Monday, January 12th, 2009
I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. November 2008 I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.
Tags: advanta, auto bail out, auto makers, banking, cnbc, collection agency, consumer affairs, credit, credit card, debt, debt collection industry, Finance, Finance:Credit, government, lending, scam, washington d.c.
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Tuesday, December 23rd, 2008
Debt collection’s is a billion dollar industry. According to Rapid Recovery Solution, Inc. income from late fees and over-the-limit fees accounted for $14.8 billion dollars in the year 2004.
Tags: Business, collection agency, collection agency services, collection company, debt collection agencies, Finance, manufacturers, service companies, wholesalers
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Saturday, December 20th, 2008
Like the phoenix that rises from the ashes, so does so-called zombie debt. A consumer may think it’s dead, but it keeps coming back to haunt them.
Tags: banks, Business, collection agency, collection company, debt collection agencies, Finance, manufacturers, medical offices, service companies, wholesalers
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Tuesday, December 16th, 2008
No matter what you do to try and weed out potential deadbeat customers, sooner or later one or more accounts will become past due. When you find yourself with a past due account on your hands, the worst thing you can do is ignore the problem. The more time that passes between the payment due date and the time that the customer is contacted, the less likely you are to receive the full payment. After 6 months, you statistically collect only 50% of the amount due and after a year that amount drops to only 25% of the original debt. If you’re serious about making a profit, there are three ways to handle collection on past debt; in house efforts, hiring a collection agency, or taking legal action.
Tags: Business, collection agency, collection agency services, collection company, debt collection agencies, Finance, manufacturers, service companies, wholesalers
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Friday, December 12th, 2008
Statute of Limitations on Debt Collection is the amount of time that creditors have to collect their debts by suing you in court and by other legal methods. Once the statute of limitations period is over, the creditors cannot sue you in court. However, the debt that you owe STILL REMAINS. Do not think that once the statute of limitations period is over, your debt will disappear. It will not! Creditors can collect their debts owed via other legal methods like a debt collection company.
Tags: Business, collection agency, collection agency services, collection company, debt collection agencies, Finance, manufacturers, service companies, wholesalers
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Friday, December 12th, 2008
When you find yourself in a situation that may lead to larger complications down the line, you try to find the fastest and most headache-free solution to the problem. It is always the best way to nip the problem in the bud before it even starts.
Tags: Business, collection agency, collection company, commercial collection agency, Finance, manufacturers, medical offices, service companies, small business, wholesalers
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Tuesday, December 9th, 2008
Do you know how many patients your medical collection agency collected from last year? If you don’t, how can you evaluate their effectiveness or your return?
Tags: Business, collection agency, collection agency services, collection company, debt collection agencies, Finance, manufacturers, service companies, wholesalers
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Wednesday, December 3rd, 2008
The small claims court cannot collect your money for you, but the clerk or small claims adviser can tell you about some ways to do this yourself. Some just hire a collection agency.
Tags: Business, business;finance, collection agency, collection agency services, collection company, debt collection agencies, Finance, manufacturers, medical offices, service companies, wholesalers
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