Secure Collateral Management (www.secure-cm.com) who recently made news by offering their network of Recovery Agents “Same Day Pay” with zero fees on recovered assignments, announced Thursday, May 02, 2013 its desire to also offer Positive Resolution Fees to their Recovery Agents.
In an unprecedented move, Jim Farley, Principal-CFO, of Secure Collateral Management, emailed the entire network of Recovery Agents seeking their input and suggestions on this new program.
In the email, Mr. Farley states; “Secure CM believes that if an agent knocks on a door or makes contact with a debtor and is unable to repossess the vehicle, but the debtor goes the next day and pays current or pays the vehicle off that there should be a positive resolution fee paid to the agent.”
Mr. Farley continues in his message by acknowledging the importance of Recovery Agent input by seeking the agents’ help in setting the standards of the program, “We want your input on how to put this program together, what actions on your part would constitute a positive resolution fee and what you believe is a reasonable fee for these actions.” The input of agents is of such importance; Mr. Farley requested all suggestions to be emailed directly to him.
Secure Collateral Management also acknowledges in the email the recent increase in costs of compliance and insurance bared by the Recovery Agents, “We know it is tough out there especially with all the new compliance regulations and associated increased insurance costs. We want to work with you to help generate new income streams for your business. As always these fees will be paid the same day a close and bill is approved by the client (for all agents set up for electronic payments).”
Secured Collateral Management would like to implement the Positive Resolution Fee Program by mid-May.
While Secure Collateral Management currently offers assignments on a contingent basis, it cannot be denied their willingness to work with Recovery Agents to the best of their ability. Secure Collateral Management continues to set the bar higher for other forwarders and offer better benefits to Recovery Agents than any others in the Contingent field.
Secure Collateral Management can be contacted at email@example.com or (972) 226-2440
Jim Farley, Principal – CFO of Secure Collateral Management can be contacted at firstname.lastname@example.org