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In a case that was defended by Ethan Ostroff and the team at Troutman Pepper and Smith Debnam, a District Court judge in North Carolina has granted a defendant’s motion to compel arbitration and dismiss a class-action after it was accused of violating the FairDebtCollection Practices Act and the North Carolina CollectionAgency … The (..)
Perhaps you need to consider working with a collectionagency. Read on to learn how to hire a collectionagency that will serve your best interest and protect your good reputation. Menacing threats and middle-of-the-night phone calls are not the methods top debtcollectionagencies use.
The average American has over $90,000 of debt , and many struggle to manage this number. Therefore, many people find themselves encountering collectionagencies at one point or another. Unfortunately, much of what people “know” about the debtcollection industry relies more on myths than facts.
Are you worried that if you refer your customers to a debtcollectionagency you’ll lose control of your brand? If you’ve had negative experiences with debt collectors, you may think that asking someone else to handle your unpaid invoices is the wrong move. A collectionagency can help in those situations.
Everyone in the debtcollection industry is familiar with the FairDebtCollections Practices Act (FDCPA). Reputable collectionsagencies willingly follow these rules and treat patients with compassion and respect. The CFPB never said it wanted to stop collectionsagencies from performing their jobs.
When your company incurs a commercial debt, it should be handled by a B2B debtcollectionagency to avoid situations like this and to keep your business functioning smoothly without the monetary consequences of unpaid accounts receivable. What is B2B DebtCollection? Why use a B2B DebtCollectionAgency?
To ensure you understand how important consumer rights are, we’ve put together an overview of consumer rights in debtcollection. Debt Protection Laws. While this act does not excuse consumers from paying their debt, it does protect them from unfair or abusive debtcollection tactics. Entitled Privacy.
Even when you try to send customer debtcollection requests, they have fallen on black days. After speaking with colleagues, you were told about the possibility of commercial debtcollectionagencies taking over. This is known as business-to-business debt, these firms specialize in debt recovery owed by businesses.
Debtcollectionagencies are doing everything they can to take advantage of this trend, but they need to ensure their practices adhere to federal law in order to avoid penalties. It's prudent for agencies to make sure their own terms and practices adhere to the law. FDCPA Requirements. Termination Process.
Patient collections can be a challenge any time of the year, but are particularly stressful during the Holiday season. Some collectionagencies make the mistake of pausing collection efforts during this time of the year to avoid increasing tension between the healthcare provider and the patient. Timing is Everything.
While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy. Before you can collect on any debt, you need to validate the debt in accordance with the FairDebtCollection Practices Act.
Request a Goodwill Deletion – If You Have Paid The Debt. The first step, if you have paid the full collection account, settlement, or have been making regular on-time payments, is to mail the collectionagency a “ goodwill letter ” that explains your situation. Ask the CollectionAgency to Validate the Debt.
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