How to select a debt collection agency safely

Posted by Amelia Whitehart on June 21, 2020 in Business

How to choose a debt collection law firm safely? Keep Communicating. Even if the debtor can’t pay right away, it is always important to keep communications going. He may be able to pay in the future, and by talking to the debtor and really listening to what he has to say, you may be able to help him figure out a way to start paying sooner. While the older a debt becomes, the harder it is to collect, sometimes circumstances change and payment may become possible.

Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.

In no circumstances should you make any exceptions for good clients? However, if a client has a large amount due, you increase the repayment days. Prioritize your calls based on the amount that is due and how the client responds to you regarding the payments. A client who fails to respond can directly be handed over to a collection agency or a law firm. Denying a product or service that your delinquent client requires is your leverage with them. If you provide your clients with something that they need, you must retain the delivery of any other products until they pay or make better payment arrangements. Another great way to get paid for the products or services is to make the future shipment to the client in “COD” Cash-On-Delivery in advance so that the due balance of the client gets paid. See even more details at Hire a Debt Collection Law Firm.

If a creditor is unable to properly prove the required facts in their lawsuit and does not voluntarily non-suit their lawsuit, a request can be made through a ‘Motion for Summary Judgment’ or at trial that the creditor’s lawsuit be dismissed because they cannot properly prove their case. This path is very complicated and should be left to the assistance of a lawyer. For residents of Harris County, Galveston County and Fort Bend County, you can find more information about your lawsuit on the appropriate court or clerk’s website. Other nearby and surrounding counties may or may not have online records depending on the particular county.

Remember! The longer you wait to recover the debt on delinquent accounts, the less likely you are to receive payment. Since it can be difficult to collect money on accounts that refuse to pay, many small businesses turn to collection agencies for help. Collection agencies differ based on industry type, locations served, collection type (consumer or commercial), and collection strategies. Hire a Collection Professional today! Discover extra details on placeyourdebt.com.