We recognize that not everyone who owes a company money is willfully withholding payment. In many cases, they simply need a letter or a phone call to remind them about it and then they’ll settle the debt right away.
In addition to our general services, we can customize any project to meet your specifications. We guarantee to get the job done right the first time and will work hard to make sure you are completely satisfied. Contact us today and let us show you the EACM difference.
The age of a debt can have a great effect on how collectable it will be. In most cases the older the account the harder it is to collect. As time goes by it can become harder to reach the debtor. People move, sometimes to new states entirely. Debtors change their phone number and even their jobs. Debtors may change their phone number, job, and address several times over the course of a few years. Each time the debtor moves or changes their contact information it makes them more difficult to locate. If you can’t find them, you can’t get paid.
The odds of an account getting collected goes down the closer it gets to its statute of limitations date. The statute of limitations is the amount of time you have to legally pursue a debt. The statute of limitations begins on the date of last charge or date of last payment (whichever is most recent).
Each state has different time frames for their statute of limitations. Washington State’s statute of limitation is 6 years. But, if you get a judgment in Washington State, the statute of limitations starts over from the date the judgment entered! Plus, the debt’s new statute of limitations is 10 YEARS! In many situations, EACM can work on getting a judgment for you. Don’t feel like you have to get a judgment to turn something over to collections.
You will be more likely to get paid on old debt if you move fast. This is really a situation where time is money, the greater amount of time you let pass, the higher chance you may be letting your money slip away.
Don’t let your money slip away. Contact us today.
Should you hire a collection agency?
Make the right decision for your business.
Allowing unpaid debts to go uncollected can put you in the same position as your debtors – trying to conduct business with insufficient cash reserves – only the risks for you are greater. Without revenue, you are out of business. Collection agencies focus on claiming your debt, so your company does not have to live with a loss and can focus on other areas of your business. It can be frustrating and time consuming for businesses to devote resources toward collecting their debts. Collection agencies have a vast knowledge of collection techniques, technology and compliance issues. Using a professional collection agency will save you time and money. Likely yielding better results than you can achieve on your own. A collections agency can be a good business partner.
Do you ever feel like your customers aren’t taking you seriously when you contact them about their delinquent invoices? Working with a collection agency can make it easier to report slow pays to the credit bureaus.
While payment overdue letters may be enough to remind many customers they owe your business money, sending out all those letters each week or month could be a time-consuming process. Turning it over to us is an excellent way to ensure collections are always handled on a regular basis.
One of the benefits of hiring a debt collection agency is the feedback available on your customers as part of the debt collection process. Agencies can identify customers who have moved frequently and have had previous delinquencies. This is important because experts say that customers who fit this profile are responsible for up to 90 percent of all delinquencies.
While collection agencies are prepared to completely follow through to get the debt paid, it usually doesn’t come to that. Truth be told, for most debts the first notice from a collections agency is enough to jump start the client into paying.
We received a wonderful thank you card from our friends at Whitehorse Family Medicine. They are a fantastic group of people to work along side and we appreciate them as a client!
If you are feeling like your rights have been violated by a collection agency, it’s important to know the laws. Collection agencies and consumers are both protected by the Fair Debt Collection Practices Act (FDCPA). Recently in question was Ceasing Communication. It is important for any consumer to know that if you ask the debt collector to cease all communication with you, you will want to put it in writing. After requesting in writing to no longer be contacted by a collection agency you will want to be aware that there are some exceptions when the debt collector may still contact you; Such as to let you, the consumer, know that further efforts are being terminated. Read those exceptions here.
805. Communication in connection with debt collection [15 USC 1692C]
(a) COMMUNICATION WITH THE CONSUMER GENERALLY. Without the prior consent of the consumer given directly to the debt collector or the express permission of a court of competent jurisdiction, a debt collector may not communicate with a consumer in connection with the collection of any debt —
(1) at any unusual time or place or a time or place known or which should be known to be inconvenient to the consumer. In the absence of knowledge of circumstances to the contrary, a debt collector shall assume that the convenient time for communicating with a consumer is after 8 o’clock antimeridian and before 9 o’clock postmeridian, local time at the consumer’s location;
(2) if the debt collector knows the consumer is represented by an attorney with respect to such debt and has knowledge of, or can readily ascertain, such attorney’s name and address, unless the attorney fails to respond within a reasonable period of time to a communication from the debt collector or unless the attorney consents to direct communication with the consumer; or
(3) at the consumer’s place of employment if the debt collector knows or has reason to know that the consumer’s employer prohibits the consumer from receiving such communication.
Hire a Collection Agency | Save Time and Money
Considering hiring a collection agency is a situation many business owners find themselves in; a collection agency is a lot like a detective agency, except it focuses all of their energy on unpaid debts.
Locating debtors takes time and skill. It’s what they do, searching databases, paying for access to these sites, and knowing just where to turn to find someone. Often times it takes a large chunk of time out of your business to spend the time and energy searching for people.
A collection agency will contact family, friends, and even neighbors in hopes of finding a lead on the debtor. With a collection agency having more resources available to them than the average person or business, it is more efficient as a business owner to turn accounts over to a collection agency.
When is the right time to hire a collection agency?
Collection Agency | How do they work?
Collection agencies use many methods to convince the debtor to meet their financial obligations. Reporting to credit reporting agencies is a very common practice, which affects further credit from being extended to the debtor in the future. Collection agencies use phone contact and mailings, and investigate debtor’s assets to see how best to recover the debts. Locating the debtor’s employment and putting a lien on their paycheck is another way collection agencies recover debts that are owed.
Is it time to let someone help you?
Hopefully, collecting past due accounts is not a part of your day-to-day operations. However, no matter how loyal and dependable your customers or clients may be, there may be times when you need to take action. Let a team of professionals go to work for you.
EACM, Inc. 