As much as possible these collections will be done in conjunction with FDCPA policy.
1) Treasurer / Finance Committee to verify all past due accounts;
2) Treasurer / Finance Committee to provide an on-line method for shareholders to see if their account is pre-indentured or in good standing
3) Email blast, FB group post to advise shareholders as to how they can check their account
4) Statement 1 mailing: Showing balance and 30 days to contact us if they believe that their account is in error. Advise that a statement fee will be applied on the next statement.
Statement fees:
$10 for accounts under $100
$20 for accounts >= $100 but less than $500
$50 for accounts >= $500 but less than $1,000
$100 for accounts >= $1,000
Shareholders can enter into payment plans at the discretion of the Treasurer
5) Treasurer / Finance Committee to attempt to call / email past due shareholders
6) Statement 2 mailing: 30 days later with statement fees applied. Advise the accounts be sent to collections in another 30 days and another statement fee will be applied.
Last opportunity to enter into payment plan with RML.
7) Treasurer / Finance Committee to apply 2nd statement fee and send accounts to collections based on best deal for RML.
RML’s selection for a collections agent/agency will be based on the following criteria:
best value for RML
agent/agency willing to purchase entire A/R in the event of dissolution of RML**
**There will be no debt forgiveness for any shareholder as a potential result of RML winding down.