Prosper Roundup — AmSher is a New Collection Agency Edition

01/27/08 posted by RateLadder

Prosper is excited to add a new collection agency AmSher. For people wishing to switch to this new collection agency be sure to update your default collection agency, standing orders, and portfolio plans that you are using.

AmSher is a family business. The firm started in 1939 as a credit-clothing store, later expanded into the credit furniture business and, in 1986, evolved into the nationally ranked receivables management firm. AmSher is headquartered in Birmingham, Alabama with a second collections location in Tulsa. They are licensed to collect in all 50 states.

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RateLadder is a Prosper lender and has been since July, 2006. He has a passion for p2p lending. He owns RateLadder — My Prosper.com Journey and other P2P Lending Adventures, P2P No Bank the P2P Blog Aggregate, and ProProsper — Professional Tools for Prosper Lenders featuring SQL access to Prosper data.

Posted in Misc, Personal Finance Education, Prosper News, Roundups

2 Responses

ChrisFS | January 29th, 2008 at 9:58 pm

I am happy to see a new collection agency and it’s website is impressive. However I noticed that it’s fee is 17% rather than 15% for the other agencies and that it’s fee doesn’t go down over time. Why the change in fee structure and why should a person want to pay more in fees for this collection agency vs the others?

RateLadder | January 29th, 2008 at 10:02 pm

From Doug Fuller Vice President of Operations:

AmSher is a smaller agency. They were not willing to do the deal at the existing contract rate. Lenders have to decide whether they think the expectation of additional attention is worth it. If not, they have the choice of First Source.

To put it in perspective, in November, PennCro collected an average of $47.71 per account placed with them and received an average commission of approximately 15.5%. On the same accounts, if AmSher collected more than $49.15 per account – the lenders would make more money. I have every expectation that AmSher will show a greater improvement than that.