PRESTIGE SERVICES, INC (PSI) CLIENT / CREDITOR SERVICE AGREEMENT
We the undersigned agree to the following conditions. Upon receipt of accounts(s) placed with Prestige Services, Inc, hereafter known as PSI, we will proceed with the collection process and work the account(s) until resolution or cancellation.Upon collection of the account, PSI will receive the commission fee previously agreed to by both parties. If Client/Creditor receives direct payment in full or in part of the account placed with PSI, then the appropriate commission is due to PSI upon submission of an invoice to Client/Creditor. Furthermore, Client/Creditor must notify PSI when a direct payment is received.On the last day of each month PSI will provide a statement to the client that reflects all payments made during the month along with a remittance check for all the funds collected (minus PSI’s commission) during that month.
STANDARD TERMS:
1. It shall be the intent of Creditor/Client to retain the services of PSI for the purpose of providing debt collection services. In the interest and spirit of maintaining the highest level of ethical and professional standards the parties agree to conduct themselves in accordance with the FDCPA, Fair Debt Collection Practices Act, and FCRA: Fair Credit Reporting Act. In addition all collection activity shall be conducted in accordance with the Operative Guidelines of the CLLA, Commercial Law League of America.
2. Creditor/Client grants to PSI full discretion and authority to proceed with all collection efforts it deems necessary, including the referral of claim(s) to attorneys for the filing of suit, obtaining of judgments, and post judgment enforcement.
3. PSI is granted absolute discretion and authority to act as it deems appropriate in the collection of claim(s) and is authorized to accept partial payments. Furthermore PSI shall have the right to endorse for deposit and collection any checks payable to the Creditor/Client from their debtors that they have submitted for collection.
4. The compromise or settlement of any claim(s) will not be made by PSI without the consent of the Creditor/Client unless Creditor/Client is unresponsive or no longer in business.
5. PSI works in accordance with the FDCPA and as such, all communications and contact with the assigned debtor will be conducted by our offices. Such communications will include direct payments, return or merchandise, phone calls or letters.
6. Creditor/Client agrees not to assign any collection files assigned with PSI to other agencies, attorneys or any other parties while currently active and open with PSI. Creditor/Client further agrees that if the claim(s) are withdrawn without just reason or cause that compensation of standard contingency fees will be paid to PSI.
7. Creditor/Client agrees to notify PSI immediately of any direct payments and/or communications or return or product (merchandise). Creditor/Client agrees to pay PSI fees on any accounts that are resolved directly. Resolution of an account will be considered as but not limited to: Payment made, return of merchandise or product, trade of services, payment schedules. Creditor/Client agrees that PSI is owed commissions on any payments made directly to Creditor/Client or to the offices of PSI.
8. Creditor/Client agrees to assign to PSI only accounts which are legitimate and owing, and which have not been previously paid or resolved with Client/Creditor. Client/Creditor further understands that as such, having caused PSI to expend time, energy and money, are subject to a fee of 10%.
9. PSI will not incur expenses or costs without the prior consent of Client/Creditor. PSI will be responsible for all costs associated with basic skip-tracing to locate debtors on files placed for collection.
10. Suit fees, court costs and asset search fees including bank search fees associated with legal action will be the responsibility of Client/Creditor upon their approval.
11. Collection agency fees will be in accordance with the fee schedule listed on our website at http://www.psicollect.com unless otherwise agreed to by both PSI and Creditor/Client via email confirmation.
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By using this service you agree with Prestige Services, Inc (PSI) client/creditor agreement.