If you currently have a debtor that is making excuses for non-payment or outright refusing to pay, then you might want to consider soliciting the services of a professional debt collection agency. In the past few years, there has been a rise in the number of debtors who refusing to pay monies owed.
If you currently have a debtor that is making excuses for non-payment or outright refusing to pay, then you might want to consider soliciting the services of a professional debt collection agency. In the past few years, there has been a rise in the number of debtors who refusing to pay monies owed. Due to this, debt collection agencies are quickly evolving. Such agencies are serving a major role in collecting debt from the defaulters.
A debt collection agency can use different tactics and strategies in order to collect the payment from the debtors. Advanced business debt collection strategies and tools used by agencies place a different type of pressure on debtors to incentivize paying the outstanding debt. One of the most creative tactics the Stevens Lloyd Group employed was grounding an asset of a debtor in the United States until payment was made resulting in the collection of $146,588.32. Here is an excerpt from our Air Philippines case study :
“Through our investigation, we come to know that it owned an aircraft which was outright on the ground in Los Angeles, CA. The Martin Goldman firm based out of southern California was retained by the Stevens-Lloyd Group. A lien against the Air Philippines was placed by Mr. Goldman. He seized the plane which was halted on the ground at LAX. Leaving no choice to Air Philippines, it had to pay our attorneys $146,588.32 to free the aircraft. Through the use of advanced debt recovery practices and their experience in the Aviation Industry, The Stevens-Lloyd Group recovered the whole amount which the debtor owed to GM Air $146,588.32. Their team achieved this within four months of intense collection activity.”
Debt Collectors Strategies:
Collection Agency Communication
A debt collection agency will first contact the debtors anytime. They may also send emails to them. If the debtors are not responding to emails or calls then they find another solution. To track them down, they may contact their neighbors, friends or relatives in order to contact them.
Debt Service Legal Action
If communication does not work or debtors are responding, then professional debt service providers will take legal action against them to collect the debt. They can send liens, garnishments, and lawsuits after getting a court order against the debt defaulters. Garnishment is a legal procedure in which the creditor can freeze the bank accounts of the debtors. Debt collection agency can also take a lien against the property of the debtor.
Debt Collection Expiration
Debt collection does not have any time frame rather it can be collected anytime as long as the debt collection agencies attempt to collect. If the time given to debtors to pay their debt is over, then a collection agency can take legal action. Debt collectors can also report negative information on the credit report of debtors which may affect their credit scores.
In this hectic life, debtors create a lot of financial stress on a business. If you have failed at all your debt recovery attempts and are out of debt recovery solutions, consider hiring need a professional. The Stevens-Lloyd Group is known for our advanced debt collection techniques, we have very strong relationships with collection attorneys and are able to handle any size of outstanding debt. We take the stress out of debt collection!
Few people are knowledgeable when it comes to collecting money and commercial debt recovery agencies. Debts have mounted throughout world economies and the need for collection agencies have risen. Business to business debt collection is often most successful when a professional collection agency is involved.
Few people are knowledgeable when it comes to collecting money and commercial debt recovery agencies. Debts have mounted throughout world economies and the need for collection agencies have risen. Business to business debt collection is often most successful when a professional collection agency is involved. Collection agencies are like dentists in the sense that you hope you never need one but if you do you want the best. There are thousands of collection agencies in the United States to choose from. The Stevens-Lloyd Group has over 60 years of combined experience in the commercial debt collection arena. As a commercial debt recovery firm, we understand the urgency of recovering outstanding accounts receivables.
But imagine dealing with a debtor who suddenly disappears by changing their address and contact information without notifying you. It might at that point seem like you have lost your money, but you must bear in mind that it is unlikely that anyone would be able to simply vanish off the earth’s surface.
When placing business with a corporate debt recovery firm, to ensure the highest possible rate of success at locating debtor companies, be sure to provide as much information as possible. The more knowledge the commercial collections agency obtains from their clients the greater the chances of successful debt recovery.
This material must include names of owners, officers or directors and spouses. Moreover, business and personal addresses, telephone numbers and email addresses are critical pieces of information. By providing this information and maintaining communication with the commercial collection agency, the process will be less frustrating and more effective.
Prior to placing the account with the commercial collection agency, we recommend that the creditor mail a firm ten-day demand letter to the debtor which incorporates a deadline of payment in full. This enables them to understand how long they have left to pay the debt before the file is placed with an outside debt collector. If the debtor company does not respond or effect payment in full after a few letters, making phone calls and demands for payment need to take place. However, if the debtor avoids communication or disappears, it is time to deploy a professional debt recovery firm.
Furthermore, when you employ the services of a business collection agency, make sure you utilize a firm who will not harass and intimidate your customers and operates in an honest and ethical fashion. If the debtor cannot be located, another option the collection agency may have is to retain private investigators who can conduct a skip tracing investigation and locate the new address and contact information of the debtor company. This could prove to be most effective in ultimately recovering your money. And working with a commercial collection with experience dealing with a multitude of different industries, debt can be successfully collected from anyone, anywhere.