University of Mary Washington Cobblestone #COOP 20-1049

Collection Services Contract

Multiple contracts have been awarded to Williams & Fudge, Inc. and General Revenue Corporation by James Madison University and the University of Mary Washington, both located in Virginia, for debt collection services on an as-needed basis. The contracts, originating from cooperative agreements and previous solicitations, include services such as debt recovery for student accounts, tuition, fees, and loans, with collection fees set at 18-20% of amounts collected. The agreements specify no litigation services, a free 30-day pre-collect period, and reporting to national credit bureaus. Renewal periods extend up to January 13, 2027, with specified terms for invoicing, compliance, and insurance requirements.

Description

Contract for Collection Services awarded to Williams & Fudge, Inc. by the University of Mary Washington under cooperative contract COOP 20-1049, originally from James Madison University contract UCPJMU5393. The contract includes debt collection services on an as-needed basis for eleven institutions of higher education known as VASCUPP. The contract term is from July 1, 2019, with renewals through January 13, 2027. The collection fee is 20% of total amount collected, with no litigation provided on accounts placed by VASCUPP institutions. The contractor provides a free 30-day pre-collect letter on first placement accounts. The contractor keeps collection fees paid by the debtor and remits the principal amount to the university.

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