Defaulted Loan Collection Services

The vendor required to provide defaulted loan collection services to the authority for a period not to exceed three (3) years.
- Payment, settlement and legal authorization policies
1. Payment plans
•    Payment in full, or
•    One-third payment immediately followed by 12-24 monthly installments on the outstanding balance (amount may change due to costs, fees and accrued interest).
2. Regular collection account(s) transferred to legal collection account(s)
•    Detail concerning the payment and lack of payment arrangements made by the borrower and applicant. 
•    Explanation of collection agency’s work to secure a settlement offer for a minimum of principal before transferring a file to legal. 
•    Notification to authority if borrower(s) has obtained legal counsel. 
•    Copies of any disputes from the borrower(s) concerning obligation to pay the loan or disputing the amount owed. 
•    Any additional information deemed necessary to support the transfer of the file to legal.
3. Collection settlement offers and payment plans
•    Prefers to resolve accounts prior to any legal action. 
•    If legal action is necessary, settlement offers are encouraged in order to achieve results prior to any court action.
4. Settlement process for authority loans:
•    Authority does not accept offers that are less than the principal balance outstanding. 
•    The authority tries to recoup at least court costs and some of the interest due.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: January 21, 2026