In exchange for full service debt collection Company Name, LLC. hereinafter referred to as the Client, and Turbo Debt Recovery, LLC hereinafter referred to as TDR, agree to the following terms:
- Services: TDR shall provide full service debt collection for a percentage of the recovered gross amounts. Once Client refers account(s) to TDR for collection, Client shall direct the debtor to make any payments on the account to TDR, and Client should not accept such payments directly from the debtor. This agreement shall cover all accounts Client maintains with TDR. Client agrees to only refer accounts, which are legal and enforceable. TDR may retain other legal counsel or debt collection service providers on Client’s behalf to assist in the representation and collection on any account(s) placed with TDR, provided that such engagement shall not increase the Contingent Fee due from Client hereunder. TDR is not required to collect interest, late fees, and other charges for client unless judgment has been awarded by the court and filed on behalf of client. Client agrees to promptly inform TDR of the name and address of any attorney or law firm representing a debtor on any account placed. Under this agreement, Client agrees to indemnify and hold TDR harmless from legal action brought by or on behalf of any debtor.
- Fees: TDR shall perform debt collection services for Client on a contingency basis of _% of any recovered gross amounts, and Client shall not place account(s) subject to this Agreement with any other debt collection organization during the duration of this Agreement. Returned Merchandise, fee reduced by _%. If TDR refers the debt for suit, the new collection fee will be at a rate of _%. All agreed upon percentages are applicable upon placement of accounts and any accounts pulled by Client any time after 30 days of placement, pay administrative fee of 5% of account’s value. If payment has been made, or payment terms have been discussed between debtor and TDR, account cannot be pulled and will be subject to pay the collection fee at agreed upon percentage. TDR shall disburse funds recovered on behalf of the Client, pre-suit or after suit to the Client monthly, by the 5th of the following month. If debtor pays Client directly, the Client shall notify TDR upon receipt of payment from the debtor within 5 business days.
TDR reserves the right to discontinue work on any pending matters or to terminate our agency/client relationship at any time.