Companies hire debt collection agencies for the collection of their bad debts. For this, many companies have their in-house debt collection branches, but many others would prefer hiring the services of specialized agencies. Generally, debtors are intimidated or scared of debt collection agencies, since they are ignorant of the powers assigned to such agencies. Definitely, there are some unscrupulous agencies, which make debtors believe that they possess powers greater than they really have, but that doesn’t help the state of affairs.
Debt collection agencies are paid in two ways. One is to pay them a fixed amount, while the other is to pay them a percentage of the debt collected. In fact, there are agencies that buy some debts straightway. Simply this implies that, if a debtor owes money to a company, and that company sells the debt to a debt collecting agency, legally the debtor would be requisite to pay that debt to the agency. By selling to an agency, the company gets some percentage of the total debt. Whatever amount the agency collects from the debtor is retained by the collector. Since the agency needs to assort more funds beyond what it paid to the company for buying that debt, it employs all kinds of tactics, and often indulges in some unwarranted practices.
Debt collectors are not empowered to enter your premises or take the possession of your belongings. Rather, they can just demand money from you. The point is that they keep calling upon the debtor time and again. The dishonest collectors are known to threaten debtors with the intention of recovering the dues. Conversely, a professional debt recovery agency would try to develop a helpful relationship with their debtors, and thus begin the process of bargaining for debt recovery. In many such cases, the debtor can anticipate a part of the debt to be written off.
Debt collectors are not anticipated to call upon debtors at awkward times, like too early in the mornings or too late in the evenings. Though they may call upon you at your workplace, they ought to stop doing so when being informed that you are not allowed to accept personal calls at the workplace. Debt collectors are not allowed to harm, or threaten you in any manner or use abusive language. Nor can they make bogus claims around your debt, or tell lies about their legal rights or official rank, taking away your assets or getting you arrested.
Debt Collection Agencies: A
All debt collection agencies starting with the letter A, including American Recovery Service.
Debt Collection Agencies: B
Collection agencies starting with the letter B, such as Bureaus Investment Group.
Debt Collection Agencies: D
Collection agencies starting with the letter D, including Delanore, Kemper & Associates.
Debt Collection Agencies: E
Collection agencies starting with the letter E, including Estate Information Services.
Debt Collection Agencies P-R
A list of collection agencies beginning with the letters P-R, including Regional Finance.
Debt Collection Agencies: S
Debt collection agencies beginning with the letter S, including Suttell and Associates.