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South Florida

Debt collection agency targets homeowners associations

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Association Financial Services, a debt collection agency in Hallandale Beach, is taking on a market niche, soliciting homeowners associations where a lack of payments could force them to cut services or raise fees for paying members. Stan Schultz, developer of the Equus development west of Boynton Beach and head of its homeowners association, is a client. He is using the agency to try to boost collections on its $130,000 quarterly dues, only about $100,000 of which has been collected. Association founder Kenneth Arnold says about 30 homeowners associations have signed up for his services.