Federal Way, WA (PRWEB) January 17, 2008
Ascend United (Au), the top selling broker of credit union debt in the United States, launched a new website to help financial institutions better understand debt aggregation and sales and to facilitate its services to clients. According to Au Program Manager Phillip Slater, a 25-year plus collections professional, the new website will be a knowledge database with the capacity to provide the latest industry information and best practices to those who need it the most.
"In addition, our hope is to demystify the straight-forward world of debt sales," says Slater. "The sale of distressed debt has been a common and accepted practice in the banking industry for years. However, most credit unions and other small financial institutions have been left out due to the small size of the loan pools and their "trust-factor" of the buying community."
Many debt brokers are looking exclusively for large portfolios from large institutions to market. While Au can and does sell this type of portfolio, continues to build a reputation for success by building pools or aggregating the charged-off debt of several small institutions in order to meet the volume levels desired in the market place. This typically achieves better pricing for clients, according to Slater. Au then sells the debt to investors on behalf of the creditors represented in the aggregate pool.
But Au services go well beyond credit unions. The company's reputation for success has enabled it to forge relationships with other types of large and small lending institutions dealing with credit cards and consumer loans. Au also facilitates the sale of Performing and Sub- or Under-Performing portfolios of all types of loans from Auto, Consumer and Credit Cards through Business Loans. Au also offers Consulting and Third-Party Management programs to creditors and debt buyers of all sizes.
Debt Aggregation Works
The main benefit of debt aggregation is that when small financial institutions pool their debt, it creates larger and more diverse, therefore more desirable portfolios that attract the attention of larger and more experienced buyers with the ability to pay higher premiums. However, it is the organization and marketing of that pool that makes the difference.
"Thoroughly vetted, our pre-qualified list of debt buyers trusts that Au will always get the sale right the first time," says Slater. "And our 100% GOLD-CLAD GUARANTEE assures all clients -- sellers and buyers -- that Au will stand and support them for up to two years after the completion of the sale.
"That's why we're growing. That's why we're No. 1," Slater added.
A New Resource for Collections Professionals
As a long-time consultant, Slater has seen debt collection best practices change dramatically over the years and knows the dilemma of not having a one-stop-shop for resources. Ascendunited.com changes that.
In addition to sample policies and procedures, Au.com will play host to sample contracts and pertinent state and federal codes and their application.
"Ascendunited.com will also be home to original articles and opinion pieces about various aspects of the debt collections, aggregation, debt sales and management plus the consulting and training side of the business," says Slater. "Our goal is to shed light on the current state of the industry, increase the effectiveness of in-house collections departments, and to provide an opportunity for all financial institutions, regardless of size, to increase their bottom line or facilitate changes in their lending business by selling their charged-off or performing debt.
"Our sales process is an open book. We both practice and preach data security every step of the way. Plus, our two round, blind bidding process is second to none in terms of building trust and integrity with both the Seller and the buying community." added Slater.
All clients of Au -- Buyers and Sellers -- count on Au to provide high-quality, smooth transactions. All Buyers are pre-approved after a thorough due-diligence process. All data files go through a proprietary review and analysis prior to publication for sale. The company stands by in support of its clients through every step of the process.
"Preparing files for debt sales can sometimes be difficult. However, when you work with Au, the team jumps right in and offers as much assistance as possible," says Jennifer Burgess, Special Accounts Administrator for Jeanne D' Arc CU. "From creating spreadsheet templates to doing the data entry from faxed documentation, Au makes the preparation for the sale quick and smooth."
From strategy analysis and design, through implementation and results testing, Ascend United (AU) facilitates improvements to all phases of debt collection and recovery. AU offers a wide range of products for all types of financial services companies, including management of third-party collection programs, training, consulting and unique debt sales and aggregation services.
Phillip Slater is Program Manager for Ascend United. He has been in the collections industry for more than 25 years and currently focuses on Au's business development and consulting practice. His leadership has helped make Au the top selling broker of credit union debt in the United States. Contact Phil at pslater @ ascendunited.com or 206/340-4843.
Ascendunited.com a Turnkey Resource for Debt Collections, and Sales
Phillip Slater, Program Manager
pslater @ ascendunited.com