Firms

MARCH 12, 2016

I had never given the debt collection industry much thought but once I had started doing some investigating into the industry I quickly realized all the ways I could improve upon the experience and services that were being offered by the industry leaders. Calls someone repeatedly to obtain debtor’s location.

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Taurus Collect

FEBRUARY 1, 2024

Understanding the Debt Collection Process The debt collection process typically initiates once a creditor concludes an account is non-performing, meaning the debtor has missed payments for several months. Payment Plan Negotiations : Collectors will often try to work out a payment plan or settlement agreement with the debtor.

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National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 5: Improper contact or sharing of information.

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Taurus Collect

JANUARY 24, 2023

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! These companies typically employ several tactics in order to recover debt, including phone calls, emails, letters, and even legal action.

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Taurus Collect

DECEMBER 18, 2023

In our comprehensive 2024 guide, we will explore the ins and outs of hiring a commercial debt collection agency. Professionalism : The agency should maintain professional communication with both you and your debtor. Legal Action : In cases where debtors are unresponsive or unwilling to pay, the agency may resort to legal action.

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Taurus Collect

AUGUST 23, 2023

In this blog post, we’ll explore six best practices that exemplify modern debt collection strategies, promoting efficiency while maintaining respect for the debtor’s circumstances. However, not all debt collection practices are legal, and it is crucial to be aware of your rights as a debtor or a creditor.

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Taurus Collect

FEBRUARY 1, 2024

The legal framework governing their actions varies from country to country, with rules specifying how and when they can contact debtors, what they can say, and the measures they can take to collect the owed amount. In the UK, debt collection companies operate under strict regulations set forth by the Financial Conduct Authority (FCA).

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Debt Recoveries

APRIL 16, 2023

A debt collector and lawyer who focuses on debt collection advises clients to pursue payment of their obligations as soon as possible since the longer they wait, the more difficult it will be to do so. Being the first to act is also crucial because debtors can owe money to other parties who are also attempting to get paid.

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Qualco

JULY 13, 2021

What debt counsellors and consumer protectors described as “long overdue” poses massive economic challenges for many debt collection companies in Germany. Because, while the law means a considerable cost saving for debtors, debt collection companies have to reckon with noticeable losses of income in carrying out their activities.

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Taurus Collect

OCTOBER 21, 2022

However, it is recommended to take the assistance of a professional debt collection agency in town to ensure successful collections. What are the Workings of Tax Season Debt Collection Strategy? An efficient tax-season debt collection strategy involves an upsurge of efforts. Do you want to know how? Flexibility.

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Taurus Collect

SEPTEMBER 15, 2022

When selecting your potential debt collectors, ensure they have the proper knowledge, qualifications, certifications, and experience to ensure that your collection tasks are taken care of professionally. Furthermore, debt collection agencies cannot issue an arrest warrant or put people in jail. Try To Collect the Debts You Don’t Owe.

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Taurus Collect

APRIL 3, 2023

Understanding the UK’s Statute of Limitations on Debt Collection When dealing with international debtors, it is important for companies to understand the limitation laws of the country in which they are collecting money. They also need to be aware of their rights should court proceedings become necessary.

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Taurus Collect

MAY 4, 2022

Dealing with difficult debtors for debt collection can be challenging and burdensome. However, debt collection is a vital part of a comprehensive credit risk management system for every business, whether commercial or consumer. Most well-known collecting agencies charge a flat fee or have a contingency rate policy.

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Taurus Collect

JANUARY 10, 2024

Inadequate In-house Resources : When chasing unpaid invoices begins to distract your staff from their primary tasks, or if your business lacks a dedicated collections team, it’s advisable to outsource this function to a professional agency. A debt collection agency can use its expertise to break this communication barrier.

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Nexa Collect

AUGUST 6, 2020

While it’s smart to initially attempt collection on your own, there’s only so much work you should do. Trying to collect a bad debt is draining on your time and your resources. Eventually, it makes sense to pass the task on to a professional debt collection company. Need a Collection Agency easy to work with?

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Debt Recoveries

JULY 23, 2023

The availability of cutting-edge equipment and technology is another significant benefit of outsourcing debt collection. Modern software systems, which debt collection companies invest in, expedite every step of the process, from recording and monitoring debts to producing automated reminders and reports.

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Recoverity

DECEMBER 7, 2021

No matter the B2B debt collection situation or where your debtor is, GGR has the corporate debt collection experience and proven accounts receivable management track record to successfully recover your money and become your long term debt collector solution.

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Debt Recoveries

OCTOBER 31, 2021

The repairs to the vehicle can then be recovered or collected from the at-fault party. This recovery or debt collection can be done internally or externally, by a debt collection company. . We make initial contact with the debtor in a friendly way, acting as an agent of the insurance company.

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Collection Industry News

SEPTEMBER 8, 2020

Entities are performing debt collection activities. Debt collection means requiring debtors to pay creditors outstanding due or overdue amount or property as obligated by a contract or by a decision of a competent State’s authority. Debt collection service” is disguised after being banned. of these people.

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Collection Industry News

DECEMBER 21, 2020

In January 2009, after a homeowner (“debtor”) fell behind on his homeowners’ association (HOA) dues, a law firm acting as a debt collector for the HOA sent notices to the debtor regarding the unpaid debt. The law firm filed a separate proof of claim for the HOA, and the debtor’s Chapter 13 plan was eventually confirmed.

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Collection Industry News

JULY 12, 2021

Preferred Collections and Management Services, Inc. , The court concluded that because an internal reference number embedded in a bar code is “a piece of information capable of identifying [Morales] as a debtor,” its disclosure was a concrete harm. The case now heads back to the District Court to continue the litigation.

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Taurus Collect

MAY 15, 2019

First and foremost, ensuring that the methods in which companies accept credit and debit card payments are secure not only builds trust between you and the debtor, but also the clients themselves. Providing ways for debtors to make repayments at their convenience is paramount to ensuring that payments are received on time.

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Troutman Sanders

JULY 31, 2020

The Middle District of Pennsylvania recently held that including line items for interest and fees in a debt collection letter when no interest or fees are sought does not violate the Fair Debt Collections Practices Act (“FDCPA”). ACS”), seeking to collect a consumer debt. In Reyes v. Associated Credit Servs. ,

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National Service Bureau

JUNE 26, 2015

A lot has been written about the number of complaints turning up at the CFPB regarding debt collection companies. It’s important to take the statistics with a grain of salt because the sheer number of complaints is not (in and of itself) an indicator of either good or bad debt collection behavior.

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Nexa Collect

JUNE 20, 2020

What happens when they dread pursuing collections because it’s become their full-time job? This is where hiring a collection company to aid in the recovery effort can make sense. Collection companies are not elegant or glamorous, and many have less than a decent reputation.

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Taurus Collect

FEBRUARY 23, 2023

On the other hand, debt collection companies have a wide range of debt recovery options that are more effective in recovering debt, albeit at a higher cost. However, debt collectors are more likely to be able to negotiate with debtors so it can save a lot of time and money in the long run.

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UK debt collections

APRIL 4, 2023

The actor, 46, was the sole director of a company called Caledonian Group Services Limited for over four and half years, which is registered in Edinburgh, Scotland, and has a subsidiary debt collection company named Vanguard Partners. The firm paid an additional £4,984.50 They said: “This is ruining people’s lives.

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Credits Inc

SEPTEMBER 20, 2019

7,837 debt collection companies. That being said, there is still a significant need for agencies that can help creditors collect on delinquent debts. In addition to complying with these standards, a collection and recovery agency also needs to abide by the Fair Trade Collection Practices Act (FDCPA).

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Firms

MARCH 15, 2019

Since you have a business to run and often are crammed for time juggling your daily tasks, you probably don’t have the time to follow up on each and every debtor personally. Hence, using a collection agency is your best bet at recovering past due balances. And FIRMS is one of the best in the business.

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On Guard

APRIL 28, 2023

Segmentation within credit management platforms External data sources for your credit management tool To get external data, there are two types of main suppliers, namely data collection companies and insurance companies. In fact, every employee in this department is in contact with its debtors, or customers.

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UK debt collections

APRIL 20, 2022

Check the reputation of the Debt Collection Agency. What comes as part of the ‘standard’ debt collection service? Use only well established Debt Collection Companies. A scour of a companies website and appropriate searches on google very often lay bare the reputation of a company.

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National Service Bureau

JUNE 10, 2015

Choosing the right debt collection agency is an important decision that can have both positive and negative repercussions for your business. With that in mind, here are three tips to choose the right collections company to manage your accounts receivable. Research the Company. Are they licensed and do they need to be?

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On Guard

DECEMBER 1, 2022

To get external data, there are two types of main suppliers, namely data collection companies and insurance companies. Behind the scenes, the credit management department does much more than just collection and is directly related to customer satisfaction and the company’s reputation.

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Sawin & Shea

JULY 20, 2022

Businesses or individuals who collect debts on behalf of others are known as debt collectors. The majority of debt collectors work for reputable collection companies. Doctors, hospitals, shops, mail-order businesses, and occasionally banks and loan firms all use collection agencies. Unfairness.

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Taurus Collect

MAY 2, 2022

However, understanding the actual issues and their origin with the assistance of a well-experienced debt collecting company will help you avoid major financial problems while enabling you to focus on your business’s growth. Look no further than Taurus Collections (UK) Ltd. Keep cash flowing.

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Sawin & Shea

DECEMBER 22, 2021

Even after 90 days, large purchases or cash advances made on credit, at a point where a debtor knew or should have known that they did not have the wherewithal to repay the debt, can lead to the creditor filing a complaint to ask the court to make that debt non-dischargeable. How Can Filing After the Holidays Affect My Bankruptcy Case?

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Collection Industry News

AUGUST 4, 2020

The Plaintiff contends the defendant collection company routinely obtained skip traced phone numbers for debtors and loaded them into an autodialer for collection efforts. The case is Molinari v. Asset Mgmt. 18 C 1526, 2020 U.S. LEXIS 134045 (N.D. July 29, 2020). That sort of thing can get you in a lot of trouble.

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