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Difference between Advanced Collection and...er...Basic Collection?

Started by Peter, January 19, 2015, 11:00:00 PM

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Unfolder

It says "sent to advance collector" after a certain point (a month?). Is that a leg breaker third party debt collector, or is it still LC handling the recovery? Also is there a stage beyond advanced collector? What actually happens if a loan defaults, can it come back to life, or does LC just sell the loan for ten cents on the dollar and be done with it?


Kombinator

One just uses a regular baseball bat, the other more advanced techniques like cattle prods and barbed whips, you need advanced training for those:)

TonySaunders

Collections activity can range from a phone call to lawsuits and seizing assets. I figure that "advanced" is on the lawsuit end of the spectrum. It is best to select the effort you put into collections according to what the payoff is likely to be. If you don't think you will even cover the cost of advanced collection, then it doesn't make any sense to do it. (We pay for that, BTW, via collection fees.)

NEW LOANS:   | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | ALL