Advance Collections definition

Advance Collections means, with respect to any Receivable, all Collections thereon classified as a repayment of the Instacash Advance Amount of such Receivable.
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Advance Collections. Late Stage Collectors will be dedicated to collect on accounts at or near 45 days contractually delinquent. No more than 200 accounts will be assigned to any one Late Stage Collector at any one time. Advance collections include: o Accounts that are skip and cannot be located o Accounts that have broken multiple promises to pay without activity by the customer o Accounts that are out for repossession or liquidation o Accounts with pending insurance activity For most accounts that becomes 60 days past due, a supervisor shall review the account and determine and execute a collection strategy. Strategies will be based upon the borrowers ability to pay, delinquency status, payment history and the asset's value/location. If it is not conceivable that arrangements can be made to bring the customer current over a period of time through a repayment plan or extension (in accordance with the agreed upon procedures), the supervisor will submit the account to the collateral management group for review for asset liquidation. The account is placed into a special queue, where a mini-skip routine is performed to secure the whereabouts of the asset prior to assigning the account for repossession. This process is designed to expedite the recovery and sale process, and minimizes acquisition and storage costs. The collector will examine the collateral type and value, and make an evaluation as to the time necessary to liquidate the asset, and estimate the potential selling price prior to the final decision to liquidate. Servicer will charge off accounts from the Servicer Loan Accounting System at the earliest of: i) when the account is deemed uncollectible, or ii) when the asset has been sold and proceeds received, or iii) 60 days after repossession, if the asset is still in inventory, or iv) by the end of the month during which a loan becomes 120 days past due and is not in repossession inventory, or v) by the end of the month during which a loan becomes 180 days past due. Unrecovered balances will be charged off promptly after collateral liquidation and receipt of funds. Servicing functions supporting the collection, repossession and remarketing, or securing of insurance or other proceeds due on the account will continue regardless of the charge off designation. Servicing and Accounting systems, reports and data files must contain an identifier for Repossession, and/or Charge-off status. In cases of loan default and charge offs only, Servicer will apply for and use reasonable...
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Advance Collections. Late Stage Collectors will be dedicated to collect on accounts at or near 45 days contractually delinquent. No more than 200 accounts will be assigned to any one Late Stage Collector at any one time. Advance collections include: o Accounts that are skip and cannot be located o Accounts that have broken multiple promises to pay without activity by the customer o Accounts that are out for repossession or liquidation o Accounts with pending insurance activity For most accounts that becomes 60 days past due, a supervisor shall review the account and determine and execute a collection strategy. Strategies will be based upon the borrowers ability to pay, delinquency status, payment history and the asset's value/location. If it is not conceivable that arrangements can be made to bring the customer current over a period of time through a repayment plan or extension (in accordance with the agreed upon procedures), the supervisor will submit the account to the collateral management group for review for asset liquidation. The account is placed into a special queue, where a mini-skip routine is performed to secure the whereabouts of the asset prior to assigning the account for repossession. This process is designed to expedite the recovery and sale process, and minimizes acquisition and storage costs. The collector will examine the collateral type and value, and make an evaluation as to the time necessary to liquidate the asset, and estimate the potential selling price prior to the final decision to liquidate. Servicer will charge off accounts from the Servicer Loan Accounting System at the earliest of:
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Examples of Advance Collections in a sentence

  • On each Business Day, direct the Account Bank to transfer all Advance Collections (net of any Servicing Fee solely if such Business Day is a Settlement Date) in the Collection Account to an account designated by the Purchaser Agent to the Servicer in writing.

  • Notwithstanding the foregoing, if on any Purchase Date there are Advance Collections in the Collection Account, the Purchasers may utilize such Advance Collections (any such Advance Collections so utilized, “Recycled Collections”) to pay all or a portion, as applicable, of the Purchase Price on such Purchase Date and on such Purchase Date the applicable Purchaser shall only be required to wire to the Funding Account any Purchase Price in excess of the Recycled Collections so applied.

  • The Servicing Fee shall, on each Settlement Date, be deducted by the Servicer from Advance Collections on deposit in the Collectionrequired to be deposited into the Borrower Account as described in Section 2(a)(i)2 above.

  • Notwithstanding the foregoing, if on any Purchase Date there are Advance Collections in the CollectionBorrower Account, the Purchasers may utilize such Advance Collections (any such Advance Collections so utilized, “Recycled Collections”) to pay all or a portion, as applicable, of the Purchase Price on such Purchase Date and on such Purchase Date the applicable Purchaser shall only be required to wire to the Funding Account any Purchase Price in excess of the Recycled Collections so applied.

  • The Servicing Fee shall, on each Settlement Date, be deducted by the Servicer from Advance Collections on deposit in the Collection Account.