If you are forced to charge off a loan, there is no need to stop collections, you must simply adapt your strategy to the new situation.The first step in recuperating your loss is locating the customer to negotiate a possible solution for any deficiency balance. We can locate collateral that has been previously charged off. Our team members evaluate the value of the collateral and estimate the costs incurred to recover in order to ensure maximum profitable recoveries. Loan Portfolio Servicing’s collectors are continually trained in compliance with the Fair Debt Collection Practices Act, as well as all other applicable laws. In addition, all collectors receive continuous training in account resolution and negotiation skills, guaranteeing all pieces of the loss recovery process are optimally completed.
Loss Recovery Services:
- Our specially trained collectors resolve the deficiency balance, even though the customer no longer has the vehicle.
- Most any aftermarket product or service purchased at the dealership can get you a pro-rated refund, when the proper steps are taken.
- In the case of a discrepancy between vehicle description and pictures from the auction, we work on your behalf to recoup the price of the missing features.
Loss Recovery services also include:
- Account LitigationWhile attempting repossession, if we believe that a borrower is actively hiding your vehicle, Loan Portfolio Servicing may try to secure your collateral via legal channels. In this case, the customer would be served by the sheriff and must surrender your car. We may also garnish wages and attach the debt to real property.