LoanTrade Inc.

$ 11.2 Million
Chapter 13 & Chapter 7 Portfolio
Charged-Off VisaÒ/MasterCardsÒ
NATIONWIDE

 

LoanTrade Inc. is pleased to exclusively present our client’s offer to sell the above referenced portfolio of Chapter 13 and Chapter 7 charged-off Visa/MasterCard accounts.  The Seller is a commercial bank located in the Southeast. These accounts have never been referred to outside third party collection agencies.  The Seller’s representations and warranties include 120 day put back provisions for settled accounts, deceased accounts, fraudulent accounts, or accounts with bankruptcy status that do not match their respective Pool ID.  There are no resale restrictions.  Data integrity appears good.  Physical files containing detailed bankruptcy filing information are available for delivery for most accounts.  The average charge-off balance is $3,957.

 

THIS PORTFOLIO IS OFFERED BY POOL as follows: 

Pool ID

Charge-Off Balance

Count

Primary States*

Ave Lst Pay Date

Chapter 13

$4,446,091

1,188

GA(23%) CA(12%) TX(8%)

1998

Chapter 7

$6,791,232

1,650

CA(16%) GA(13%) TX(8%)

1998

Total

$11,232,323

2,838

 

 

*Others include 42 states/territories, each equaling less than 5% of the portfolio's balance

 

THIS IS A COMPETITIVE SEALED BID OFFERING:

PRE BID DUE DILIGENCE:                   June 1, 2000 to June 15, 2000

BID DATE:                            June 16, 2000

FUNDING DATE:                           June 23, 2000

 

Pre Bid Due Diligence

Potential buyers must be able to demonstrate high-level qualification to service bankrupt accounts.  References pertaining to servicing bankrupt accounts may be required by the Seller.  Please note:  On-site due diligence at the Seller’s offices in Atlanta, GA is encouraged.  All pertinent bankruptcy filing information is located in the physical files in the Seller’s offices.  No electronic bankruptcy information is available on diskette. 

 

For further information, please sign and return the attached Confidentiality Agreement in order to receive a Bid Package containing a data diskette, sample physical file documentation, Seller’s Loan Sale Agreement, Bid Form and Bid instructions. 

 

FOR FURTHER INFORMATION:    Fastest Response to Email:  tim@loantrade.com

LoanTrade Inc.

370 W. Camino Gardens Blvd.     Suite 300

Boca Raton, FL  33432 

Attn:     Tim Kirkpatrick                     Phone:  (561) 417-5002           Fax:  (561) 417-5662

           

The terms, conditions, and information presented by LOANTRADE in connection with this transaction were provided to LOANTRADE by sources we consider to be reliable, however, LOANTRADE makes no representation as to the accuracy of this information.  LOANTRADE cannot guarantee the performance of the Seller.  Seller may reject any and all bids.  Seller may reduce portfolio up to the date of Seller's acceptance of Buyer's offer to purchase.