Agency Office of Higher Education

Contractor Progressive Financial Services, Inc

SWIFT Contract Number A61558 / 31225

Project Name Defaulted Loan Collection

Project Number (if applicable) {Empty}

Summarize purpose of the contract, including why it was necessary: Collection of defaulted Student Loans

Project Duration

Start Date Thu, 07/01/2004 - 00:00

Original end date Mon, 06/30/2014 - 00:00

Actual end date Thu, 05/31/2012 - 00:00

Did project finish on time? Yes

Total billable hours utilized (if applicable) {Empty}

Contract Amounts

Original contract: $250000.00

Amendments $-155000.00

Contract total $95000.00

Did project finish within budget? Yes

What was the funding source? Loan Capital Fund

Is this a sole source contract? No

If this was a single source contract, explain why the agency determined there was only a single source for the services (if applicable) {Empty}

Evaluator Name Marilyn Kosir

Evaluator Email Address Marilyn.kosir@state.mn.us

Evaluate the contractor's timeliness Not Applicable

Evaluate the contractor's quality Collections were much lower than for other collection agencies due to low contingency fee.

Evaluate the contractor's cost We selected this contractor because of their low cost as a test. We wanted to see if they could effectively collect on a lower contingency fee. Their collections were much lower than other agencies.

Evaluate the contractor's overall performance Selection of this vendor exphasized that in contingency work, the lowest cost option is not necessarily the best. Vendor may have had better performance if they had bid with a higher fee.

Would you engage the contractor's services again? No

Describe any negative action taken during the duration of this contract (i.e., termination, pursuit of suspension, etc.): {Empty}

Please rate the overall experience with the contractor 2 - dissatisfied