DEBT COLLECTIONS SERVICE
Traditional debt collection services fall into 2 categories:
- Percentage–based, usually around 30% of any funds collected. These firms typically only want to handle larger and recent claims, which are easier to collect and more lucrative.
- Fixed-fee. These agencies deal in volume, and require minimum contracts of at least 30 claims. Not appropriate for companies with only a few outstanding cases.
What MTFY, Inc. offers is a hybrid solution, featuring a low $25 fee per claim submitted and a small 15% fee for any funds collected. In addition, we’ll credit the client for the $25 if we are successful in collecting the funds. MTFY will use the services of NSCPlus, a nationally recognized collections firm with an excellent track record in collecting outstanding debts.
The process is simple. Our client provides us with all relevant information on the debt to be collected:
- Most recent address
- Phone Number
- Description and date of services rendered
- Amount of Debt
- Any other relevant information, such as Social Security number, etc.
MTFY will send a certified letter to the debtor informing him/her that MTFY will be responsible for collecting the debt, and will be using NCSPlus. Debtor will be informed that failure to pay will result in referral to the 3 credit agencies, and become a permanent part of their credit record. Our client will be copied on all correspondence.
MTFY will submit the claim to NCSPlus to initiate the collections process (a series of mail and phone contacts). NSCPlus will instruct the debtor to make payment to MTFY.
If payment is made MTFY will deduct our 15% collections fee (less the original $25), and remit the balance to our client. If debtor fails to make payment they will be referred to the credit agencies.