All debt, regardless of the type of origination, has a life cycle. Collectability of bad debt accounts diminish as time passes, to the point where the output of expense necessary for a targeted collection effort is not justified by the likelihood of recovery. Selling debt for a lump sum payment is an option that offers many advantages over continuing third party efforts.
Security Financial Solutions, LLC has experience in purchasing and servicing all asset classes of consumer and commercial debt including credit cards, consumer loans, Auto, medical, student loans, bad checks, and judgments. SFS acquires charged off receivables that have been charged off by the originating issuer at all levels of delinquency, including fresh, primary, secondary, tertiary and warehoused stages.
Any accounts submitted for purchase are sent to our Actuarial staff for review. Terms of the transaction are negotiated to the benefit of all parties, and the transition of the accounts can take place at any time.