If you’re a businessman seeking to recover your debts, finding a powerful, affordable and trustworthy debt collection agency can be a challenging task. With countless collection agencies of varying size and experience out there picking the wrong one will set you back hundreds, thousands, and quiet easily thousands of dollars both in lost collections as well as in deceptive collection fees and commissions.
However, there are 3 powerful secrets to finding the right debt collection agencies that whenever you put to work for you will save you a ton of money as well as recover more of your debts faster… all without exposing you to the typical headaches and frustrations that so often choose debt collection.
So revealing are these 3 insider questions that only a fool would pick a collection agency without first asking these three questions. In order of growing importance, here then would be the 3 questions that empower you to definitely quickly and accurately sort the diamonds from the dust.
Insider Question #1: “Would You Guarantee Collection Of My Debts?”
Most agencies will state that no collection means no commission. Don’t be fooled. This can be NO guarantee of collection but instead a transparent ploy of deception.
The truth is whenever you go using these agencies you’re the main one risking everything. Irrespective of whether or not they collect the debt they’ll still charge you an upfront fee for pursuing the debt. So not only do you find yourself without money recovered, you also have to pay for their inability to recover your hard earned money. So you wind up losing twice when they come forth with funds in their pockets.
What you want is a guarantee that this money you invest with the agency would really bear a return in the form of a collected debt. Bottom line: never cope with a collection agency that won’t guarantee collection of your debts.
Insider Question #2: “How Can You Handle Disputed Debts?”
Make no mistake.. this one’s a biggie. In a ruthless effort to escape pay their accounts a lot more debtors falsely dispute their debt. And what makes this dirty tactic so powerful is the fact that almost without exception debt collection agencies will either refuse to have anything to do with disputed debts OR they’ll charge exorbitant fees.
But attempting to sort out a dispute on your own, even whether its blatantly fraudulent, is as financially crippling because it is emotionally infuriating. The legal costs alone can very rapidly dwarf the dimensions of the unpaid account.
Fortunately you will find a couple of collection agencies which are geared to manage disputes for your benefit at no additional charge. That’s why it’s imperative that before you sign any agreement using a prospective debt collection agency you receive those to verify precisely how they handle disputed debts.
Take home message: only deal with debt collection agencies that have systems in position to cope with both genuine and bogus disputes without charging you extra for it. Because I say, it is a biggie.
Insider Question #3: “Do You Charge A Commission On Collection From Day 1?”
In the three insider questions to ask, this one is quite possibly the most crucial. Granted, on the surface charging a commission on collection may not sound so bad. However, as you’re about to see charging a commission on collection from day 1 slaughters your chances of getting back all the money that’s rightfully yours.
Here’s why. In the event you lack adequate regards to trade and therefore are liable to pay collection costs, money that’s collected as your representative is going to be significantly whittled through the commission on collection. On recovering your cash debt collection agencies that charge commission from day one can skin anywhere between 20% to 40% right off the top. No matter how you fuovco at it that’s a massive price to pay for to have back the cash that’s rightfully yours.
Alternatively, that you can legally pass on all collection costs to your debtor you might be forgiven for thinking all is sweet… it’s the debtor who gets slapped with the commission while you get to keep all money owed to you.
However, what usually eventually ends up happening, stung with 20% to 40% more than the things they originally owed you these debtors constitute bogus lies to dispute the debt in order to avoid paying it.
Net result: even though it’s your debtor who gets stung using the collection costs, it’s you who ultimately misses out while you forget to recover much of your debts. It’s for this reason that you ought to absolutely refuse to handle any collection agency that charges a commission from day one, especially if they don’t charge a 1-off fixed fee and even much more when they don’t guarantee collection.