Systems and methods for increasing recovery rates on delinquent financial accounts
First Claim
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1. A method for managing a delinquent financial account of a customer, comprising:
- charging-off the debt associated with the delinquent financial account;
keeping the delinquent financial account open;
restructuring the charged-off debt of the delinquent financial account to reduce a required payment amount for the account from the customer; and
closing the delinquent financial account when the reduced required payment amount is not received from the customer.
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Abstract
Systems and methods consistent with the present invention managing delinquent financial accounts to allow the account issuer to increase recovery rates for these accounts. In such systems and methods, debt associated with the delinquent financial account is charged-off. The financial account is, however, kept open and the charged-off debt is then restructured to reduce a required payment amount for the account. Then, if the customer does not make the required payments, the account is closed.
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Citations
22 Claims
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1. A method for managing a delinquent financial account of a customer, comprising:
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charging-off the debt associated with the delinquent financial account;
keeping the delinquent financial account open;
restructuring the charged-off debt of the delinquent financial account to reduce a required payment amount for the account from the customer; and
closing the delinquent financial account when the reduced required payment amount is not received from the customer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for managing a delinquent financial account of a customer, comprising:
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means for charging-off the debt associated with the delinquent financial account;
means for keeping the delinquent financial account open;
means for restructuring the charged-off debt of the delinquent financial account to reduce a required payment amount for the account from the customer; and
means for closing the delinquent financial account when the reduced required payment amount is not received from the customer. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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Specification