You may be thinking of an effective way to try and regain a percentage of money owed to you. After you’ve sent friendly reminders, a letter of demand and informal negotiations, to name a few, you may want to consider getting the help of a small business collection agency which you can easily reach online.
A debt collection service will attempt recovery with ideally the entire amount. They either charge a fixed amount or a percentage of the money recovered. After a letter of demand, a call from a debt collection agency shows the debtor that you’ve handed over the task to a professional, which could strain the relationship. However, in some cases the money owed is more important than the connection you have established.
There are several ways to employ the services of a debt collection agency apart from sending out a letter- via debt buying or online debt recovery.
Traditionally, a collection agency will initiate the process by sending a ‘letter of demand’ that will ask for the amount owed that must be paid by a particular date. The letter will also state that they can take legal action if the letter is ignored. You can have the agency take legal action on your behalf for a fee, which may equate to the commission they’ll be receiving.
Debt Buying
In debt buying, the agency will purchase the debt from you and use all its resources to try and recover it from the debtor. The amount they’re able to recover will be theirs, but it’s one way to get something from nothing. This could work well if you’ve already written it off as a loss.
Online Recovery
Thanks to the internet, you can now have a professional company collect the debt for you right at the comfort of your own home. You can find one simply by typing in ‘debt collection services’ on Google or be more specific with your search such as medical collection agency and check the first ones on the list.
You may be required to enter the debt details, including the debtor’s name (or business name), debt amount, the nature of the debt and the type of service with the listed fee.
This method is fast and easy with accessibility of the internet. It’s also more convenient with various payment channels available to clients that are safe and secure.
