Collection costs

From: McCue, Cathy (CMcCue@iona.edu)
Date: Mon Apr 30 2001 - 13:48:13 EDT

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I am renegotiating a contract with a collection agency and trying to
understand these rates. I have been told that if the rate is 10%, this is
based on 10% of every dollar collected. In actuality, we are being charge
11.1%. The reason I'm being given is that the 10% of every dollar collected
includes 10% on the amount collected for collection costs, also. This may
be the calculation used, but something doesn't sit right. Why should a
collection agency receive collection costs for collecting their collection
costs?

Is my thinking skewed, or is it the collection agencies? Do we have to
accept this, or is there something I can do?

As an aside, we have not yet instituted prom notes to be able to pass the
costs on to the student. We have to eat a lot of these costs.

Thanks,

Cathy J. McCue
Bursar
Iona College
715 North Avenue
New Rochelle, NY 10801
(914) 633-2125

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