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Commonwealth Debt Purchasing Services
Immediate Cash Payment for Charged-Off Loan Portfolios
No matter how effectively your collection department operates, all credit unions have charged-off loans they'll never be able to recover. Rather than allow these loans to drain limited resources, Pennsylvania credit unions have the ability to convert these files into cash.
Debt Purchasing Services can provide immediate revenue for accounts that stopped paying long ago. Commonwealth Financial Systems will purchase your charged-off loans at no risk to your credit union. Once these loans are sold, you never have to worry about them again.
A Better Allocation of Resources
Selling charged-off loans frees up your collection department from unproductive efforts. Removing this burden from your collection staff allows them to focus on loans with a greater likelihood of recovery.
Available to All Credit Unions
Typically debt purchasers are only interested in very large portfolios. While Commonwealth Financial Systems does purchase individual portfolios directly, all Association member credit unions will have the ability to sell charged-off loans during periodic offerings - no matter how large or small their charged-off loan portfolio may be.
Determining a Purchase Price
To determine a purchase price for your charge-doff loan portfolio, interested credit unions should submit a list of loans you wish to sell, along with the following:
- Account number
- Loan type
- Borrower name
- Last known address
- Last known phone number
- Social Security Number
- Principal amount
- Accrued interest amount
- Account open date
- Last payment date
- Charged-off date
- Is there a judgment (y/n)
Commonwealth Financial Systems will quote your credit union a price and send a contract to review. Upon acceptance, Commonwealth Financial Systems will send you a check right away.
Getting Started
For additional information on Debt Purchase Services, contact your Account Executive at 800-932-0661 or e-mail productinfo@pcua.coop.
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- Business Development / Sales
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Central Pennsylvania
Russell Evans
Assistant Vice President,
Business Development
russell.evans@pcua.coop
717-503-8134 -
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Eastern Pennsylvania
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Zack Stecher
Account Executive
zack.stecher@pcua.coop
717-903-3102
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Western Pennsylvania
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Monika Scott
Sr. Account Executive
monika.scott@pcua.coop
717-503-7348
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