TOPIC: Debt Collection
Debt Collection
Collecting debts can be time consuming and frustrating. Why not let the new breed of collection systems help you out at pennies on the dollar of old fashioned debt collectors. We present the best options.

Stop Wasting Time With Debt Collection!

Posted by Mark Hess

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It sucks when someone owes you money. It may be an oversight, or it may be intentional.  

Someone may be trying to get away with your honestly earned profits, or they may be incapacitated from an injury or accident. But you’re not in the mind reading business (you’re not, right?) and you just need your money.

So you spend timing re-submitting an invoice or bill; you might make calls or send emails, but whatever you do, as a business person, you have a job to do; and it's not spending the time or resources trying to collect on debts. This is where Debt Collection Services can come in handy.

And the new services are better. They're less expensive then in the past and more effective. What more could you ask for? 

How Do The New Services Work?

It is the job of a debt collection agency to seek out individuals who owe you money and make sure that their debts get paid off.  First debt collectors will send gentle reminder bills to the people you're having trouble with. In their first bill, they must give 30 days to request validation for the debt. That notice may also be given over the phone if a phone call is the first contact the collector has.
  • Some debt collectors will call, send letters, and may eventually place the situation on the debt holders credit report. 
  • Debt collectors may call several times a day (limited to between 8am and 9pm), especially if the debt-holder doesn’t answer their phone calls. However, collectors are forbidden from calling back-to-back in an attempt to annoy. 
  • When a debt collector has a hard time reaching a debt-holder, they may call their friends or neighbors to make sure they have the correct contact information. They're not allowed to reveal that they're collecting a debt and they can't contact the same person more than once.
  • Debt collectors are required to abide by the Fair Debt Collection Practices Act, or FDCPA, when they're collecting a debt.
There are many benefits to using a debt collection service. It saves you the hassle of trying to collect the debt yourself and it also often creates a stronger incentive for clients to pay you back: with the ability to hurt their credit score if they don’t. Most importantly, it allows you to get money back sooner and more easily, while you stay focused on business. 

Without the use of a debt collection service, it’s sometimes too easy for a customer to just ignore a debt or run away from it. There’s no reason not to use such a service: sure you pay a small fee for the service, but isn’t it better to pay for debt collection, and get your money back, than to never get your money back at all.

On the following tabs are vendors that we trust to help you get what you deserve, as well as deals from all over the Internet to help you save even more money. Tell us your worst debtor’s story, we want to know.

Alec Hess is a marketer and small business expert as well as Principal of Full Voice Media and Vanguard Healthcare Products; and co-founder of BizSaves. His focus is on small business success and he has consulted, guided and advised many firms.
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Articles on Debt Collection:

Forbes: Two Shades of Debt Collection Entrepreneur: Hiring a Collection Agency Entrepreneur: Debt Collection Tips
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