- 22
- Aug
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 headaches commonly associated with debt collection.
Frankly, these 3 insider secrets are so powerful that it would be foolish to choose a prospective debt collector 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 when you go with these agencies you’re the one who’s risking everything! Regardless of whether or not they collect your account they’ll still charge you an upfront fee for chasing the debt. So not only do you end up with no money recovered, you also have to pay for their failure to recover your money!
Net Result: You lose twice while they always 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: NEVER deal with a collection agency that won’t guarantee collection of your debts!
Insider Question #2: “What Do You Do If A Debtor Disputes The Account?”
Don’t be fooled… this one’s HUGE!
Regretably, more and more debtors falsely dispute their debts in a ruthless attempt to get out of paying their accounts. And what makes this underhanded tactic so powerful is the fact that with rare exception collection agencies will either point-blank refuse to touch a disputed debt OR they’ll charge you exorbitant fees to do so.
As such, you’re abandoned to deal with disputes yourself.
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: “Can You Recover My Debts Without Charging Me Or My Debtors A Cent Of Commission On Collection?”
If you could only ask one question of a prospective debt collector, this would be it.
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.
How come?
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.
On the other hand, should you possess the right to legally pass on collection costs to your debtors the temptation exists for you to say to yourself, “No problem! I get back every cent owed to me while my debtor gets stung with the agency commissions.”
However, what usually happens is your debtors get most upset at being stung with penalty fees 20% to 40% more than what they originally owed you. Out of their desperation and anger these individuals make up shameless lies in the form of a disputed debt in order to avoid paying anything.
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.
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