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.
However, there are 3 insider debt recovery secrets to separating diamond debt collectors from the dirt. Privy to these three secrets you'll possess the power recover more of your debts faster as well as save thousands i the process... all without exposing yourself to the usual nightmares that so often go with debt collection.
So revealing are these three secrets that it'd border on negligence to pick a prospective debt collection agency without first asking these three questions...
Insider Question #1: "Is Collection Of My Accounts?"
Most agencies will boast that No Collection means No Commission! Don't be fooled. This is NO guarantee of collection but rather a deceitful cop-out.
Because what few people realize is that the only person who stands to lose with such agencies is you! These agencies will charge you an up front fee for pursuing a debt, regardless of whether or not they actually recover that debt. In this way not only do you wind-up with no debt collected, you also have to pay for their incompetence to recover that debt!
Net Result: They always come out with money in the bank while you get stung twice!
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: ONLY ever deal with a collection agency that guarantees collection of your debts!
Insider Question #2: "How Do You Deal With Disputed Debts?"
Make no mistake... this one's HUGE!
In the knowledge that debt collection agencies, with rare exception, will flat-out refuse to touch a disputed debt, more and more debtors falsely dispute their debts.
As a result, you're left to your own devices to deal with your disputed debts.
However, as the legal fees can very rapidly trivialize the size of the unpaid debt, trying to recover a disputed debt alone can be as financially crippling as it is emotionally -- even if the debt is clearly bogus.
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: Never deal with a collection agency that either lacks the ability to recover your disputed debts or alternatively penalizes you with higher fees to do so. As I said, this is a biggie.
Insider Question #3: "Do You Offer Commission-Free Recovery?"
Of the three insider questions to ask, this one is by far the most crucial.
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?
Should you lack the right to legally pass on collection costs to your debtors, any money the collection agency recovers on your behalf will be dramatically whittled by their commission fees. From day one, such agencies will pilfer anywhere between 20% to 40% of money that's rightfully yours. No matter how you slice it that's a huge portion of your pie to needlessly give away.
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 normally happens, stung with penalty fees 20% to 40% over and above the original debt these angry debtors shamelessly try it on with bogus disputes in an effort to get out of paying a cent.
Net Result: Even though it's your debtor who gets slapped with the collection costs, it's you who ultimately misses out as you're the one who fails to recover a fair swag of your debts.
To sum up then, you should seek out debt collection agency that guarantees to recover your accounts within a commission-free period and do so for a low one-off fixed fee... regardless of whether or not the debt is disputed.
However, there are 3 insider debt recovery secrets to separating diamond debt collectors from the dirt. Privy to these three secrets you'll possess the power recover more of your debts faster as well as save thousands i the process... all without exposing yourself to the usual nightmares that so often go with debt collection.
So revealing are these three secrets that it'd border on negligence to pick a prospective debt collection agency without first asking these three questions...
Insider Question #1: "Is Collection Of My Accounts?"
Most agencies will boast that No Collection means No Commission! Don't be fooled. This is NO guarantee of collection but rather a deceitful cop-out.
Because what few people realize is that the only person who stands to lose with such agencies is you! These agencies will charge you an up front fee for pursuing a debt, regardless of whether or not they actually recover that debt. In this way not only do you wind-up with no debt collected, you also have to pay for their incompetence to recover that debt!
Net Result: They always come out with money in the bank while you get stung twice!
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: ONLY ever deal with a collection agency that guarantees collection of your debts!
Insider Question #2: "How Do You Deal With Disputed Debts?"
Make no mistake... this one's HUGE!
In the knowledge that debt collection agencies, with rare exception, will flat-out refuse to touch a disputed debt, more and more debtors falsely dispute their debts.
As a result, you're left to your own devices to deal with your disputed debts.
However, as the legal fees can very rapidly trivialize the size of the unpaid debt, trying to recover a disputed debt alone can be as financially crippling as it is emotionally -- even if the debt is clearly bogus.
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: Never deal with a collection agency that either lacks the ability to recover your disputed debts or alternatively penalizes you with higher fees to do so. As I said, this is a biggie.
Insider Question #3: "Do You Offer Commission-Free Recovery?"
Of the three insider questions to ask, this one is by far the most crucial.
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?
Should you lack the right to legally pass on collection costs to your debtors, any money the collection agency recovers on your behalf will be dramatically whittled by their commission fees. From day one, such agencies will pilfer anywhere between 20% to 40% of money that's rightfully yours. No matter how you slice it that's a huge portion of your pie to needlessly give away.
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 normally happens, stung with penalty fees 20% to 40% over and above the original debt these angry debtors shamelessly try it on with bogus disputes in an effort to get out of paying a cent.
Net Result: Even though it's your debtor who gets slapped with the collection costs, it's you who ultimately misses out as you're the one who fails to recover a fair swag of your debts.
To sum up then, you should seek out debt collection agency that guarantees to recover your accounts within a commission-free period and do so for a low one-off fixed fee... regardless of whether or not the debt is disputed.
About the Author:
If you've got bad debts and you're thinking of referring them to a debt collection agency be sure you watch The Debt Doctor's free online video which lifts the lid on hidden traps debt collection agencies don't want you to know about.
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