LCF News
LC Financial Fees & Conditions of Service
- No Collection = No Fee
- Accounts over $2,000.00 = 20%
- Accounts $400.00 to $2,000.00 = 25%
- Accounts $200.00 to $400.00 = $100.00
- Accounts less than $200.00 = 50%
- Accounts one year or older = 50%
- Domestic legal accounts less than 1 year old at time of assignment = 40%
- Domestic legal accounts over 1 year old at time of assignment = 50%
- International accounts = 50%
- International legal accounts = 50%
- Retail/Consumer accounts = 50%
- $50.00 minimum fee on all accounts
- ALL ACCOUNTS BONDED TO $300,000.00
Returns of product will be billed at 1/2 the normal rate.
We can negotiate more aggressive rates depending upon your projected volume and age of assignments.
Conditions of Service
Accounts placed for Immediate Debtor Contact will be handled at once by our adjusters. If Free Demand Service is selected and reported paid in full before the final Due Date, there will be No Charge. On any unpaid balance, LC Financial is authorized to proceed with Immediate Debtor Contact.
NO ACCOUNT CAN BE ACCEPTED FOR FREE DEMAND SERVICE ONLY. All payments, settlements, return of merchandise or accounts withdrawn after Immediate Debtor Service has started are subject to regular fees. Should it become necessary to forward this claim to an attorney and if counsel has not been designated by the creditor, LC Financial is authorized as the Collection Agent to select and tender the account to an attorney who will at all time be an agent of and subject to creditor's direction and control. On all accounts forwarded to attorneys, additional fees will be due on all funds collected. LC Financial shall not be responsible for acts or omissions by such attorneys. If the creditor authorizes suit and legal action is filed additional charges for legal service and advance costs in addition to LC Financial regular collection fees will be required. As Collection Agent for the creditor, LC Financial is authorized to endorse and negotiate or deposit in any LC Financial bank account any and all checks, drafts, notes or other forms of currency and deduct authorized Charges from these payments. LC Financial will be entitled to a commission on all funds collected including pay directs, merchandise returns, accounts withdrawn from collection, as well as when it is discovered that an account was resolved prior to placement with LC Financial. LC Financial may retain all lawful sums collected in addition to the principal amount as compensation for its costs. A fee of fifty percent will apply on International Accounts (outside the 50 United States). Creditor shall defend, indemnify and hold harmless LC Financial, its employees and agents from and against all liability, suits, claims, demands, loss, actions, expense or damages resulting from the following: any acts, claims or omissions of any attorney relating to any account forwarded on behalf of the Creditor for collection by LC Financial; the validity and accuracy of information provided by the Creditor to LC Financial; the creditors claim arising out of a non commercial account; any amendment to the scheduled rates being provided to Creditor by LC Financial.