Harmoney

[Saamee]

Just because the collection process hasn't been successful doesn't mean it's not being done? Adding an additional step should see some return, which is better than nothing?


This is in addition to what they currently do?

@Myles > My take from the HM Email was that HM were getting out of Debt Collections and just going to Outsource the Debt ( ie Sell the failed loan ) and that is all total sum of funds that will be recovered ( the Sale Fee ) any further recovered funds by the 3rd party company become THEIR PROFITS!

[myles]

@Myles > My take from the HM Email was that HM were getting out of Debt Collections and just going to Outsource the Debt ( ie Sell the failed loan ) and that is all total sum of funds that will be recovered ( the Sale Fee ) any further recovered funds by the 3rd party company become THEIR PROFITS!

I can't see where there is any suggestion that Harmoney is "getting out of Debt Collections", their current process is to hand off to a third party after 120 days, they are now just adding in the process of selling off that debt for a partial return on those that they see as unlikely to return dollars to investors. If it costs Harmoney more to pursue a debt than it's worth, then there is no point in pursuing it - investors will see no return from it... Of course the 3rd party needs to make a profit!? - the overall result should be that investors see some return rather than none...