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
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
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
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
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
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
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
