Frequently Asked Questions About Our Debt Collection Services
What is your success rate?
Excellent. Each individual debt is different; most debts are resolved with our initial approaches however the following conditions have a large impact on the collection rate:
- The debt is disputed.
- The debtor files for bankruptcy.
- The debtor actually has no money.
- The correct identity cannot be established
In our experience it pays to take action as soon as possible, otherwise you may find that you were too late. Once you implement our services your accounts should realize that it is in their own interest to resolve the matter and also that you are serious about recovering your money.
What do you actually do?
The first approach is made by letter which informs your debtor that we are Debt Collectors and that we have taken over management of their account with you and that they should make full payment. If they do not respond we can notify them of potential credit reporting and/or legal action. If there is still no response, polite but firm phone calls are made in a final attempt to resolve the debt. We explain to delinquent payers that it is in their own interests to pay because of the additional costs, and the serious adverse effect further action will have on their future credit worthiness.
How long do the letters & Phone calls take?
A variety of letters are sent out over a ninety day period. We will continue to contact until we determine all efforts have been exhausted.
If I decide not to take the case further at this stage is there any charge?
No. You do not pay anything if we do not collect.
Who decides if the debt is to proceed to Litigation?
We both do. If we fail to resolve the debt with the letters and phone calls we will normally proceed to Litigation if we think it is likely to produce a positive result. However we are not obliged to do so and may decline to take the matter further if we think we can no longer be of any further help. You may decide to "Write it off".
If the Debt is disputed can you help?
Yes, we can often negotiate a settlement on your behalf, you will be informed of any offer of settlement and you can then decide to accept or reject any offer.
Can you provide Legal Advice?
No. Only an Attorney is allowed to give legal advice. We are debt collectors. Debts are usually straight forward but if they are more complicated we suggest seek professional advice.
How often are letters and invoices sent?
Letters are sent in a manner to maximize effectiveness. They are sent on a regular schedule based on research for best response ratio.
What happens if a customer becomes seriously delinquent?
We consult with our client in order to determine if the account should be forwarded to our finalization or legal division. We will likely have begun the process of credit reporting, and may recommend to our client to take legal action as well.