Posted by David Kral on 12/5/06 9:12pm
Msg #164146

Collection Agency

Through another source. Heard good things about this collection agency. There bill they will try to collect is $300.00. It was indicated they ask for 30%, not sure at what dollar amount that might happen.

Thought it might be useul for those in need. I have never used them personally and have no affiliation with them at all.


PSI-Prestige Services, Inc.21214 Schofield Drive

Gretna, NE 68028

800-523-2797

fax: 402-916-9148

web: http://www.psicollect.com

Reply by Ernest__CT on 12/6/06 7:02am
Msg #164193

Thanks for Posting the Site!

They say for accounts $200 and under their fee is 40%.

They do offer a free downloadable "Final Notice" Word document. It says that if the debtor does not pay then the account will be turned over to PSI.

It looks as if the firm will do everything up to contacting an attorney in the debtor's neighborhood. If the creditor wants to sue, then the creditor must pony up the cost of suit.

Does anybody know EXACTLY what the law says about late fees? Is it a Federal thing or an individual state thing?

Reply by Charm_AL on 12/6/06 7:52am
Msg #164204

I have not found anything to relate to what we do as far as collecting. Most of what I've pulled is for college and association dues. I would be very interested in what agency can actually help us at a nominal fee. I am not of the school of thinking the borrower pays me,
it's ridiculous to think that they should twice -- to notaries -- that are not sure they will be paid....simply....don't accept the job!

Reply by PAW on 12/6/06 8:26am
Msg #164208

The FTC "Credit Practices Rule" (written in 1992) addresses late fees at the federal level, specifically state that the rule does NOT apply to business credit. You can read the full text of the rule at http://www.ftc.gov/bcp/conline/pubs/credit/crdtrul.htm.

The feds, as far as I know, allow this issue to be handled at the state level as part of the states business practices statutes, procedures and guidelines.

Reply by David Kral on 12/6/06 10:02am
Msg #164229

Sorry, I did not go to their actual site. Just lifted the info from elsewhere and apparently it was misquoted.


On interest, in my state, it is regulated by the state. You cannot charge too much because you run into state usery laws(aka maximum interest laws). You can charge a base fee for administrative handling and then up to 21% I believe. Thus, I believe PAW is correct and you have to check your state laws.