How to pick a debt collection agency fast? Give Options. If a customer is having trouble paying off debt, it might be possible for him to make payments over time. Try to work out a plan that will work for both the customer and your client. The goal is to get the customer to pay the entire debt as quickly as possible. Listen carefully and offer options until something workable is defined. Recap the Terms. Once a payment plan has been agreed to, verbally summarize the plan for the debtor. This summary should include specifics of when the debtor will send each payment, and what form of payment will be used. Then document it in writing via email, fax or letter. Ask the debtor to call or e-mail you once a payment has been sent.
Use Your Flexible Spending Account Balance: Workers who have flexible spending accounts need to use up their balances soon. These accounts have “use it or lose it” provisions in which money reverts back to an employer if not spent. While some companies provide a grace period for purchases made in the new year, others end reimbursements at the close of the calendar year.
Waiting for your clients to pay back by themselves is something that will never happen. And if you wait longer than 90 days, the chances are greater you’ll never be able to recover your money. Involving a collection agency is the best choice, as the collection agents or law firm are experts in getting the recovery payments from clients in a proper way. By implementing these ways, you can get the pending payments from your clients quickly and easily. Discover extra information on How to choose a collection agency.
Many of the courts in Harris County, Galveston County and Fort Bend County require mediation to be completed before a trial can be held. Mediation is when both sides meet with an independent third person who attempts to get the parties to reach an agreement. A mediator is a go-between and does not have the power to make any decisions in the case. If neither side files or prevails on a summary judgment motion and settlement is not reached, the case will be set for trial. In a trial for an unpaid debt, the judge (or jury in some instances) decides two questions. The first question the judge decides is if the Defendant legally owes a debt to the Plaintiff or not. If it is decided a debt is owed, the second question the judge decides is how much the Defendant owes to the Plaintiff. In a debt lawsuit, the Defendant’s ability to repay the debt or reason the Defendant failed to make payments on the debt is irrelevant to the questions the judge is deciding.
How much does a collection agency charge? Contingency Option: Our collection agencies will provide quotes based on what is referred to as a placement rate. The placement rate charged is typically 15-60% and is contingent on the debt being collected. Flat fee Option: A one-time fee ranges between $5-$15 fees depending on what needs to be done to the account. Read extra information on here.