This service is not intended for skip accounts (see our Skip Tracing Services
). CU Recovery will make 3-5 attempts within 10 business days to contact your member with the telephone numbers provided by the credit union. Once our representative has made contact with the member, they will attempt to motivate resolution of the account. If the collector is unable to reach the member and/ or does not resolve the account, we will share what we have learned and give the credit union our recommendation on what avenue to pursue next.
Pricing & Details:
Fees for Resolving the Account - There is a $95.00 fee per resolution. If we are not successful in resolving the account, there is no fee to the credit union.
If multiple issues are resolved with an individual member, there is a separate $95.00 fee per resolution.
Example: If the member has an additional, unsecured loan(s) that the credit union wants us to try to collect; our debt collector can attempt to resolve multiple issues on a single member. For example, if your member is delinquent on their secured account, has not provided insurance and their unsecured account is also delinquent, we can attempt to resolve all 3 issues. If we are successful on providing proof of insurance and the past due amount on their secured account, there would be 2 fees. In this example, there would not be a fee for the unsecured account.
Types of Resolutions
Payment of a CPI past due amount
Having member provide proof of insurance
Having the member sign appropriate lien or title work
Member starts up payroll deduction or direct deposit to the satisfaction of the credit union
Taking additional collateral or adding a co-signer
If the credit union agrees to a re-payment plan, paid directly to the credit union, to cure the past due amount
The member turn in their collateral or gives the credit union authorization to pick up
Bring an unsecured account current by cross collateralization on a current secured account