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I'm looking for a company that will handle calculating the payment, pulling the money from the debtors account and putting it into my account each month and charging the interest and late fees if unpaid each month.
Virgin Money use to do this but currently just draws up contracts, they stopped doing the payment processing.
You make direct loans and want a third party processor for your loan?
Why not just look into one of the social lending portals like Lending Club or others. They do credit checks and application verifications...then allow you to decide who you want to fund, how much and at what interest rates you want to participate....they collect the money and distribute to you. You can lend $25 or more dollars to a portfolio of loans instead of to a single person....to spread risk like a mutual fund.
Not sure if this info is helpful....but an idea.
If you are not on "best of terms" any more, how will you get them to sign the documents and authorizations to get the money debited directly, etc?
Do you have a promissory note and loan payment schedule? How old is the note? Have they made their payments timely? Would you consider selling the note? I ask, because if the note is aged, and you can show it has been paid timely, you may be able to sell the note and be done with it. Depending on the interest rate and late fees in the note, and the age of the note, will dictate what kind of a discount you would have to take to sell it.
Just one more idea to consider. Otherwise you will have to sign new docs with your borrower when you do find a service.