Debt Sales Frequently Asked Questions2021-09-24T05:30:42-04:00

Frequently Asked Questions

Why is Plaza Services the right debt buying partner for creditors?2021-09-14T10:14:28-04:00

Plaza Services is the right debt buying partner for many creditors because we have decades of experience acquiring and recovering account balances. We use a consultative approach to assisting creditors with establishing internal processes to increase the value of account portfolio through documentation and post sale support. 

Our experience extends across many different account types including auto loans, consumer revolving and installment loans, fintech accounts and many others. Our compliance team is deeply rooted in leadership positions in the receivables management industry keeping us on the forefront of changes affecting our business.

Which strategies does Plaza Services use to recover debts?2021-09-14T10:14:09-04:00

Plaza Services may use a variety of strategies to recover purchased debts. These strategies may include using collection agencies to make phone calls, send emails or text messages to consumers in an attempt to contact them about the outstanding debt. In other cases Plaza Services may choose to use legal remedies to recover account balances. Strategy decisions are based on many different criteria including the balance, state where the consumer resides, the agreement with the seller among many other factors.

What should I look for when selecting a debt buying partner?2021-09-14T10:13:58-04:00

When selecting a debt buying partner creditors should consider many different criteria including experience in debt buying, compliance and data security. Debt buyers should have experience and a deep understanding of the web of laws and regulatory requirements on a national level as well as the specific states in which the creditor originates loans. Creditors often require debt buyers to complete comprehensive questionnaires to assess their compliance with various regulatory and data security standards known as an RFI or Request for Information. 

Why should I sell debt?2021-09-14T10:13:33-04:00

 Creditors should consider selling debt as part of a comprehensive recovery strategy for distressed and charged-off accounts. By selling accounts, creditors are able to benchmark the value of their other collection strategies while creating immediate cash flow from otherwise difficult accounts.

How do I sell debt?2021-09-14T10:16:44-04:00

The process for selling receivables portfolios will vary based on the types of loans and the states in which you originate loans. Plaza Services assists creditors with a consultative approach to selling their accounts. We work with both creditors that have established processes for debt sales as well as creditors that have never sold before. We invite creditors to speak with our experienced team to discuss the process in more detail and establish a detailed plan to ensure we maximize the portfolio’s value while minimizing risks for both the creditor and ourselves.

Frequently Asked Questions, Answered.
Go to Top