Reaffirming Debt
The debtor can choose to reaffirm debts that would otherwise be discharged by the bankruptcy. Generally, when a debt is reaffirmed, the parties to the reaffirmed debt have the same rights and liabilities that each had prior to the bankruptcy filing: the debtor is obligated to pay and the creditor can sue or repossess if the debtor fails to fulfill his obligation to pay.
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Relief from Stay
A creditor can ask the judge to lift the automatic stay and permit some action against the debtor or the property of the estate. If the motion is granted, the moving party (but no one else) is free to take whatever action the court permits. Relief can be absolute, for example, permitting the creditor to foreclose on property, or limited, as, for example, allowing the recordation of a notice of default.
The CollectOne software suite comes standard with an award winning legal system that is designed to maximize productivity throughout the legal collection process. Learn More...
Revolving Account
A revolving account represents credit automatically available up to a predetermined maximum limit as long as the customer makes regular, on-time payments.
Manage the entire life-cycle of your credit accounts with the award winning CollectOne software suite.
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Right Party Contact
One of the biggest challenges in receivables management, right party contact, refers to establishing contact with the debtor. Combining an automated interactive voice response system with text-to-speech technology allows collection dialers to verify the responsible party is available before connecting the call with a live account representative.
Find out how to increase right party contacts with the CollectOne Dialer. Learn More...
Risk Scoring Models
Risk scoring models represent a numerical determination of a consumer's creditworthiness. They are tools used by credit grantors to predict future payment behavior of a consumer.
Rule of 78
Rule of 78 is a pre-payment penalty. In “90 days same-as-cash accounts,” this is the portion of the loan agreement which states that the entire loan amount, plus the interest earned over the first 90 days, becomes due immediately.
Manage the entire life-cycle of your credit accounts with the award winning CollectOne software suite.
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