Statute of Limitations | Don’t Let Your Money Slip Away

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?

 

Collection Agency | How do they work?

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.

Should I hire a collection agency?

Often times the number one question is, should I hire a collection agency? The answer is YES.

If you are considering hiring a collection agency, don’t be discouraged. It is a situation many business owners find themselves in. A collection agency is a lot like a detective agency except we focus all of our energy on unpaid debts. Locating debtors takes time and skill. It’s what we do.