Author Topic: Difference between Advanced Collection and...er...Basic Collection?  (Read 3770 times)

Unfolder

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It says "sent to advance collector" after a certain point (a month?). Is that a leg breaker third party debt collector, or is it still LC handling the recovery? Also is there a stage beyond advanced collector? What actually happens if a loan defaults, can it come back to life, or does LC just sell the loan for ten cents on the dollar and be done with it?

Fred93

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Re: Difference between Advanced Collection and...er...Basic Collection?
« Reply #1 on: January 20, 2015, 07:42:48 PM »
It says "sent to advance collector" after a certain point (a month?). Is that a leg breaker third party debt collector, or is it still LC handling the recovery?

I have the impression that it's just a different person inside LC.  Perhaps a more experienced person.  I have never seen an explanation or definition from LC (as with most such things).

Kombinator

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Re: Difference between Advanced Collection and...er...Basic Collection?
« Reply #2 on: January 21, 2015, 09:54:11 AM »
One just uses a regular baseball bat, the other more advanced techniques like cattle prods and barbed whips, you need advanced training for those:)

TonySaunders

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Re: Difference between Advanced Collection and...er...Basic Collection?
« Reply #3 on: January 28, 2015, 06:05:50 PM »
Collections activity can range from a phone call to lawsuits and seizing assets. I figure that "advanced" is on the lawsuit end of the spectrum. It is best to select the effort you put into collections according to what the payoff is likely to be. If you don't think you will even cover the cost of advanced collection, then it doesn't make any sense to do it. (We pay for that, BTW, via collection fees.)