The good news is that
we are a contingency collection firm. If the debtor does not pay you do
not owe Benchmark a fee. Our fees come from collected amounts. We both have
the same motivation – collection of debt.2. How would Benchmark Receivables contact debtors?
Our model is based
on immediate contact, consistent follow-up, and maximum pressure to secure
payment from the debtor firm or individual. Our new account team will immediately
review your submittal, create the electronic record, and begin to establish
communication to secure payment. A formal demand letter is executed and
mailed within 24hours or less. We also utilize an auto-dialer and have full
access to legal resources. 3. May I include collection costs in my placements to Benchmark Receivables?
If your agreements
are clear on this issue and specify that delinquency fees and/ or collection
costs will be added to delinquent accounts the answer may be yes. Clearly,
the enforceability is a legal issue but in the absence of this type of agreement
it is less likely to be enforceable. If this is not part of your current
agreement it may be worthwhile to review the issue with your attorney for
future consideration4. How fast is the turn-around time for payments received on my claims?
Ideally we suggest a
12 day period from receipt of the deposit from the debtor. This helps avoid
returned checks and the accounting adjustments that may be required. Payments
from credit cards, debit cards or money orders typically clear faster and
can be remitted to you much sooner. 5. What can Benchmark do if the address or phone numbers are incorrect?
First, we will attempt
to use our in-house search tools and assign our skip team to locate the
debtor. Occasionally, debtors simply move and fail to update creditors.
We are usually successful in these searches. In other cases, the hiding
is intentional and may require an in-depth skip process. We have access
to national databases, public records, credit bureau reports, and other
resources at our disposal.6. What is the next step if a debtor fails to pay voluntarily?
Litigation is always
a last step, but could be required if the balance is large enough and the
debtor appears viable. Our litigation team would review the file and make
a recommendation. Benchmark partners with two nationally-known attorney
networks and can offer access to competent attorneys. All fees are discussed
before any action is taken and all suits require your prior authorization.7. If a debtor pays me after the account is placed and worked by Benchmark Receivables how do we settle the account between us?
This is known as a
“direct payment.” This is very common and easily addressed.
Benchmark will simply deduct the appropriate fee from your next check remittance.
Ideally accounts should pay Benchmark Receivables, but invariably direct
payments do happen and we work with you to make this a seamless process.