If you need to recover your debts, finding an affordable and effective collection agency can prove to be challenging. Being in such a large and unregulated industry debt collectors vary enormously in both ethics and effectiveness. As such, if you don't pick the best agency chances are you'll lose literally hundreds and thousands of dollars both in ravenous debt collection fees as well as in un-recovered debts.
Thankfully, there are three powerful debt collection secrets to locating top-notch debt collectors that when put to work will save you mountains of money as well as recover more of your debts faster... while protecting you from the usual frustrations commonly associated with debt collection.
So revealing are these three secrets that it'd border on negligence to pick a prospective debt collection agency without first asking these three questions...
Insider Question #1: "Is Collection Of My Debts Guaranteed?"
If they tell you "No Collection means No Commission" - look out! This is nothing more than a thinly veiled ploy of deception.
Because in reality when you go with these agencies the only person at risk is you! Irrespective of whether or not they recover your debt they'll still hit you with an upfront fee for pursuing the debt. So not only do you end up empty-handed, you also have to cough-up for their incompetence!
So you end up losing twice while they come out with money in their pockets.
Even though such agencies are rare, you simply must do whatever it takes to find a collection agency that shoulders the risk of not recovering your accounts.
Bottom Line: ONLY ever deal with a collection agency that guarantees collection of your debts!
Insider Question #2: "How Do You Handle Disputed Debts?"
Don't be fooled... this one's a BIGGIE!
In a desperate effort to get out of paying their accounts, more and more debtors falsely dispute their debts. And what makes this dirty tactic so powerful is the fact that almost without exception debt collection agencies will either flat-out refuse to have anything to do with disputed debts OR they'll charge you outrageous fees to do so.
As a result, you're left to your own devices to deal with your disputed debts.
However, trying to recover a disputed debt alone -- even if it's blatantly bogus -- is as financially crippling as it is emotionally infuriating. The legal costs alone can very quickly overshadow the size of the overdue account.
However, what fee people know is there are a handful of collection agencies that are geared to manage disputes on your behalf without charging you extra. It's for this reason that before you sign anything with a prospective debt collector you must get them to verify exactly how they handle disputed debts.
Take Home Message: Only deal with collection agencies that are fully geared o deal with disputed debts without charging you extra for it. As I said, this one's huge.
Insider Question #3: "Do You Offer Commission-Free Recovery?"
Of the three insider questions to ask, this one is by far the most revealing.
Granted, on the surface charging a commission on collection doesn't sound so bad. However, as you're about to see charging a commission on collection from the outset massacres your chances of recovering your accounts in full.
Why?
If you lack the legal right to pass on collection costs, any money that's recovered on your behalf will be dramatically diminished by the commission on collection. On recovering your money debt collection agencies that charge commission from day one can skin anywhere between 20% to 40% right off the top. No matter how you look at it that's a huge price to pay to get back money that's rightfully yours.
Alternatively, where you can legally pass on all collection costs to your debtor you can be forgiven for thinking, "No dramas! It's my debtor who gets hammered with the commission while I get to keep every cent owed to me."
However, what normally happens, stung with penalty fees 20% to 40% over and above the original debt these angry debtors shamelessly try it on with bogus disputes in an effort to get out of paying a cent.
At The End Of The Day: Even though it's your debtor who has to foot the agency fees, you're the one who ultimately loses as it's you who fail to recover the majority of your debts.
So in short, you should only ever hand your debts over to a debt collector who guarantees recovery of your accounts~debts within a commission-free window and do so for a low one-time fixed-fee... regardless of whether or not the debt is undisputed. - 16890
Thankfully, there are three powerful debt collection secrets to locating top-notch debt collectors that when put to work will save you mountains of money as well as recover more of your debts faster... while protecting you from the usual frustrations commonly associated with debt collection.
So revealing are these three secrets that it'd border on negligence to pick a prospective debt collection agency without first asking these three questions...
Insider Question #1: "Is Collection Of My Debts Guaranteed?"
If they tell you "No Collection means No Commission" - look out! This is nothing more than a thinly veiled ploy of deception.
Because in reality when you go with these agencies the only person at risk is you! Irrespective of whether or not they recover your debt they'll still hit you with an upfront fee for pursuing the debt. So not only do you end up empty-handed, you also have to cough-up for their incompetence!
So you end up losing twice while they come out with money in their pockets.
Even though such agencies are rare, you simply must do whatever it takes to find a collection agency that shoulders the risk of not recovering your accounts.
Bottom Line: ONLY ever deal with a collection agency that guarantees collection of your debts!
Insider Question #2: "How Do You Handle Disputed Debts?"
Don't be fooled... this one's a BIGGIE!
In a desperate effort to get out of paying their accounts, more and more debtors falsely dispute their debts. And what makes this dirty tactic so powerful is the fact that almost without exception debt collection agencies will either flat-out refuse to have anything to do with disputed debts OR they'll charge you outrageous fees to do so.
As a result, you're left to your own devices to deal with your disputed debts.
However, trying to recover a disputed debt alone -- even if it's blatantly bogus -- is as financially crippling as it is emotionally infuriating. The legal costs alone can very quickly overshadow the size of the overdue account.
However, what fee people know is there are a handful of collection agencies that are geared to manage disputes on your behalf without charging you extra. It's for this reason that before you sign anything with a prospective debt collector you must get them to verify exactly how they handle disputed debts.
Take Home Message: Only deal with collection agencies that are fully geared o deal with disputed debts without charging you extra for it. As I said, this one's huge.
Insider Question #3: "Do You Offer Commission-Free Recovery?"
Of the three insider questions to ask, this one is by far the most revealing.
Granted, on the surface charging a commission on collection doesn't sound so bad. However, as you're about to see charging a commission on collection from the outset massacres your chances of recovering your accounts in full.
Why?
If you lack the legal right to pass on collection costs, any money that's recovered on your behalf will be dramatically diminished by the commission on collection. On recovering your money debt collection agencies that charge commission from day one can skin anywhere between 20% to 40% right off the top. No matter how you look at it that's a huge price to pay to get back money that's rightfully yours.
Alternatively, where you can legally pass on all collection costs to your debtor you can be forgiven for thinking, "No dramas! It's my debtor who gets hammered with the commission while I get to keep every cent owed to me."
However, what normally happens, stung with penalty fees 20% to 40% over and above the original debt these angry debtors shamelessly try it on with bogus disputes in an effort to get out of paying a cent.
At The End Of The Day: Even though it's your debtor who has to foot the agency fees, you're the one who ultimately loses as it's you who fail to recover the majority of your debts.
So in short, you should only ever hand your debts over to a debt collector who guarantees recovery of your accounts~debts within a commission-free window and do so for a low one-time fixed-fee... regardless of whether or not the debt is undisputed. - 16890
About the Author:
If you've got bad debts and you're thinking of referring them to a collection agency be sure you watch The Debt Doctor's free online video which lifts the lid on hidden collection agency traps.
No comments:
Post a Comment