Many of us make a ton of money buying and selling consumer debt but it’s not for the faint of heart! Then again, the majority of lenders lose their butts when they give up on collections and try to sell their paper! This theme runs true for the Avant’s and Enova’s of our world all the way down the funnel to Danny’s Executive Loan Center in Bumphuk, Egypt.
The challenge for collectors of payday loan and installment debt is to be certain the paper they invest in has a clear chain of title and complete underlying data to support the originating loan paper trail.
Payday Loan & Installment Loan Bad Debt = Asset
You can increase its value.
Well, thanks to the simple, inexpensive platform I’ve outlined below, it’s a no brainer!
- For lenders, your use of this new platform substantially increases your portfolio’s asset value
- For buyers of distressed consumer and SMB debt, you’re guaranteed a clear chain of title & the underlying loan documentation.
On average, the nation’s top debt buyers paid 4.5 cents on the dollar! That’s nuts!
Self-driving cars are here while the second oldest profession – bad debt and bad paper buying – has not embraced technology?
Consumer debt is a huge business. The FTC analyzed the payday loan industry and reported that the “90 million consumer accounts it studied over a three-year period had an aggregate face value of $143 billion — and that debt buyers had spent $6.5 billion to acquire them.”
These portfolios of bad debt are usually sloppy, incomplete and nothing more than spreadsheets sold and resold over and over again. As the NYT reported: “In a perfect world, these portfolios come with a chain of title and underlying data that explain where the debts originated. That way, a debt buyer trying to collect from a consumer can explain the nature of the debt, fulfilling the right of the supposed debtor answering the phone. Similarly, it gives a debt collector the proof needed to justify a claim in bankruptcy court if a consumer files for bankruptcy.”
When consumers receieve a call from the new owner of this “bad paper,” they never know who actually owns their debt! So, they often pay and pay and pay…
The result? Debt markets are ineffecient! Debt portfolios – assets – are undervalued. Consumers are confused.
My answer? An empirical, systematic implementation of a new platform created to authenticate your customer’s signature for posterity.
We call it “Video Authentication.” It’s integrated with your consumer’s or SMB’s loan contract.
Your borrower – via their phone, iPad, laptop, desktop… can digitally sign and video record their agreement to your loan terms. And, they can easily attach any additional ID documentation you require of them!
This new, cutting-edge technology takes seconds and costs you less than a buck!
Whether you’re a lender, a collector, a buyer or a seller of debt, we guarantee you will experience a substantial increase in your asset valuation!
Again, it doesn’t take a genius to figure out where and how to implement this state-of-the-art technology for a multitude of industries! {API available.]
eCheckSystem.com : Mantra is cutting edge solutions for payday, car title and installment loan lenders. ACH, ICL, Check-21, ID validation… eCheckSystem.com
