Debt Recovery

Have your customers utilized your tax preparation and filing service but failed to pay your consultation fees in full? Unpaid bills or overdue accounts receivable can hurt the profitability of any small business, including tax filers and Enrolled Agents.

A Tax Preparer helps business and individual taxpayers file tax returns that are due quarterly and annually. An Enrolled Agent (EA) is a federally authorized professional representing a taxpayer before the Internal Revenue Service (IRS) for tax issues, including audits, collections, and appeals.

Contact us for your debt collection needs.

Unfortunately, both tax preparer professionals and EA’s face cash flow issues when a customer fails to pay them on time or becomes delinquent. Sending in-house invoices and phone call reminders usually does not work to recover money from such tough customers. Accounts receivable that are over 90 days old should be transferred to a Debt Collection Agency for better results.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, a possible Legal Suit if recommended by the attorney.

The involvement of a professional debt collection agency puts tremendous pressure on debtors, and they are more likely to pay. It is recommended to utilize the low-cost ( flat fees) collection letters service before assigning accounts for contingency-based collection calls service. A collection agency serves as an extension to your office, recovering money from past due accounts while tax preparers and filing professionals focus on serving customers and acquiring new ones.

Check here: Cost of hiring a collections agency

 

Newspapers and magazines often require sending professional debt collection demands to recover their money due to unpaid subscriptions of customers.

Many customers unreasonably dispute these charges; others relocate but forget to update their new address with the magazine publishers, even though they are enrolled in an annual or auto-renewal plan.

Regardless of the reason, customers must pay for any print media they have subscribed to.

Serving Publishers Nationwide Need a Collection Agency for subscription bills? Contact Us

Past-due accounts of media companies generally carry small balances, often less than $50. This is why they generally go for low-cost Written Demands ( or Collection Letters) service. Most companies do not opt to report these past-due accounts to “Credit Reporting” agencies like Transunion, Experian and Equifax.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $10-$15 per account. Debtors pay directly to you, no other fees. Low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of the money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, the attorney can recommend a possible Legal Suit.

Depending on the volume purchased, a set of 5 collection letters cost between $10 and $15 per account. Debt collection agencies also run “Skip Tracing” on each debtor, checking if the debtor has relocated. In that case, they send Collection Letters to his new address. These diplomatically written letters act as a gentle reminder for customers. The verbiage becomes firmer and firmer after every demand notification.

Due to the involvement of a collection agency, most customers tend to pay off these low-balance debts quickly.  Instead of writing off these accounts, most print media companies prefer transferring them to a collections agency.

A significant percentage of customers clearly intend to pay for their subscriptions, just that they never receive the reminder until that collection letter arrives. They are also unsure if the collection agency will report this account to their “credit history“. They generally pay off this amount and continue with the subscription.

Collection agencies recommend transferring an account for collections after it is 60-90 days past due for best results.

Contact us for your Unpaid Magazine Bills debt collection requirements.

Magazine subscription debt collection is a crucial part of the print media industry. The debt may be due to the physical delivery of the magazine to a customer’s home or office and sometimes online subscriptions.

Check here: Cost of hiring a collections agency

 

The hospitality industry (which includes Hotels, Airlines, Rental Cars, Restaurants, Catering Services, Staffing companies, and Travel Portals), frequently faces the problem of mounting accounts receivable. This could be due to booking disputes, unpaid commission invoices, invoice corrections, check declines, credit card reversals or denials, property damages, cancellations, billing disputes, and denial to pay for the facilities used.

Collections in the hospitality industry can be both Consumer (B2C) and Commercial (B2B). Selecting a good collection agency with adequate experience in recovering money from past-due accounts in the travel industry is crucial. Their demand letters and collection calls are designed to achieve maximum recovery diplomatically yet follow a firm approach.

Serving Travel and Hospitality Industry Nationwide Need a  Collection Agency? Contact Us

Experienced collection agents are very well aware of the importance of maintaining a good creditor-debtor relationship. They spell out the importance and incentives for paying and the consequences of not paying. The unpaid amount can be reported to his credit report for individual collections. For commercial collections, it could mean filing a lawsuit.

Relying on your untrained in-house staff for collections can not only be inefficient, stressful and expensive, it will also result in lower recovery rates. Most importantly, in-house employees are generally unaware of the ever-changing federal and state debt collection laws, which itself can result in counter-lawsuits. They are also not fully prepared to handle all the excuses and problems involved in debt collections.

Collection agencies are experts in recovering money from all kinds of debt. Not just the hospitality industry, they have experience collecting money from virtually every industry. They know how to tackle all those debtor excuses. If it is impossible to recover the debt in one go, they will put the debtor on a payment plan. Due to the nature of the hospitality industry client base, your collection agency should have the resources and license to accept debts nationwide.

Hotels also host various corporate events, including seminars, conferences, trade shows, executive retreats, board meetings, product launches, etc. Although they are a great way to make quick money for the hotels, however if these corporate bills are not fully paid, these accounts receivable can easily run into thousands of dollars.

There is no point in writing off the debt that is hard to recover by your back-end staff when a collection agency can likely recover at least a part of that money.

Companies often host business seminars and rent halls

To get the maximum out of a collection agency, follow these two thumb rules:

1. Transfer your accounts to a collection agency after no more than 90 days of non-payment. If someone has not paid in 90 days, the likelihood of them paying you directly decreases significantly.

2. Whenever requested by a collection agency, provide a copy of invoices or the relevant paperwork that proves your financial claim promptly.

Debtors take collection agencies very seriously and are far more likely to pay, versus when your in-house staff raises demands.

Collection Demands Service

Upfront cost for 5 Collection Demands is about $15 per account. Debtors pay directly to you, no other fees and a low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, a possible Legal Suit if recommended by the attorney.

Here are a few tips on increasing cash flow and profit for businesses, including hotels, travel companies and the aviation industry.

Legal entities like law firms, independent attorneys, and even the district courts regularly need the help of a debt collection agency to recover money from unpaid accounts. People often use the legal services of a lawyer but fall behind in making promised installments. Similarly, district courts often issue summons and notices to make a payment, just to find that these individuals simply do not respond or have moved away from their residence on file.

Recovering Unpaid Bills for Law Firms Nationwide Need a collection agency: Contact Us

The main reason the legal collections activity needs to be outsourced is that engaging in-house staff for debt recovery is very expensive. Own employees do not have tools and subscriptions to some critical services required to locate the debtor (skip tracing), and send written demands with increasing intensity. They find it difficult to regularly follow up with clients for payments if the debtor has agreed to pay money in installments. They are also not fully trained on the most up-to-date federal and state debt collection laws when trying to recover unpaid bills from defaulters.

Collection agencies are experts in collecting debt; that is what they do every single business day. Debtors are more inclined to pay off when a collection agency is involved versus when the notices are issued under the legal entity’s name.

Check this: Cost of hiring a collection agency

The main reason collection agencies can send Collection Demands at such a reasonable cost is because they have automated systems and process accounts in bulk.  Sending five letters, which includes Scrubs like “Change of Address”, “Bankruptcy Check” and “Litigious Person check” at no additional cost improves the chances of collections and also reduces the possibility of being hit by a counter-lawsuit.

Once a debtor does not respond to collection letters, the next steps are Collection Calls or Filing a Lawsuit. These are contingency-based services and involve utilizing advanced Skip Tracing services. Non-payment can also lead to reporting the case to a credit reporting agency or follow-up with cosigners.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, a possible Legal Suit if recommended by the attorney.

If you need a collections agency to recover money from past-due legal accounts: Contact us

 

Mortgages are the biggest loans in the United States, running into hundreds of thousands of dollars against each property. Many mortgage borrowers go above and beyond what they can afford to become proud home-owner of that expensive dream house. If a recession strikes, such borrowers are the first ones to default on their obligations.

Before their financial situation deteriorates further, hiring professional debt collectors to cut potential losses a lender may incur is highly advisable. Not every collection agency understands how the foreclosure/mortgage loan process works.

Serving Lenders Nationwide Need an Experienced Agency for Mortgage Collection? Contact Us

Most Banks and Credit Unions have their in-house collection teams to remind borrowers once they miss a payment. They usually report a late or missed payment to the borrower’s credit report every 30 days. But those missed payments are not going away; they make the mortgage repayment even steeper and more challenging for the borrower. Only a couple of missed payments can potentially push many borrowers beyond that point where they become mortgage defaulters.

To get a higher mortgage recovery, follow these three thumb rules.

1. Transferring an account to a collections agency earlier rather than waiting.

2. Scanning and storing all paperwork in electronic format and forwarding it to the collections agency promptly when requested.

3. Rather than selling the debt cheaply to a debt buyer, outsource it to a collection agency for better collection returns and profits.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of the money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls a debtor many times. If everything fails, a possible Legal Suit can be filed if recommended by the attorney.

Steps involved in recovering unpaid mortgage

Recovering unpaid mortgages involves a series of legal and administrative steps. It’s important to note that the process may vary depending on the jurisdiction or country in which the property is located. Here is a general outline of the steps that may be involved in the process of recovering an unpaid mortgage:

1. Review the Mortgage Agreement: The first step is to thoroughly review the mortgage agreement to understand the terms and conditions, and what steps can be taken in the event of non-payment.
2. Contact the Borrower: Before taking any legal action, it is standard practice to contact the borrower to inquire about the missed payments. It is possible that there is a legitimate reason for the non-payment.
3. Send a Formal Notice: If the borrower does not respond or is unable to make the payments, a formal notice may be sent. This notice should detail the amount due, including any late fees and the deadline by which the payment must be made.
4. Consider Alternative Solutions: Depending on the borrower’s circumstances, you might consider alternative solutions such as loan modification, forbearance, or a repayment plan.
5. Initiate Legal Action: If the borrower is still not able to make the payments, the lender can initiate legal proceedings. This usually involves filing a lawsuit in court to recover the money owed.
6. Foreclosure Proceedings: In many cases, recovering an unpaid mortgage may involve the lender repossessing the property through a process known as foreclosure. The foreclosure process can be judicial or non-judicial depending on the laws in the jurisdiction.
7. Property Auction or Sale: Once the property is repossessed, it may be sold through an auction or traditional sale to recover the unpaid mortgage amount.
8. Deficiency Judgment: In some cases, if the sale of the property does not cover the total amount owed on the mortgage, the lender may seek a deficiency judgment against the borrower for the remaining balance.
9. Collecting the Deficiency: If a deficiency judgment is granted, the lender may take further actions to collect the remaining balance. This can include garnishing wages, levying bank accounts, or placing liens on other properties owned by the borrower.
10. Report to Credit Bureaus: The lender may also report the foreclosure and any deficiency judgments to credit bureaus, which can have a significant impact on the borrower’s credit score.
11. Closing the Case: Once the lender has recovered the funds or the property has been sold, the legal case will be closed.

It’s important to note that laws and regulations governing mortgage recovery and foreclosure vary widely by jurisdiction. It is advisable to consult with a legal professional who specializes in real estate and mortgage law to understand the specific processes and requirements in your area. Additionally, lenders should also be cognizant of any legal obligations they have to act in good faith and to comply with laws that protect the rights of borrowers.

If you are looking for a Collections agency with extensive experience in recovering and negotiating mortgage debt: Contact us

Optometrists examine the eyes for both vision and health problems. They spend years getting the “Doctor of Optometry” degree and then gradually establish their name in the city. It is undoubtedly a promising career since a wave of aging baby boomers will eventually need to see an optometrist at some point in their life. However, optometry practices have their own set of business complications, including overdue accounts receivable.

Need a cost-effective Collection Agency for your unpaid bills? Contact Us

Optometrists regularly face several business challenges, these include:

1. Managing their employees and retaining quality talent.
2. Keeping up with government regulations.
3. Paperwork associated with running a small business.
4. Low reimbursement rates from government programs like Medicaid or Medicare.
5. Retaining patients when their employer changes vision insurance.
6. Peer competition.
7. How to expand their optometry practice to get new patients.
8. Accounts receivable and unpaid bills.

But when a patient repeatedly fails to make a payment on time, there is little that an optometrist’s office can do. Sending reminder invoices and follow-up calls often do not work. They are met with several excuses from patients, often genuine, sometimes not. In a worst-case scenario, the patient does not pick up the call, or the invoice letter gets returned as “undelivered/wrong address”.

Overdue accounts receivable can hurt the profits of a small business.

Another nightmare scenario can arise if the practice gets sued back by the patient because the in-house staff of the optometrist’s office was not fully aware of the federal and state collection laws involved while trying to recover money on past due accounts and unknowingly commits a violation. These legal complications can be costly and stressful for the practice.

Health insurance or vision insurance plans cover many optometry services. Dealing with insurance companies can complicate the billing process due to reasons like denials, delays, and the need for additional documentation.

Instead of writing off these past-due accounts receivables, transferring them to a professional Debt Collection Agency after 60 or 90 days of non-payment is advisable. 

Collection Agencies have sophisticated debt collection techniques and tools to track the debtors and recover money from them. Optometrists can select low-cost diplomatic demand demands service or a slightly more intensive collection calls service. The earlier you transfer an account for collections, the higher the chances you will recover money from it.

Collection agencies are cautious while dealing with medical debt collections. They will try to recover money diplomatically so that the patient-doctor relationships are not strained. Unethical, aggressive, and abusive tactics can ruin your practice’s reputation.

When patients realize that a debt collection agency is involved, they are far more likely to clear their outstanding bills. So, while the optometrist focuses on serving existing clients and expanding his practice, the collection agency acts as an extension of their office, recovering money from past-due accounts.

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, no other fees. Low cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of the money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls debtor many times. If everything fails, a possible Legal Suit is recommended by the attorney.

Contact us for your debt collection needs.