Payment Plan Monitoring
The Payment Plan Monitoring Service manages the negotiated payment accounts that have made monthly payment arrangements. Initial notices will be sent to debtors, notifying them that their plan is being administered by Joseph R. Harrison Company. Our plan is designed to increase your negotiated cash flow, while keeping your liquidation costs the same or lower.
All currently existing accounts will be extracted from your computer in the same print-out format you use for charging-off accounts. We ask that you develop a mechanism to let us know the payment terms. We will enter the accounts in our system within two (2) weeks of their receipt and print a confirmation report for you. Subsequent additions to the payment plans will be handled in the same way - except entry will be confirmed in a weekly report. Electronic transfers are preferable. Our staff will meet with your computer technicians to arrange such a transfer now or in the future.
Reminder letters will be sent, in the first week of each month, to each debtor who made a timely payment in the preceeding month. Those accounts missing a payment when due will be contacted by a collector by telephone. The objective is to rehabilitate the payment plan and make it current. Accounts that default will be returned to the client.