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Media | Recourse | Direct Payments | Buyers | Sellers
What is the time frame for media?
How do I return accounts for repurchase?
How long before I receive a payment made to the issuer on an account I purchased?
Why should I purchase my debt from Global Acceptance Credit Company?
Does GACC scrub the debt prior to sale?
What information will be provided to the client for pre-sale due diligence?
What information is included in my sales package when I purchase accounts from GACC?
Does GACC work the paper it sells?
How do I begin a relationship with GACC
Why should I sell my defaulted debt to GACC?
Ordering Media/Affidavits - Jana Davis Ext 202
Recourse - James Curzan Ext 257
Sales - Melanie Martin Ext 285
Payments made to issuers - Jana Davis Ext 202
Complete the Media Request Form and submit it via email.
What is the time frame for media?
The timeframe varies from issuer to issuer and can take from a few weeks to several months. In some cases, no media is available. If this is the case, affidavits from the issuer can often be ordered. Affidavits may be sufficient in most jurisdictions for legal purposes if other media is not available.
Unless otherwise stated in your contract, media can be requested for a cost between $5.00 and $25.00 per document (application, last statement, etc). If media is not available, affidavits can be requested for $5.00 each.
How do I return accounts for repurchase?
Complete the Recourse Request form and return it with all the supporting documentation via email. Always include the Debtor’s Name, Social Security Number, Original Issuer Account Number, and the appropriate supporting documentation. Your recourse request will be processed at the end of your recourse period.
PLEASE NOTE: Recourse requests received without adequate information and documentation may not be processed.
What should I do if payments were made to the issuer or another agency on the accounts that I purchased subsequent to the sale date?
Fax, email or mail a copy of the canceled check or supporting documentation. Issuers regularly forward payments made on accounts subsequent to the sale. If payments have not been forwarded, GACC will contact the issuer(s) to request payment if documentation is provided. Requests received without adequate information and documentation may not be processed.
How long before I receive a payment made to the issuer on an account I purchased?
The general industry timeframe is 30 days from each agency in the chain of title. This time frame may vary slightly, but seldom takes less than eight (8) weeks.
GACC has emerged as a leading purchaser, servicer and reseller of charged-off consumer debt. We regularly purchase consumer debt portfolios from a variety of originators and resellers. Our inventory includes prime, mid-prime and sub-prime credit cards, private label credit cards, consumer loans and auto deficiency portfolios, at all levels from fresh to warehouse both in-statute and out-of-statute. We will stratify any portfolio by state or by region and work with all levels of client companies. As an experienced purchaser of distressed debt we customize our portfolios and price them fairly so that our clients can profit from their purchase.
GACC is committed to building long term, mutually beneficial relationships with our clients. We know that the relationship does not end at the point of purchase. We are committed to a high degree of customer care that includes recourse guarantees and documentation facilitation. We expect our clients to be repeat buyers and will work hard to earn that privilege.
Why should I purchase my debt from Global Acceptance Credit Company?
- GACC is committed to building long term, mutually beneficial relationships with our clients.
- GACC stratifies portfolios to best meet our clients’ buying needs.
- GACC prices debt fairly so that our clients can maximize their return.
- GACC buys our accounts through privately negotiated transactions. As experienced debt buyers, each package goes through a significant due diligence process helping to ensure that the accounts you buy from us are what you expect.
- GACC understands the importance of documentation in debt buying and we work hard to get access to documentation in a timely manner.
- GACC makes meeting the needs of our clients promptly and satisfactorily a top priority in all pre and post sale issues.
- Increase your cash flow
Keep everything you collect! With the continued pressure on contingency fees from client companies coupled with the evolution of offshore collection outsourcing, collection margins are being squeezed on those collecting for others. By owning your accounts, 100% of the collection proceeds are yours.- Reduce the dependency on contingency placements
Control your future by purchasing your own accounts, you never have to worry about whether your client is going to continue their relationship with you or make subsequent placements. You will be able to manage and predict your company growth and not have to rely on client companies to fuel your growth. Additionally, you will reduce reporting and audit requirements assigned to you by client companies.- Customize your purchase to your collection preferences
You can purchase accounts that best fit your company’s needs whether that it is the type of debt (credit card, consumer loans, auto, student loans, medical, utility, health club or telecommunications), level of debt (fresh, primary, secondary, tertiary, quartenary, or warehouse), or location of debt (national, regional or state by state).Does GACC scrub the debt prior to sale?
GACC scrubs each portfolio for bankruptcies and deceased at the time we purchase. Additionally, GACC provides a standard 90-day recourse return period with each sale transaction for accounts that are documented bankrupt, fraud, deceased and previously settled prior to the closing date of the sale.
What information will be provided to client for pre-sale due diligence?
Portfolio Data File (All fields are not always available)
Name
Last Known Address
Issuer
Debt Type
Account Number
Social Security Number
Available Telephone Number(s)
Balance
Charge-Off Date
Last Pay Date
Open Date
First Delinquency DateWhat information is included in my sales package when I purchase accounts from GACC?
Portfolio Data File
Generic Cardholder Agreement
Media Request Form
Recourse Request Form
Hard Copies of Purchase and Sale Agreement
Bill(s) of SaleDoes GACC work the paper it sells?
When GACC purchases a portfolio, we carve off a portion for resale. These accounts may be purchased by our client companies with the same characteristics GACC purchased them. The remaining accounts are worked by GACC. Ultimately, these are sold as well. Any paper that was has been worked by GACC prior to a sale would be fully disclosed to our client in the resale process.
How do I begin a relationship with GACC?
It’s easy! If you are interested in reviewing portfolios, please complete the Confidentiality Agreement and Buyer Profile, or via email. You will be contacted shortly by one of our Associates.
Why should I sell my defaulted debt to GACC?
Immediate Cash Flow: By selling your defaulted debt, you will turn non-performing accounts into working capital without having to wait for debtors to pay their bills. We have the experience, process, and financial capability to close purchase transactions efficiently, and we can offer you the terms you need to make a debt sale profitable for your organization.
Reduced Expenses: Selling your debt to GACC means that you can stop spending your hard-earned capital on collectors, collection agencies and the technology needed to manage those past due accounts until they pay, and instead use it to grow your business.
Reduced Tracking: Selling your bad debt means no more keeping up with accounts as they are collected, both internally and at multiple collection agencies. You only need mark it as sold to GACC. We have the technology and processes in place to ensure that all accounts are updated the moment the account status changes. In addition, GACC is committed to providing a high degree of customer care so that your business reputation will be unaffected by our liquidation efforts.
Reduced Liability: Defaulted debt comes with its own set of laws and regulations that govern collection. Selling your debt lets you turn that red mark into a black one without having to think twice about collection laws and compliance. GACC makes compliance in collections a top priority, so you can rest assured that your business reputation will be protected.
It's the SMART decision: Major creditors of consumer debt in the US have made the financially prudent decision to sell their non-performing assets to Global Acceptance Credit Company. Additionally, we know that the relationship does not end at the time of purchase. We expect our clients to be repeat sellers, and we work hard to earn that privilege.
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