Janury 9, 2008
Contact: David Bennett
WCUL for Ascend United
206.340.4828

League Service Corp. Ascend United Launches New Website

Ascendunited.com a Turnkey Resource for Debt Collections and Sales

FEDERAL WAY (Wash.)---Ascend United (Au), the top selling broker of credit union debt in the United States, launched a new website to help financial institutions better understand debt aggregation and sales and to facilitate its services to clients.

According to Au Program Manager Phillip Slater, a 25-year plus collections professional, the new website will be a knowledge database with the capacity to provide the latest industry information and best practices to those who need it the most.

"Our hope is to demystify the straight-forward world of debt sales," says Slater. "The sale of distressed debt has been a common and accepted practice in the banking industry for years. However, most credit unions have been left out due to the small size of the loan pools and their distrust of the buying community."

Most debt brokers are looking exclusively for large portfolios from large institutions to market. While Au can and does sell this type of portfolio, the company continues to build a reputation for success by pooling or aggregating the charged-off debt of several credit unions to meet the volume desired in the marketplace. This achieves better pricing for clients, according to Slater. Au then sells the debt to investors on behalf of the credit unions represented in the aggregate pool.

Au also facilitates the sale of performing or under-performing portfolios of all types of loans, including auto, consumer, credit cards and business loans.

But, Au services go well beyond credit unions. The company's reputation for success has enabled it to forge relationships with other types of large and small lending institutions dealing with credit cards and other types of loans.

Debt Aggregation Works
The main benefit of debt aggregation is that when small financial institutions pool their debt, it creates larger, more diverse, and therefore more desirable portfolios that attract the attention of larger and more experienced buyers with the ability to pay higher premiums. However, it is the organization and marketing of that pool that makes the difference.

"Our thoroughly vetted, pre-qualified list of debt buyers trusts that Au will always get the sale right the first time, says Slater. "And our 100% GOLD-CLAD GUARANTEE assures all clients--sellers and buyers--that Au will stand in support for up to two years after the completion of the sale.

"That's why we're growing. That's why we're No. 1," Slater added. 

A New Resource for Collections Professionals
As a long-time consultant, Slater has seen debt collection best practices change dramatically over the years and knows the dilemma of not having a one-stop-shop for resources. Ascendunited.com changes that.

In addition to sample policies and procedures, Ascendunited.com will host sample contracts and pertinent state and federal codes and opinions on their application.

"Ascendunited.com will also be home to original articles and opinion pieces about various aspects of the debt collections, aggregation and sales business," says Slater. "Our goal is to shed light on the current state of the industry, increase the effectiveness of in-house collections departments, and to provide an opportunity for all financial institutions, regardless of size, to increase their bottom line or facilitate changes in their lending business by selling their charged-off or performing debt. 

"The best part is that regardless of whose debt we're pooling, be it a credit union or other financial institution, Au sells it with ethics and information safety keenly in mind," added Slater.

All clients of Au count on it to provide high-quality, smooth transactions. All Buyers are pre-approved after a thorough due-diligence process. All data files go through a proprietary review and analysis prior to publication for sale. And, with the GOLD CLAD GUARANTEE, the company stands by in support of its clients through every step of the process.

"Preparing files for debt sales can sometimes be difficult. However, when you work with Au, the team jumps right in and offers as much assistance as possible," says Jennifer Burgess, Special Accounts Administrator for Jeanne D' Arc CU. "From creating spreadsheet templates to doing the data entry from faxed documentation, Au makes the preparation for the sale quick and smooth."

About Au
From strategy analysis and design, through implementation and results testing, Ascend United (AU) facilitates improvements to all phases of debt collection and recovery. AU offers a wide range of products for all types of financial services companies, including management of third-party collection programs, training, consulting and unique debt sales and aggregation services.

About Phillip Slater
Phillip Slater is Program Manager for Ascend United. He has been in the collections industry for more than 25 years and currently focuses on Au’s business development and consulting practice. His leadership has helped make Au the top selling broker of credit union debt in the United States. Contact Phil at pslater@ascendunited.com or 206.340.4843.