Debt selling is something that has been done by thousands of banks, credit unions, auto lenders and commercial lenders over the years. The concept is simple: Take your charged-off loans from the last four years (you know, the accounts that don’t pay or respond to your calls anymore), put them in an Excel spreadsheet and get funds back into your bank within three to five business days. Sounds easy enough, right?

Well, that’s up to you. What I can tell you is, the process works!

I have been in the charged off debt sales space for over 18 years. I have seen almost every kind of file out there, and I’ve learned that every file is complex. The first question I always get asked is, “How much will you pay me for my charged off loans?” My answer is always the same, “I don’t know, I need more info.” This isn’t a ploy to sidestep the question. It is a legitimate response. I always liken it to saying, “I have a Mercedes for sale, how much will you give me for it?” Surely you would need to know more info, like the year, make, model and mileage — and you would want to take it for a test drive. It’s the same for reviewing a portfolio. We look at many factors like the age, number of times it has been worked, geography, balances and the backup documents to see if we are facing any arbitration language, or language that allows for court fees and attorney’s fees. It takes us roughly three to five business days to review all of that info and then we can come back with what we feel is an aggressive offer for your file. When accepted, we draw up a Purchase and Sale Agreement that includes a Bill of Sale (just like when you sell a car). Once you get the Purchase and Sale Agreement to review, it’s a matter of signing, getting the funds and sending out all of the backup documents. That’s it.

Now, you want to know what do you do with the accounts after you have sold them? Most financial institutions cease reporting the accounts on the bureaus and list them as sold and mark them the same within your system. You will never have to speak with that debtor again. It really is a freeing feeling to be able to wash your hands of years of frustration and chasing these debtors with phone calls and letters! Trust me, your cardiologist will notice a large drop in your blood pressure!

Once you have done it, selling your charged off loans becomes an addiction that you will want to do over and over again! We will graciously accept your files on a monthly, quarterly, bi-annually or annual basis!

Want to know more? Cherrywood Enterprises is here to help you with your questions and give you the answers you will need in order to make an educated decision on whether or not selling your charged off loans is right for your bank.

Feel free to call us at (321) 247-5066 or simply email Craig at cgeisler@cherrywoodenterprises.com. You can visit our website at www.cherrywoodenterprises.com as well!