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| charging expenses and a 10% recovery fee http://fugitiverecovery.com/forum/viewtopic.php?f=13&t=13268 |
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| Author: | spanky1492 [ Fri 18 May 2012 08:15 ] |
| Post subject: | charging expenses and a 10% recovery fee |
Hello everyone. I don't post much on here but I do read posts and responses a lot. I was hoping to get some direction. I was looking into the whole charging the co-signer my expenses plus the 10% recovery fee as I am about ready to take a couple co-signers to small claims court as I was under that impression that I could for apprehending a FTA. During the process of researching this, I found that my state (Indiana) sent out a bulletin within that last year which I did not receive by mail, stating that unless the 10% recovery fee is specifically stated in the co-signer agreement, we can only charge our expenses. Obviously, I'm going to abide by that bulletin but my question is, is charging expenses plus a 10% recovery fee a nationwide and industry wide standard and if so, I am curious about where that originated from. Is there documentation that states that besides just a book about bail bonds and recovery? Thanks a bunch! |
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| Author: | speezack [ Fri 18 May 2012 09:15 ] |
| Post subject: | Re: charging expenses and a 10% recovery fee |
Quote: is charging expenses plus a 10% recovery fee a nationwide and industry wide standard This is a per state, per agent, per agreement type deal.... to my knowledge, there is no "set in stone" answer to that question. Some states may have specific regulations but to my knowledge, as long as you specify exactly what is involved and they sign the contract.... that should about do it... It's really not that complicated... IMHO. I have a statement above the sig line on my contracts that says a "recovery fee" will be charged to the cosigner in the event the defendant FTA's (I charge $150 every time I have to go to court with a show cause) or for any other reason not excused by the courts (documented illness, etc.)... the recovery fee, if needed, will be a minimum of $250 and could be as high as 20% of the bond amount and if the court should forfeit the bond, the full face amount, plus other applicable costs will be incurred by all cosigners. I also have a statement of fees involved on the "receipt" form, of which, I keep the original and give a copy to the cosigner/payor on the premium. I also make a point of telling all parties involved exactly what is expected and what will happen if the conditions are not followed... exactly. They make a check beside each item acknowledging their acceptance of conditions... this is very important and gives them no "wiggle room" in the courtroom. My receipt form is a two copy form that not only provides all pertinent info on the amount charged and paid... it also includes every point related to the bond... all on one page and as mentioned above... I keep the original and a copy goes to the cosigner. It includes my signature, the defendants signature and all cosigners sigs. I have never.......... in 13 years of going after my money......... had a judge turn me down... never... just make sure you get all the sigs and provide all the documented evidence. Ducks in a row is the deal here.... I draw up a letter with the invoice specifically documenting all charges/costs and mail it certified to each indemnitor... if the delivery confirmation is received or even if it is not delivered and I get it back.... I give 15 days then proceed to judgement in my personal jurisdiction. If your letter is returned be sure.... be sure....... you do not open it... as an unopened letter with the certification attached is evidence that you did in fact notify them....... that is a requirement in Virginia. |
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| Author: | Mdbtyhtr [ Fri 18 May 2012 13:07 ] |
| Post subject: | Re: charging expenses and a 10% recovery fee |
not to beleaguer the point, if you paid the bounty hunter, is that not an expense that you incurred? Scott |
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