How to dispute charges to a collection agency?

How to dispute charges to a collection agency?

1. Call the collection agency and ask for the proof that the debt which they have claim is actually belongs to you.
2. Be sure that the mail which you are sending should be certified or registered mail so that you can get a return receipt.
3. If collection agency does not providing you a proof then write letter to the credit bureaus
4. You can also file to civil lawsuit against the collection agency.
   

collection industry in recovery

Secured and unsecured - DEBT

Unsecured debts medical bills, credit cards, department store cards, personal loans, student loans, bounced checks

Secured debts "home", "auto".

Now as per rule you can only settle unsecured Debt

As in secured debt, a creditor will accept the promised property if a debtor is unable to pay. In case of real property (home or automobile) a creditor will be always on profit in a debtor will not pay the accept amount.

In case of unsecured debts such as medical bills, credit cards, department store cards, personal loans, student loans and bounced checks there is no loan promised attached in document. So unsecured loans are given to only good credit people.
In case of unsecured debts there is no guarantee that a creditor will receive anything form debtor.

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Debt Settlement Vs Bankruptcy

What will you choose between debt settlement and filing bankruptcy due to economic crisis?

Process of bankruptcy.

1. You will lose all your credit card scores
2. Make bad image to credit rate
3. No bankers will be ready to give you loan.
4. Take at least seven to ten years to get stability.

Debt Management Plans

1. Managing debt is little bit hard.
2. If your debt gets managed then you will gain your financial support.
3. Debt management tries to convince the creditor to reduce debt amount
4. Do not try to manage your debt yourself there are 90% of chance of failure as you are not an expert.
5. Firms will help you to manage around 70% discount of your debt.

Now i think it will clear your doubts regarding debt management procedure.

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Older People help on Debt Collection

Mostly old age people are unable to work due to physical and mental weakness. Older people being in this debt can feel overwhelming and stress as they may have maxed their credit cards. To overcome with this problem follow the following steps.

1. Call the agent to decrease down the interest from credit cards.
2. Pay the bill on time
3. Better to have a lower payment plan
4. You can even hire lawyer for your credit relate issue.
   

Never ignore the collection agency in any situation it mean collections actions or even lawsuits

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Do's and Don’ts while contacting Collection agencies

Do:

1. Collect list of collection agency with the help of Google.
2. Contact through letter or mail do not use your phone to contact to avoid unwanted call from collection agency.
3. Always refer to the debt by listing account number instead of "my debt"
4. Ask agency to give their contact details and their registration as per the laws.
5. Request the collector to provide a written follow-up including "claims" "name of the original creditor" and "steps"
6. Keep all documents sent to the Collection agency or received from them.

Don'ts:

1. Do not make any payment arrangement or negotiation over phone (negotiations should be made in writing)
2. Do not lose your temper when you deal with a collection agency and do not use any rude word in your latter to collection agency.
3. Don't ignore the calls or late response from your collection agency

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Choosing a Debt Collection Company - USA

One of the biggest problems in small or moderate size business is to collect debt from their customer. Unpaid amount is one of the deep financial troubles in business. To overcome this problem business person hire collection agency to recover their debt form customer.

A debt collection company is equipped with strategies and resources to recover your debt in a timely manner.

A debt collection company has unique process to immediately get repayment from debtor.

What to Look for When Choosing a Debt Collection Company

1. Review customer testimonial of the company
2. Collect information of that company from website
3. Check their collection rates
4. Check their way of track record
5. Customer service they offers
6. Cost of using their services

One of the best collection company is National Asset Management; site is dedicated to helping all types of businesses.

Business Problem - Debt

Every business has a unique problem i.e. unpaid debts from customers. To avoid this type of situation the best way is to consider using a commercial collection agency. If a business person involves getting money from their customer then it will be a big wastes of time it’s better to handover collection agency to recover all the debts of the company. Collection agency firm are best alternative to attempting to collect receivables of debt.

Mostly a company has limited information about their clients. Collection agency have advance technology they research about customer before attempting to collect debt.

Collection agency communicate with clients daily via e-mail or fax to provide updates on their situation

Demand letter is a service provided by collection agencies that let debtors to know a business is serious about collecting the debt.

Debt agency can handle the debt in the litigation stage too. So the best way to get your debt from your customer is to contact Commercial collection Agency to get fast result.

Default Credit Card Interest Rates to Increase across US

The current economic crisis has led to serious steps towards fighting this difficult situation of credit crunch in the US economy. There have been many changes that have taken place in the financial sector to normalize the economic situation.

The news ‘Default Credit Card Interest Rates was Increase across US by Mid-May 2009’ has come as a big blow to most of the credit card holders. The new financial year 2010 has brought about significant changes towards the process of normalizing the tough economic conditions but this was perhaps the worst change that a credit cardholder could expect.

An increase in the default rate, at a stage when many have lost their jobs is going to be difficult for most of the cardholders. The only thing good about it is that the rates will not be applicable immediately. So these cardholders do have some time to at least formulate some plan towards managing outstanding balances.

What causes a default rate?

Late payments or exceeding the limit of the credit card can result in a penalty fee, consequently triggering the default rate.

Options available to the credit cardholders

• Pay off the maximum amount possible before the new interest rates come into effect

• Bargain with the credit card companies for time to pay off outstanding dues with low-interest promotional balance transfer offers

• Transfer the balance to some other existing card with a low rate

• "Opt out" of the increased rate in exchange for closing the account and to pay off the balance rate at the earlier rate of interest

In any case, the cardholder will have to plan promptly so that arrangements are made before the new interest rate come into effect.

Contact Collection Agency for more information.

How to measurement and reporting in the Rate of Collection Agency

Collection agency main target is to recover a high percentage of rates. One of such company is NAM having 98% of achievement in the field of Collection Agency.

After analyzing of NAM Agencies following points come out.

1. Clearly Stated Objectives.

2. Key Targets

3. Measurable Outputs

4. Early Publication of key Targets

5. Facilitate trend analysis

6. Challenging Targets

7. Significant variations between targets and output in Annual Reports

8. Independently validated and accurately reported