Login
CALL 800.417.9210

Buyer Guides
Learn from industry experts before you choose the services you need.
  |    
third party collection services
Third Party Collection Services: When should you use them?
Also Receive Free No Obligation Quotes from 5 Vendors
Also Receive No Obligation Quotes from up to 5 Vendors


Rate It
By: Arlette Measures
Collection Services Glossary part 3

Conflict of Interest
When the attorney cannot handle the file sent to him as he may represent the debtor on other cases or for personal reasons.
Consignment
The shipment of goods or chattels by means of a common carrier from one party known as the consignor to another known as the consignee; also, the transfer of property to another for sale by him.
Consumer Claim
A consumer claim is a claim which arises from an obligation to pay for goods sold or leased, services rendered, monies loaned for use, in the conduct of a natural person. An 'average' consumer claim may be defined for general purposes as $500.
Conversion
In bankruptcy, the converting of a case from one chapter to another.
Conveyance
The transfer of an interest in realty; a deed. Sometimes includes leases and mortgages.
Cost Advance
A cost advance is a sum of money advance by the creditor to the receiver, as a fund from which court costs are to be expended.
Counterclaim
A claim asserted by the defendant in opposition to or deduction from the claim of the plaintiff.
Default Judgment
A judgment granted when the defendant fails to respond or appear.
Defendant
The alleged debtor against whom action is brought.
Demand Letter
Letter sent by the attorney's office when a claim is received. It notifies the debtor that the client has hired an attorney to collect the debt.
Discharge
Discharge of debts is the goal of the debtor in a bankruptcy filing.
Dismissal
An order terminating the case prior to its normal end.
Equity of Redemption
The right of a mortgagor to redeem his property after the mortgage is past due.
Escrow
The delivery by a grantor of a deed or of personal property to a third person for delivery to the grantee upon the happening of certain conditions.
Execution
The sheriff's attempt to enforce a judgment by searching for assets to levy upon.
Factor
One who has received goods or merchandise for sale on behalf of another.
Filed Answer
Debtor indicates that he owes the debt and will pay it or he disputes the debt.
Foreclosure
The legal act by which the owner of a mortgage cuts off the rights or interest of the mortgagor in the mortgaged property.
Follow-up
A date an attorney gives a forwarder advising when he will be able to report with further information on a claim.
Foreclosure
The legal act by which the owner of a mortgage cuts off the rights or interest of the mortgagor in the mortgaged property.
Forwarder An attorney, a collection agency, a credit bureau, a credit insurance company, or any other entity which acts on behalf of the creditor as its agent which refers claims to attorneys for collection.
Forwarding Contract
A forwarding contract is the agreement entered into between the creditor (or the forwarder as the agent of the creditor and with the creditor's consent) and the receiver, specifying among other things the commission agreed upon between the receiver and the creditor as the receiver's compensation for effecting collection, in whole or in part, of a claim.
Garnishment
A directive from a court or other related authority directed to a third party to keep possession of property belonging to a defendant in a lawsuit in the event it is needed to pay off a debt, or to keep a portion of wages owed a defendant in a plan to pay off a debt.
Guarantee
To assume the liability for such debts of another in the event of his default.
Guaranty
A contract by which one undertakes to be liable to the debt of another person in the event of his default.
Indemnity
Compensation paid for damage or loss sustained or anticipated.
Insolvency
Condition of a person who is unable to pay his debts as they fall due. The general term is to be distinguished from a person who is bankrupt and whose liabilities exceed assets.
Joint Liability
Liability imposed upon two or more persons. Judgment This is when the court awards the client an amount officially owed by the debtor.
Judicial Lien
A lien obtained by judgment, levy or other legal proceeding.
Letter of Credit
A promise by a debtor's bank to pay the creditor upon presentation of specified documents.
Lien
The right to satisfy a debt out of certain property owned by the debtor.
Negligence
The failure by a reasonable person to use sufficient care, diligence and skill which he is required to use for the protection of others from injury or damage.
Non-Contingent Suit Fee
Money sent to the attorney for filing a law suit. The money is kept by the attorney whether or not the debt is collected.
Non-Dischargeable Debt
Certain debts are not included in the debtor's discharge. Some are automatically excluded. Others to be excluded require action by the creditor.
Nulla Bona
Return of writ of execution by the sheriff after a search has been made and no assets found.
Plaintiff
The party complaining in an action or proceeding. Preference Paying or securing to one or more creditors, by an insolvent debtor, of all or a part of a claim to the exclusion of other creditors. Also a right acquired by a creditor by statute or legal proceeding to have his claim satisfied out of the debtor's assets before other creditors.
Real Property
Land and everything that is permanently affixed to it.
Receiver
An attorney who becomes employed by a forwarder/creditor for collection of an account. As attorney for the creditor, to collect the same. Upon agreement of collection for the claim, the attorney-client relationship exists between the receiver and the creditor.
Reclamation
A term used in bankruptcy to denote a right or proceeding on the part of a person having title to property to recover the same when it is in possession of the bankrupt, debtor, receiver or trustee.
Rehabilitation (of a debtor)
A wage earner's plan; a type of partial bankruptcy where a debtor keeps property and pays a court-established portion of a debt.
Remittance
When a debtor makes payment to the attorney, the attorney puts the money into his account to clear. After it has cleared, the attorney makes a remittance to the forwarder, which is less his commissions.
Reorganization (under Bankruptcy Act)
Debtor reorganizes, rather than liquidates, and creditors claim future earnings of the bankrupt, rather than property presently held.
Replevin
An action to recover the possession of personal property taken or withheld from the owner unlawfully.
Satisfaction
The discharge of an obligation by paying a party what is due.
Security Interest
Any interest in property acquired by contract for the purpose of securing payment or performance of an obligation.
Settlement
This is when the debtor offers a sum of money or products to settle a debt.
Skip
This is when the debtor leaves the area in which he incurred the debt and cannot be located.
Skip tracing
A service an attorney uses in order to locate the debtor.
Status Report
This is a regular report that the attorney must write to the forwarder informing him of each and everything that is being done to collect the file.
Statute of Limitation
A law which limits the length of time within which a suit must be commenced before the right to sue is lost.
Suit Fee
Those moneys due counsel for professional services rendered for initiation of civil action. These moneys may be made, in whole or part, contingent. They are in addition to collection commissions.
Suit Filed
This is when an attorney files a law suit in the local court to have the court rule on the validity of the claim.
Suit Requirements
An attorney sends suit requirements to the forwarder when he feels a law suit should be started. This consists of court costs (filing fee), a suit fee and his commission percentage.
Summons
A writ or notice requiring a person to appear before a court to answer a complaint.
Trial Date
Once the law suit is filed, the court sets a trial date when the matter will be heard by a judge.
Turnover Proceeding
A summary proceeding authorized under the provisions of the Bankruptcy Act requiring a bankrupt to turn over property to a receiver or trustee for administration. It may also be used in connection with property belonging to the bankrupt held by a third person.
Usury
The charge of illegal interest.
Venue
Used to indicate the county, district or other place where a case is or will be tried. In many cases the law specifies the venue with particularity, such as the county of residence of one of the parties. The venue may be changed for the convenience of witnesses or other reasons.
Writ
An order issued from a court in the name of the sovereign or state directing the person named to comply with the directions contained therein. Under the common law all actions were instituted by the issuance of a specific form of writ and no cause could be instituted unless a recognized form of writ was executed therefore.

Request Your Copy of This Buyers Guide
InsideUp can help you find the best business service providers that meet your specific needs.
If you would like more information, please submit the following:
First Name
Last Name
Company
Email
Phone Number
Zip Code
Industry
Employee Size
Job Title

 
Get Started
InsideUp can help you find the right provider for the business service you need. Use our service to compare service providers

To complete your request, we need the following information:

Get Real World Insights from Our Community Members
See What Members are Saying
Company Name has endorsed Leaders Merchant Services as their Business Cash Advance provider.
Ottison Dwight 2050 Project Management Consultancy Service has endorsed eCapital as their Factoring Service provider.
CENTRAL PAYMENT SYSTEMS has endorsed TSYS Merchant Solutions as their Credit Card Processing provider.
Richfield Bus Company has endorsed Fleetmatics as their GPS Fleet Tracking provider.
 
 
 

FREE Mobile App

Connect with our InsideUp Services on the go!
Easy and Convenient to Use
Download
Follow Us
linkedin facebook Google + tweeter youtube pinterest
Get the Latest Edition of Our Newsletter

© InsideUp, Inc., 8880 Rio San Diego, Suite 800, San Diego CA 92108, ALL RIGHTS RESERVED
Site Map | Privacy Policy

To complete your request, we need the following information: