Secure Collateral Management (SCM) notified its network of Recovery Agents of its new expanded Positive Resolution Fee Program (PRF) based on feedback they received from Recovery Agents across the Nation.
Beginning immediately, Secure Collateral Management will pay the Recovery Agent $60.00 for their efforts that result in any of the following positive account resolutions:
1. Debtor pays current,
2. Debtor pay in full,
3. Agents locates collateral, but it is wrecked or has impound fees that do not warrant recovery and lien holder chooses to abandon collateral.,
4. Agent provides address location to SCM that is outside of the Recovery Agents coverage area and collateral is recovered at the address provided.,
5. Agent discovers and verifies information confirming client has lost their lien on the collateral., or
6. Agent discovers and verifies an active bankruptcy case number through debtor’s attorney or Pacer, and the unit can not be repossessed.
To be eligible for the PRF; Recovery Agents must make contact with debtor in the field or obtain documentation verifying one of the above. All contacts and documents must be submitted through updates to SCM prior to account resolving positively. Recovery Agents must also sign an addendum to their current contract with SCM to activate the PRF program.
While the $60.00 payment may seem minimal to some Agents, the expanded availability beyond just the traditional debtor paying provides more revenue streams.
Jim Farley, Principal -CFO of Secured Collateral Management, stated that he has wanted to do this for the Agents for some time. That he has worked very hard with his clients to bring this program to the table. While he would have wanted to offer more,this is a joint effort of both Agents and SCM Skip Tracers, both of whom are being compensated for the positive resolution. He believes every little bit helps and is certain that by encouraging Agents to make more contact in the field, that both repossessions and positive resolutions will increase.
Mr. Farley went on to say that he wanted to thank everyone who contacted him, sent emails, and spoke with him at NARS. “The suggestions and encouragement by Agents and Skip Tracers was invaluable in developing this program. I came from the repossession field and know the hard work both Agents and Skip Tracers do to recover collateral or bring it to a positive resolution.”
Secured Collateral Management may be contacted through their web site at www.secure-cm.com or by calling their offices at (972) 226-2440
Secured Collateral Management and their network of Recovery Agents are CFPB, FDCPA, and GLB complaint. All work performed by and for SCM are within the guidelines established by those authorities.