1. Describe procedures when a client requests a close and return on a claim.
Response: If an account is requested by the client to be closed and returned, the Company will immediately cease all collection efforts on such account upon notification from client. Each account will be clearly marked to indicate that the account is closed or recalled and Persolve will no longer attempt to collect the debtor’s outstanding balance.
2. What is the time frame on a close and return, once the firm considers the claim “uncollectable”?
Response: If no suit has been filed and the account has not been approved for suit, Persolve will close and return the file within 30 days of a determination of its uncollectability. If a suit has been filed or Judgment has been entered, involuntary legal collection efforts will continue on an ongoing basis.