Direct Recovery

APRIL 18, 2023

In most cases, some qualifications and credentials will be required to distinguish that you are working with a reputable collection agent. This allows commercial collection agents more flexibility in collecting on your behalf, but it is always a fine line between pushing too hard and not pushing hard enough.

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Direct Recovery

APRIL 16, 2023

The first step in implementing a wage garnishment is for the collection agent to obtain a judgment against the debtor. Once the wage garnishment is in place, a debtor can still negotiate with the collection agent to set up a repayment plan. If you need to catch up, try to work with collection agents.

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Direct Recovery

JANUARY 17, 2021

There is no shortage of ways in which the COVID-19 pandemic has changed the way business is done around the world in 2020, and that is definitely true for anyone operating in the collections industry. Let’s break down some of the things top agents are doing to get the job done. Understanding the Situation. Wheeling and Dealing.

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Debt Recoveries

DECEMBER 14, 2020

Slow paying debtors means more cash is locked-up so you cannot use it to pay your own bills and staff; this is usually the biggest contributor to bad cash flow. Debtors paying sooner will create a faster flow of cash so you can reduce your borrowings, or fund growth more easily.

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Direct Recovery

SEPTEMBER 16, 2022

In fact, it is considered reasonable for debt collectors to attempt to reach a consumer by phone one time each week, unless the consumer has provided the collection agent with a specific written request that they stop trying to contact them by phone. Send Letters (But Not Too Many). Garnish Your Wages (If They Obtain a Judgment).

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The Kaplan Group

JULY 15, 2020

If collection agents like me are calling you, you need to reduce your debt. To avoid your account being sent to collections, you need to find ways to reduce your debt. If others owe you money, send them to collections. A trained collection agent can resolve the issue faster than your staff.

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Nexa Collect

JUNE 20, 2020

Your collection agency will analyze your contract(s) and see where the breaches have occurred, if there are potential penalties or incentives that might be used to motivate the debtor to pay, and even help you better understand how to protect yourself in the future.

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Payment Savvy

JULY 21, 2021

In the debt collection process, there are two parties actively involved – the debtor and the agent. If you don’t know the differences between agent-facing vs. self-service gateways – you should! What are Agent-Facing Payment Portals? This allows each agent a custom set-up.

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National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 5: Improper contact or sharing of information.

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UK debt collections

JUNE 8, 2022

Guidelines on debt recovery letter phrasing warn against using “potentially misleading” words such as “enforcement” in trading names so as not to deceive debtors.

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Collections Collection Agencies Collections Agency Collection Agent 75

Debt Recoveries

JUNE 1, 2021

In order to prevent serious cash flow problems before they get started, here are 12 quick tips to collect debts fast and make sure your receivables continue flowing smoothly. . Knowledge is power, and the more you know about your debtors/customers, the more power you have. Our debtors know we will not give up easily.

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Collections Debtor Debt Recovery Collection Agencies 59

The Kaplan Group

JUNE 25, 2022

As a commercial debt collection expert with years of experience, I understand the rage you feel when you think about the money you’re owed and the length of time you’ve been waiting for payment – not to mention the deceptive, unethical, illegal moves your debtor has made along the way. On some level, debtors might deserve all that.

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Collections Debtor Collection Agencies Collections Agency 52

The Kaplan Group

NOVEMBER 9, 2020

In collections, we often have to weigh risk and reward and make similar calculations. When trying to decide what the riskier or safer course of action is, we consider not only the amount of money owed, but also the specific debtor company and management, the business sector and the economy in general.

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Taurus Collect

JANUARY 14, 2021

We are getting a number of calls from clients asking whether they should be using business debt collectors to pursue debtors on their behalf, in the current climate. It may be sensible for example, to give debtors more time to respond to letters and other issues (perhaps allowing 14 days instead of 7 days).

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Taurus Collect

APRIL 3, 2023

Understanding the UK’s Statute of Limitations on Debt Collection When dealing with international debtors, it is important for companies to understand the limitation laws of the country in which they are collecting money. They also need to be aware of their rights should court proceedings become necessary.

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Payment Savvy

JANUARY 7, 2021

If you cannot communicate, you cannot collect the debt on behalf of your client. Collecting late payments can be frustrating. However, it’s not an excuse to be impolite to debtors. Train agents off the bat how to successfully communicate with a rude consumer. Use official and compliant language. Final Thoughts.

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Payment Savvy

JUNE 16, 2020

Remember that there are specific laws regulating communications between a collector and a debtor. For example, the Fair Debt Collection Practices Act (FDCPA) prohibits abusive, deceptive, and unfair practices during debt collection. As such, you want agents to be well-trained before ever speaking a word to a debtor.

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Collections Debtor Collection Agencies Collections Agency 52

Credit Management Company

DECEMBER 20, 2018

By actively listening to a debtor, the collector can reduce any isolation the patient may feel, especially during the holidays. When making collection calls during the Christmas season, make sure the patient understands that the call is about working to resolve his or her debt, not just about collecting a payment.

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Collections Healthcare Collection Agent Collection Agencies 53

Stevens Lloyd

JULY 30, 2018

For foreign creditors, collecting debts in the United States can be daunting. Moreover, the legal system in America can favor the debtors in certain situations. This is because of perceived harassment by creditors and debt recovery firms during the collection process. Debt Recovery in the United States.

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Debt Recoveries

AUGUST 29, 2021

Slow paying debtors means more cash is locked-up preventing you from using it to pay your own bills and staff; this is normally the biggest contributor to poor cash flow. Debtors paying sooner will create a faster flow of cash so you can reduce your borrowings, or fund growth more easily. . Solvency . Customers . Creativity .

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Debt Recoveries

MARCH 26, 2020

Slow paying debtors means more cash is locked-up preventing you from using it to pay your own bills and staff; this is normally the biggest contributor to poor cash flow. Debtors paying sooner will create a faster flow of cash so you can reduce your borrowings, or fund growth more easily. Can you pay your bills as they fall due?

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Collection Industry News

JUNE 24, 2023

Documentation and Record-Keeping: Maintaining accurate and detailed documentation throughout the debt collection process is crucial. This includes records of communication with debtors, payment agreements, debt validation requests, and any other relevant information.

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The Kaplan Group

JUNE 25, 2020

Be proactive to keep the debt being sent to a collection agency which has an even bigger negative impact. If a collection agent calls you, don’t ignore it. While this strategy can buy a little time, it will hurt your credit rating. Try to work out a payment plan with your vendor.

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Collections Collection Agencies Collections Agency Collection Agent 64

Credit Management Company

APRIL 5, 2022

One way is to hire collection agencies. Finding the best collection agency partner is a reliable way to get the money your business needs. With effective collection agents, you can get paid faster and increased legal protection. As such, companies should be transparent about their tactics for contacting debtors as well.

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The Kaplan Group

JANUARY 19, 2021

You can read more tips for dealing with collection agents here. Facing the problem and working it out within your financial constraints is likely the lowest cost option. Call a lawyer if necessary if the collector is violating the law. The post FDCPA: 6 Things to Know About Regulation F appeared first on The Kaplan Group.

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Debt collector Collection Agencies Collections Agency Collection Agent 59

Debt Recoveries

NOVEMBER 13, 2020

Even if the business cannot pay immediately, having a guarantee makes it more likely the guarantor will talk with you, or your collection agency. Most debtors owe multiple vendors, not just one. We, as collection agents, collect more money and faster when our clients have personal guarantees.

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Taurus Collect

JANUARY 23, 2023

Overall, tax refunds can significantly affect debt collection by giving customers and creditors more options on how they handle their outstanding balances. If approved, any funds remaining after offset notices are taken out will be sent directly to the qualifying debtor.

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Troutman Sanders

JUNE 21, 2023

State Activities: On June 16, Nevada Governor Joe Lombardo approved SB 276 as an update to the state’s Collection Agency Licensing Act. Originally adopted in 1969, the act provides for the licensure and regulation of collection agencies and collection agents. For more information, click here.

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FDCPA Defense

APRIL 17, 2019

Instead, the letters had been mailed by collection agencies that had used an attorney’s letterhead in a misleading fashion. 1993), a collection agency sent letters to “approximately one million debtors each year” using a computerized mass-mailing system, on letterhead listing “P.D. In Clomon v. Jackson , 988 F.2d

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