Industry data demonstrates that accounts placed at the time of delinquency have the best chance of recovery. Every year, millions of dollars go uncollected because debtors rely on the knowledge that your days are too long and your weeks are too short to recover what is rightfully due your company. It makes good business sense to outsource the recovery of your accounts receivable to a full-service firm that specializes in collection and litigation services.
Rate Schedule & Remittance Policy
Fees and Contractual Details
NJIC will work all commercial accounts placed with it by CLIENT for a contingent commission fee based on the age of the oldest invoice per the following schedule:
35% + Filing Fees
CLIENT agrees to place, at its discretion, delinquent accounts receivable with NJIC for recovery thereof.
For the benefit of our online clients, we have provided a debt recovery services agreement between NJIC and CLIENT. Please note that the fee schedule listed below is provided as an industry standard only and that NJIC reserves the right to raise or lower these rates — depending on many factors — after speaking with and agreed to by CLIENT. Please note that the fee schedule below does not include judgments. Please call us to discuss our fees for judgment collection services. Accordingly, NJIC agrees to provide debt recovery services for CLIENT, subject to the mutual covenants and provisions below:
NJIC agrees to remit on a monthly basis all monies due CLIENT on accounts that have been recovered by NJIC. CLIENT agrees to notify NJIC immediately of all direct payments received after accounts are transferred to NJIC and further agrees that NJIC is entitled to full commissions on all monies recovered by NJIC whether paid to NJIC or CLIENT. CLIENT authorizes NJIC to endorse and deposit all monies received from debtors into a TRUST ACCOUNT for CLIENT.
CLIENT warrants and represents to NJIC that no other collection company, attorney, or other individual is currently in the process of collecting any account CLIENT has authorized NJIC to recover.
NJIC agrees, after receiving permission from CLIENT, to place a claim into litigation for any claim whose amount in controversy exceeds $1,000.00. Should a claim be placed into litigation, CLIENT agrees to pay all court costs and NJIC’s contingency fees will be 35% of all monies collected. Depending on the nature, age and/or size of the claim, there may be an additional charge or suit fee to place said claim into litigation. This charge will only be imposed if approved by CLIENT and NJIC.