Collection cost
A collection cost is the cost incurred to collect debt that is owed, a process called debt collection. This could include expenditures for hiring a collection agency. Some contracts and regulations prescribe liquidated damages for collection costs. When collection costs occur, the debtor has pay off debt to get the collector out of collection cost.[1]
References
This article is issued from Wikipedia - version of the Thursday, March 03, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.