One of the things that trouble you as a business owner is the painstaking process you need to follow to repay the debts. But what happens when the debt collection calls hound you day and night? It is annoying indeed but you need to deal with the collectors, what you should or should not do, and how to change the attitude. Knowing how to handle collector calls can ease anxiety to a great extent.
Find out whether you want to talk to the debt collector service. If you are ready to communicate with them, try to maintain a record of the discussions. Furthermore, you need to tell the service provider, that the debt is not yours. You may decide not to communicate with the collector and send a written request mentioning that. However, do not forget the flip side of the coin being a debt owner. You must avoid giving personal information or promise them to make the payment within a specified timeline. If you acknowledge the debt, pay a token amount towards the debts you owe. Debt collectors are often ruthless when it comes to being pushy. You need not lose your temper.
Here are the things you need to know when handling the calls of recovery services. The service providers will convince you that they are at the top of the priority list but you need to stay inert.
1.Calculate the debts
How much money do you owe to the customer when you already start receiving reminder calls and letters? Not all recovery services stay on the right track when getting the loans back and may also lie. If you know the number of debts, it is easier to determine whether it is right to be plagued by the collection service.
2.Sued for unpaid debts
The debt recovery procedure can stretch for months and years even when your credit report gets a negative ranking. If you haven’t paid anything, how long will the situation continue? Can you be sued for unpaid debts? Well, a lot depends on the size of the amount you owe and the disposition of the creditor. The more the delinquent amount, the higher the amount of debt. That does not mean that the collection agency will not sue you. It may mean that you need to repay the debts as early as you can to avoid being taken to the court.
3.Know your rights
How far can a commercial collection firm go to recover the amount you owe? Talk to other business owners to find out their way of dealing with the firms or the service providers. Regardless of how you spin the money you owe to your clients, having too much debt may mean that you may get alert messages from the collector’s office. The agencies may bug you with weekly letters and daily phone calls. If you have seen or heard similar stories from other businesses, it’s time to call the shots. Many service providers rely on technology to turn the tables on debtors. If you want to turn them back, communicate with the service provider and tell them about your intentions without losing your temper.
4.Afford to pay
A collector does not stop collecting debts even if you cannot afford to pay. Do not admit anything to rekindle the statute of limitations. You might take the situation beyond your limit of control.
5.Do not hide your whereabouts
You might have a gut feeling that changing your phone number or address may put you at ease. Don’t go wrong with your assumptions when dealing with a debt collection service. The collectors can go legal as far as recovering the loan amount is concerned and inquire from your friends or employees to acquire more information.
6.Things to remember
When dealing with debt recovery services, get everything in writing instead of trusting verbal exchanges. Besides, you must not give them access to the checking account as that may pose risks or allow them to get the entire amount cleared.
If you think that a fake service provider has contacted you, you must not let out your financial information. It will save you money and headache in the long run. Nelson, Cooper & Ortiz LLC is a registered firm using the best debt collection software to recover loans from businesses that owe their customers. They are a registered agency and comply with federal rules to recover debts.
