Have you done everything to just amicably settle and collect a debt already past due? Have you wasted good paper on writing letters, words on phone calls and personal meetings and you feel that your patience has already ran out?
It is time to get a little help from your professional friends! Calling in an attorney with extensive experience in debt collection may help you greatly to finally get a definite response from the individual or business who owes you money.
In 1997, the American Collectors Association released a report indicating that third-party debt collection agencies have collected and restored over $32.2 billion and more the United States economy in the same year.
While the obvious choice of most to handle unpaid debt is through an agency specializing in debt collections, corporate attorneys specializing in such field may be more effective in generating positive results, especially if the unpaid debt is severe enough for you to start considering some legal action.
Charges for debt collection services of an expert attorney would range from hourly fee system or at least a third of the amount he or she has recovered from the party owing you money. Meanwhile, some attorneys may charge both these kind of payment systems.
Usually collection attorneys have an imposed minimum fee while others require a minimum amount of the debt that need to be collected. Additional payments to the attorney may compose of court-related charges and fees in connection of a lawsuit. If you intend to pursue a court ruling, then you would have to prepare for these.
However, if you are not interested in taking your customer or client to court because of the unsettled account or overdue debt, you may still have to consult with an attorney for his / her professional legal advice although without the intention of hiring his or her legal representation. You have to weigh down your options seriously before finally hiring a lawyer to handle your collection problem.
Most of the companies troubled with customers or clients with unsettled accounts usually refer the debt to an agency before turning to the expertise of an attorney once the agency prove to be ineffectual for the job.
Hiring an attorney may be more costly than having a collection agency to collect for you, but this may still be based on the case at hand.
There are a couple of factors involved in the computation of charges for debt collection services.
1. complexity of collection process
2. magnitude of amount to be collected
Possible scenarios of collection:
– collection agency sends out two letters and immediately recover
– hire an attorney to send out the compulsory collection letters and take it up immediately to court
– work with a collection agency and then still require the services of a lawyer later on because of the ineffectual outcome from the former
The last item in these scenarios may be the most expensive.
Whether you decide on taking up your collection of owed money with an agency or with an attorney, remember to request for their list of clients before any definite transaction occur. The Commercial Law League of America can be contacted in checking out certification of legal professionals and collection agencies.
Know more about the legal ways and means of debt collection by consulting with expert Collection Attorneys.
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