRA an additional 10% fee for any payments received directly by Client from Debtor that are not reported by Client to DRA within 10 days of receipt of payment.
Claims Not Accepted for Collection
Claims under US$500.00.
Small claims court judgments.
Claims without a current address.
Claims with no supporting documentation.
Claims against businesses that are out of business.
Other claims deemed unacceptable by Direct Recovery Associates.