Common use of DEFICIENCY COLLECTIONS Clause in Contracts

DEFICIENCY COLLECTIONS. (a) Establish the exact amount of the deficiency, using the repossession worksheet. This includes all fees and per diem interest. (b) Attempt verbal and/or written negotiations with the debtor to settle the deficiency. (c) Send a certified letter to the debtor and cosigner(s) stating that we need $X by ___________, 19__ (7-10 days), or we will begin legal action. If no reasonable response is received move to (d). (d) Complete a General Claim Form. Send the form to [applicable local court]. (e) We should receive notification of the court's decision within one week. If we receive notice of judgment, it is possible that the debtor will pay the court and the court will then pay the Servicer. As this usually does not happen, proceed to exercise on the judgment as follows: (1) File both the Transcript of Judgment and the Affidavit of Identification of Judgment Debtor with [appropriate office]. (2) Order a Writ of Execution from [appropriate office].

DEFICIENCY COLLECTIONS. (a) Establish the exact amount of the deficiency, using the repossession worksheet. This includes all fees and per diem interest. (b) Attempt verbal and/or written negotiations with the debtor to settle the deficiency. (c) Send a certified letter to the debtor and cosigner(s) stating that we need $X by ___________, 19__ (7-10 days), or we will begin legal action. If no reasonable response is received move to (d). (d) Complete a General Claim Form. Send the form to [applicable local court]. (e) We should receive notification of the court's decision within one week. If we receive notice of judgment, it is possible that the debtor will pay the court and the court will then pay the Servicer. As this usually does not happen, proceed to exercise on the judgment as follows: (1) File both the Transcript of Judgment and the Affidavit of Identification of Judgment Debtor with [appropriate office]. (2) Order a Writ of Execution from [appropriate office].

DEFICIENCY COLLECTIONS. (a) Establish the exact amount of the deficiency, using the repossession worksheet. This includes all fees and per diem interest. (b) Attempt verbal and/or written negotiations with the debtor to settle the deficiency. (c) Send a certified letter to the debtor and cosigner(s) stating that we need $X by _____________, 19__ (7-10 days), or we will begin legal action. If no reasonable response is received move to (d). (d) Complete a General Claim Form. Send the form to [applicable local court]. (e) We should receive notification of the court's decision within one week. If we receive notice of judgment, it is possible that the debtor will pay the court and the court will then pay the Servicer. As this usually does not happen, proceed to exercise on the judgment as follows: (1) File both the Transcript of Judgment and the Affidavit of Identification of Judgment Debtor with [appropriate office]. (2) Order a Writ of Execution from [appropriate office].