CONSULTING AGREEMENT

        This Consulting Agreement (the "Agreement") is made as of the 1st day of
March, 1999  between  Daniel J. Dolan ("Dolan") and  Outsourcing Solutions  Inc.
("OSI").

        WHEREAS,  prior to his  resignation,  Dolan  served  as  Executive  Vice
President and Chief Financial Officer of OSI and, in that capacity, served in an
integral  role with  respect  to OSI's  financing  and  certain  other  business
activities (the "Activities"); and

        WHEREAS,  OSI wishes to retain  Dolan to  continue  to  provide  certain
advice to OSI from time to time in connection with the Activities, and Dolan has
agreed to provide such services.

        NOW,  THEREFORE,  in  consideration  of the  premises and other good and
valuable consideration, the parties agree as follows:

        1. Services  Provided.  Dolan  shall  provide up  to 400 hours of advice
relative to the  Activities to OSI as requested by OSI.  Such services  shall be
performed at such times as are mutually acceptable to both parties.

        2. Duration of Contract.  This Agreement  shall be effective on the date
hereof, and shall continue until December 31, 1999.

        3. Compensation.

           (a)  Fees. For services provided hereunder, Dolan shall be paid a fee
of $134,400 in advance.

           (b)  Expenses. For travel incurred at OSI's direction, OSI will
reimburse Dolan his actual reasonable  expenses for meals and incidentals,  plus
the actual reasonable cost of transportation and lodging.

           (c)  Requests  for reimbursement  of  expenses  shall  be directed to
Daniel T. Pijut.  OSI shall promptly pay all such requests for reimbursement.

        4. Nature of  Relationship.  Dolan is retained by OSI as an  independent
contractor.  Dolan shall not enter into any agreement nor incur any  obligations
on OSI's  behalf,  nor commit OSI in any manner,  without  OSI's  prior  written
consent.

        5. Agreement and  Amendment.  This  Agreement  constitutes  the parties'
entire  agreement  and  supersedes  any  other  oral or  written  agreements  or
understandings  between the parties  regarding the subject matter  hereof.  This
Agreement may only be modified by a writing, signed by both parties.

        6.  Applicable  Law. This Agreement shall be construed under the laws of
Missouri.

        IN WITNESS WHEREOF,  the parties hereto,  intending to be legally bound,
have  hereunto  executed  this  Agreement  as of the day and year first  written
above.


DANIEL J. DOLAN

        /s/Daniel J. Dolan
        ------------------------------




OUTSOURCING SOLUTIONS INC.


        /s/Timothy G. Beffa
        ------------------------------
        Timothy G. Beffa
        President and Chief Executive Officer