Happy Holidays from Rumson, Bolling & Associates

Rumson, Bolling & Associates would first like to begin this blog post by saying happy holidays! Rumson, Bolling & Associates understands this is a slow time of year for some industries and an extremely hectic time of the year for other industries. Either situation your company may be in, it’s a perfect time to use Our services. If you’re company is shut down for the holiday season, let Rumson, Bolling & Associates collect money for you while you’re on vacation. Many companies need a constant revenue stream and by sending your unpaid invoices and your debtors to a collection agency, this will allow your company to continue this revenue stream while you may be on holiday break. Other companies such as parcel services and delivery companies will be extremely busy during the holiday season. When business is booming your in-house staff may be extremely overwhelmed and some of your larger invoices may get neglected, or it may be more efficient to send them to Rumson, Bolling & Associates. Rumson, Bolling & Associates continues to strive for excellence in providing the public and our clients the best service possible. Rumson, Bolling & Associates wishes everyone a happy new year, and We hope your company starts off this new year prosperous. Rumson, Bolling & Associates – Aggressive, Dignified, Effective.

Rumson, Bolling & Associates Can Help Your Business

Collection agencies are rarely seen as a positive aspect in the consumer world. However, in the business world many people should see them as necessities and use them as tools for success. Rumson, Bolling & Associates goes through much scrutiny in the public eye by having our doors open and operational but the increasingly urgent need for U.S. businesses to maintain positive cash flow boosts the importance of collecting unpaid debts sooner. The easiest and most logical way for companies to do that is to either A) higher their own staff of collectors or B) outsource there accounts receivables. With most companies going through severe cut backs option A seems highly unlikely. However, going with option B is a much more practical and economical. Obtaining lost income right now is more important than ever. With almost every industry in the United States going through severe economic hardships using trained professionals to return income back to companies can be a making or breaking in keeping companies doors open and keeping them from being understaffed. One conversation Rumson, Bolling & Associates’ staff is always engaging in, is to explain to company owners, controllers and/or CEO’s the importance of having a solid collection agency on their side. In these hard times companies need to make a firm stand against other companies and individuals who do not pay for goods and/or services. Outsourcing work to collection agencies sends a clear message to the business community and customers that your company will not allow those it works with to be taken advantage of. Rumson, Bolling & Associates does our best to make your company even more successful than it already is.

Debt Collection That Can Help Your Company

In the current economic times of the United States many consumers look down upon the collection industry. However, in commercial debt and business to business debt collection business owners should not be frowning upon debt collection agencies. Many businesses are being ripped off and being taken advantage of during these hard economic times. Many companies all across the globe are taking big hits and a collection agency may be just what some businesses need. To collect on unpaid invoices could help boost income or the lack thereof. Rumson, Bolling & Associates are specialists in business to business debt collection. Our studies have shown most businesses in every industry in the United States have taken a hit and most businesses have acquired an unpaid invoice within the past year and a half. Many people believe that because of the current economic situation of the United States that their unpaid invoices are useless and a lost cause; however, Our company has brought additional income to many businesses by making settlements or setting up payment programs with debtors. The longer one refuses to send their unpaid invoices into collections the harder it becomes to collect on any particular invoice. Rumson, Bolling & Associates urges creditors to send their delinquent accounts to collections as soon as possible because the contact information will be more current and one will definitely not run into a statute problem. Rumson, Bolling & Associates is always trying to make creditors more successful in the collection process and sending ones delinquent invoice to collections within the first 90 days will greatly increase the likelihood of being successful with collection efforts and having a higher margin of recovery. Rumson, Bolling & Associates is doing our part to make your business even more successful than ever.

The ACA Makes a Key Decision for the Future of the Debt Collection Industry.

On 11-4-09, the ACA (Association of Credit and Collection Professionals) decided to reverse it’s decision on wanting legislation to create a self-regulation structure for the debt collection field. Many members did not see this self regulation idea as a good thing. This meant more government involved meant, more fee’s and registration costs to what the ACA was originally planning. The CAC (California Association of Collectors) have been close to voting that members do not need to be a member of the ACA. For many years now the CAC always required it’s members to be apart of the ACA, however, due to decisions the ACA has been making in the past few years. Many of their policy changes, and the decisions they have been making have been counterintuitive to what the CAC feels is in their best interest. The CAC however, were not the only ones that were outraged by the ACA’s decision, many of its members were furious that the ACA would want to take this turn. John Nemo an ACA spokesperson told InsideARM,

“We are a member driven organization. We listen to our membership,” Nemo said. “There was no intent to try to deceive anyone or do anything behind the scenes. We understand that this is an incredibly sensitive and important issue, perhaps the biggest one since the Fair Debt Collection Practices Act passed, and we want to make sure we do as good a job as possible of being transparent about the process and making sure our board of directors and our membership at large are informed and able to give their input.”

It seems most of the ACA’s members are extremely happy with their current decision to not want added registration costs and fees. This decision still leaves questions to what the FTC, the ACA and other involved parties are going to do. With this year being the year with the greatest amount of Fair Debt Collection Practices Act law suits yet, there will be some kind of change in the future. Rumson, Bolling & Associates will do our best to keep our clients, readers and consumers on the forefront of news in the debt collection industry.

Credit Card Rates Increasing at an Alarming Rate

Rumson, Bolling & Associates wants to shed some light on credit card news that may not be common knowledge. Credit card rates have increased for a two year high. the average interest rate on consumer credit cards soared to over 15 percent in September in the past two years.

Many believe this sharp hike has been because Congrass has passed the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act). Companies are raising their rates now because it will be much more difficult to raise rates after this Act goes into effect in early 2010. However, it is still likely with the current economical situation of the United States interest rates will continue to go up after the Act is in effect due to federal rates are predicted to go up. Currently individual companies are raising their rates, while in the future it would be an industry wide increase. An industry wide increase would mean not as big of an increase and a more regulated increase with the Act in effect. Current companies have much more free will to do as they please.

As the holiday season is approaching and everyone will be spending, Rumson, Bolling & Associates urges consumers to pay attention to interest rates, and your credit cards. For more information please read this article from ACA International.

http://www.acainternational.org/Credit-Card-Interest-Rates-Soar-15179.aspx

Thank You InsideARM

Rumson, Bolling & Associates would like to show gratitude for InsideARM.com. Inside ARM releases articles, press releases and reports for the public and those in the Accounts Receivable field. Many of the services InsideARM.com offers are free. One useful tool for those in the industry and those who are not alike are the InsideARM.com message boards. Industry members can network amongst each other and consumers can get industry leaders opinions and thoughts on various subjects, evenly sharing and spreading knowledge to better inform consumers and debtors. InsideARM.com has professionals and industry leaders creating new hard quarterly and yearly predictions on industry progress, growth and change. InsideARM.com is one of the first sites to create an online expo. Not only can one connect with companies, individuals and vendors like a normal expo but this expo can be done in the convenience of work or at home and InsideARM.com is offering all this for free as well. Rumson, Bolling & Associates would once again like to take this time to thank InsideARM.com for their efforts in helping, aiding, and progressing the accounts receivables industry.

www.insidearm.com

Major Players in the Debt Collection Field

Many people have no idea who regulates the debt collection industry. Many people have no idea where to go to if they need to dispute a claim, or have an issue with a collection company. With more people going default on their payments and people dealing with collectors that they never thought they would, this article can make you more knowledgeable and can help lead you to be debt free.

The debt collection field is regulated by the Federal Trade Commission, in fact all of the accounts receivable industry is regulated by the FTC. The FTC’s website is a valuable tool for everyone. The FTC has information and help if one has been scammed, or knows of a company that is fraudulent. They have a complaint form, and they can help consumers who are dealing with specific industries such as credit loans or computers & internet. In particular though for debt collection the FTC has released a piece of literature called the Fair Debt Collection Practices Act. The FDCPA has everything listed that a debt collector can or cannot do. On their website they have list how to properly dispute a debt. When the economy is slower, more people go into default, with more people owing money, skip-tracers are not 100% accurate so for some “debtors” they may have a very common name maybe the last name of Smith, so a collection agency may in fact make a mistake every now and then. Using the FTC’s website one can effectively dispute a debt; making phone calls, letters go away, as well as not having one’s credit score be affected. Any consumer (which is all of us) should go to the FTC’s website at one point or another just to see what the FTC can do for you.

Another major player in the debt collection field is the ACA – Association of Credit and Debt Collection Professionals. The ACA is an association of professionals in the credit and collection industry. They have an established set of standards, which they make their collectors adhere by. Probably the most crucial thing the ACA does though is they act as a mediator between debtors/consumers and collectors. On the front page of the ACA’s website there is a complaint form, ACA will help mediate collection problems w/o having to use the FTC, however if it is unable to resolve the issue, the ACA then sends complaints to the FTC. This helps to be as a filter to the FTC, helping everyone save government dollars and limited government resources of the FTC. ACA has been so effective the FTC often asks the ACA for their input and thoughts on debt collection. Recently the FTC is in the process of maybe creating a whole new government agency for credit and debt collection regulation/law making, and the FTC went to the ACA for their input on this. The ACA is a much better mediator than the Better Business Bureau due to the fact the BBB is often biased against certain parties. Also the BBB will not do anything to actually solve a problem, the ACA will send complaints if needed to the FTC. The ACA is much more helpful and unbiased when it comes to credit and debt collection complaints and concerns.

Predictive Dialers Now Illegal, however RBA is unaffected.

Once an undervalued service that Rumson, Bolling & Associates offered, is now making our company ahead of many collection agencies is the fact We do not use auto dialers and all of our phone calls are being made by real people. Starting September 1st 2009, Congress made auto dialers or predictive dialers, illegal to those who do not want phone calls. Many collection agencies have built their business structure around predictive dialers using dialers was once a somewhat efficient way to contact a large number group of people. Studies Congress did show that one predictive dialer could make 1,500 calls a day.

For those in the collections /sales / telemarketing field understand this number is almost unparallel to any human, however Rumson, Bolling & Associates has always felt that this is something very negative as well. Having an automated dialer calling a debtor lacks the care, emotions and helpfulness of having a human being on the other line. In Our own experience debtors respond much better and our efforts are much more successful if Our staff is calling instead of a computer automated phone call. Since Rumson, Bolling & Associates never relied on predictive dialers so this new law from congress has 0 affect on our business and our ability to collect. Many other companies in the industry who use predictive dialers this is hindering their ability to collect, and could cause long term problems should they continue to use it such as getting shut down from the F.T.C.

Another undervalued service that many people do not realize is the fact that all of our collectors and staff are in the United States. Rumson, Bolling & Associates is firmly against outsourcing jobs. Many collection agencies are sending jobs to other countries for cheaper labor. The problem with this is the United States are losing jobs and money that could be used for our economy is going to another countries economy. Another problem this creates is a communication barrier, a foreign call center is not nearly as easy to communicate with as one that is state side. Rumson, Bolling & Associates wants to assure the public that We are doing everything in our part to being the best collection agency possible and doing our best to help with our countries current economic status.

Forwarding Fee Contract Snippet

"BY EXECUTING THIS FORWARDING FEE CONTRACT EXTENSION, I ACKNOWLEDGE THAT NO PROMISES, GUARENTEES, OR WARRANTIES ARE EXPRESSED OR IMPLIED. NO REPRESNATIONS HAVE BEEN MADE TO ME THAT CONFLICT WITH THE DISCLOSURE THAT BAD DEBT CAN UNDER NO CIRCUMSTANCES BE GUARANTEED AND THAT THERE IS ALWAYS A RISK THAT DESPITE THE BEST PRACTICES, A DEBTOR MAY NEVER REPAY HIS OBLIGATION TO YOU"

This is a snippet from the Forwarding Fee Contract. While the Forwarding Fee Contract greatly increases your chances to collect a debt, it does not give a 100% guarantee. There is never a 100% guarantee when it comes to debt collection. Debt collection deals with laws, regulations, and the court systems. Rumson, Bolling & Associates will do our best to get you your money owed however we cannot promise anything.

Intangible Benefits, Undervalued Services and Vicarious Collection Phenomenon

One of the most undervalued services offered by Rumson, Bolling & Associates is the Forwarding Fee Placement Package. For a very low per case cost, multiple qualifying cases can be packaged and sent to collection litigation. Why pay an upfront fee? Packing your bad debts and sending them in bulk into collection litigation will ultimately results in the recovery of upfront costs. Often the forwarding fee is considerably less than even the actual filing fee of one case alone.

Vicarious Collection Phenomenon, when you put your collection cases in a forwarding fee placement package you send this message to the business community: We will not tolerate late, delinquent, short, or non-payment of our accounts. And we will enforce our contracts. This message is conveyed loudly and clearly to all of your potential debtors. Believe us, the vicarious collection phenomenon will cause them to pay you and not pay those they know who won’t use Rumson, Bolling & Associates.

Letter To the Better Business Bureau

Rumson, Bolling & Associates recently wrote a letter to the Better Business Bureau. Rumson, Bolling & Associates has been treated unfairly by the BBB and Our company is just looking for some equality on their site.

To the Better Business Bureau’s Complaint Department,

Rumson, Bolling & Associates (Company ID – 100079746) is contacting the Better Business Bureau’s complaint department because of two complaints, (Complaint ID – 98420787 and Complaint ID – 98420774) according to the Better Business Bureau’s website these complaints are unanswered. Rumson, Bolling & Associates has sent complaint rebuttals more than 5 times now and one of our staff members has sent an email through the BBB’s contact form and Rumson, Bolling & Associates still has not heard an answer. Rumson, Bolling & Associates does our absolute best in resolving any complaints, issues and/or concerns with our company; however it is unfair, unprofessional, and very biased for the BBB to claim that Rumson, Bolling & Associates has these two complaints unanswered when Rumson, Bolling & Associates has in fact answered them. According to the Better Business Bureau website:

“BBB is the preeminent resource to turn to for objective, unbiased information on businesses”

Rumson, Bolling & Associates wishes this were the truth however the BBB must be objective and have some kind of a bias towards Rumson, Bolling & Associates or collection agencies in general, to have answered complaints listed as unanswered on the BBB website. If the BBB is not willing to let Our company answer complaints it really makes RBA question the BBB’s business rating that was given to us as well. If you will not let us fairly dispute complaints how can Rumson, Bolling & Associates trust the BBB to even give us a fair rating, especially since part of the BBB rating is answering complaints, and handling complaints. The BBB is treating Rumson, Bolling & Associates very counterintuitive to what the BBB says they stand for. Rumson, Bolling & Associates hopes that We can come to a fair agreement on this matter and wishes the Better Business Bureau would they themselves be more transparent, and live up to the standards they say they live up to.

How to Make Your Debt Collection Efforts More Successful

Rumson, Bolling & Associates wants to give some pointers on how businesses and individuals can make their collection efforts more successful. Our first piece of advice to creditors is to have information on your debtor. Rumson, Bolling & Associates can carry on the collection process with just a bounced check or something of the nature, but it’s best to have contact information. Many times our clients have debtors with common first and last names such Kevin Smith, John Williams, etc. common names like these need to be cross checked by skip-tracers, this is a long process that takes up man hours and resources, sometimes this process may happen more than once depending upon the circumstances. Rumson, Bolling & Associates highly suggests creditors to get information such as name, address, phone number(s) and SS # if possible. Information like this can expedite the collection process almost twice as fast, if not more. Once you obtain this information, make sure you keep current client/customer information. All of this will help speed up the collection process; cut costs down ultimately giving you the creditor an easier collected debt.

More kind words from our clients

My brother and I own a lumber mill and within the past year have gone through some rough times. If you have ever seen the Discovery Channel’s show Swamp Loggers, then you’ll get an understanding for what we are going through. Our logging machines are constantly breaking down, the demand for lumber is low right now because most construction industries are failing. The economy has my brother and I stuck in a hard spot, and we needed help. In last few years we have collected a fair amount of unpaid invoices, partially paid invoices and bounced checks. We found Rumson, Bolling & Associates. Other collection agencies we had spoken to said our invoices were too old, or uncollectible, thankfully they have been able to collect and get the job done. If you have money owed to you, R.B.A. can help.

The Salinas Brothers

Client Review - Housing Industry

My husband and I own and manage a few housing units, and we take great pride in the work we do. We are very active in creating a great living environment for our tenants, and spend a lot of time seeing to their needs. That’s why when one of our tenants leaves without paying rent or for property damages we most often do not have the time necessary to collect the money owed. We try the best we can, but it distracts from the work needed for the tenants who are still living in our units and paying on time.

We were referred to Rumson, Bolling & Associates by a friend of ours that had used their services. We were unsure if they would be able to track down our ex-tenants and get them to pay, but we figured we had nothing to lose. We were happily surprised when we heard back from them a short time later with the first payment from an old tenant! All they required of us was to send in copies of our invoices, everything else they took care of! Rumson, Bolling & Associates has taken a huge weight off of our shoulders. We are able to focus on the part of our business that we love, while they take care of the “messy” work. We are grateful we came across a collection agency that works well with us and for us.

Another Client Review

Client Review:

Our company has a small collections department, and every now and then we get cases that we are unable to do anything with. We forward these hard to collect cases to Rumson, Bolling & Associates.

Rumson, Bolling & Associates has recovered many accounts for us that we believed to be un-collectable. We sent our first few cases to Rumson, Bolling & Associates on a whim, and prepared to write the unpaid debt off as a loss. But Rumson, Bolling & Associates blew our notions of a collection agency with polite service and results that far exceeded expectations. We will continue to use Rumson, Bolling & Associates for any past due accounts in the future, and will recommend them to any one who can use an outstanding collection agency.

Rumson, Bolling & Associates

Cli

Client Review:

I own a modest home remodeling company, and lately we have been having trouble with some of our clients paying their bill. I tried the best I could to collect on my own, but I just didn’t have the time or resources needed. I decided to send the accounts to a collection agency, hoping they could get at least something out of them.

We tried several collection agencies before finding Rumson, Bolling, & Associates. Many of the other agencies were unsuccessful at collecting any amount, and often gave us excuses before ignoring our calls altogether. The people at Rumson, Bolling & Associates were polite and answered my questions, and actually went out of their way to make sure I understood the entire process. They were also able to collect on many of my past due accounts, increasing my cash flow. The whole experience was enjoyable, and I will definitely be using them in the future. I recommend Rumson, Bolling & Associates to any business looking to use a collection agency.

Rumson, Bolling & Associates

Undervalued Services Rumson, Bolling & Associates offer

The staff at Rumson, Bolling & Associates offers such excellent services that they are often undervalued in the collection industry. Not every collection agency offers the premium services Rumson, Bolling & Associates does. Certain techniques that R.B.A. uses are typically undervalued. Some of these techniques would be; a constant stream of demand letters using the U.S.P.S. cyclical skip traces and phone number/address updates, regular phone calls to the debtor, bank account and asset location, turning a debtor back into a customer.

With a constant stream of demand letters using the United States Postal Service gives Rumson, Bolling & Assoc. a paper trail to all attempts of collection and more pressure for the debtor to pay. Should R.B.A. ever go to litigation with your debtor, this paper trail gives needed evidence to the judge that We have made attempts to collect outside of court. Cyclical ski traces with phone number/address updates keep R.B.A. and our clients informed on their debtor at all times. Our demand letters and phone calls will not be wasted on previous numbers/addresses, this cuts down costs and helps the staff at R.B.A. be even more effective in the collection process. Regular phone calls to the debtor means R.B.A. is constantly putting pressure on debtors, and it let's us be more informed on our debtors needs. It is important to know the needs of our debtors just as much as our clients, R.B.A. is here for both parties equally. Having knowledge of bank accounts and asset locations is crucial in the collection process. With economy being as slow as it is, it is important to know how much your debtor is working with. Without using bank account and asset location techniques you can not effectively collect, knowing your debtor is half of the battle to get your delinquent funds. The staff at Rumson, Bolling & Associates are some of the best in the commercial debt collection field, quite often the businesses R.B.A.'s are collecting from have debtors themselves. When debtors realize Rumson, Bolling & Associates live up to our motto: aggressive, dignified, effective, previous debtors often send us their own accounts to collect on.

Customer Review, First of Many

Rumson, Bolling & Associates has begin collecting customers reviews and are urging all of our previous clients to please send us reviews. Our staff strives to be the best, and We want everyone to know our high quality of work.

We found this on http://www.docstoc.com/docs/5183443/Rumson-Bolling

"I have been using Rumson, Bolling & Associates for quite some time now. My business expertise deals with importing, exporting, shipping, and packing goods. My customers invoices can range from a rather low amount to an extremely high amount. Due to the nature of my business some companies may only need a massive packing/shipping job once, so it’s a common trend, they just try and skip the bill. R.B.A. has always been extremely “go getting” on my accounts, they have found even the most impossible people to find, and have collected on them. Their staff is always there if I have a question or concern regarding a particular case and they always keep me updated on what is going on with my money. They have their own team of lawyers so I personally never have to do deal with taking anyone to court. Within the past 8 years, twice I have had to sue companies that did not want to pay me money owed, those were extremely long, costly and daunting ordeals, the guys at Rumson, Bolling however make law suits simple and hassle free. When it comes to collection companies, these guys are the best, they attack debtors credit scores, they collect on my debtors, and do it with a willingness I have never seen. Other collection companies do not collect at such high recovery rates as R.B.A. does. All in all I would rate my experience with Rumson, Bolling & Associates a 10 out of 10. One of the better business decisions I have made within the past couple years. "

What is a Collection Agency?

A collection agency is a company who specializes in collecting bad debts for their clients. The collection may work with collecting from individuals, companies, or both. They will use a mixture of letter, phone calls, and other means of communication to aid them in the collection process. The most common is a mixture of written letters and phone calls.

If necessary, the collection agency can perform credit checks, skip traces and other techniques. Skip tracing is a technique of finding information on a debtor, such as phone number or address, that will help collect the debt. This is often necessary if the debtor has refused contact from the company or moved. Credit reports can help ascertain the likeliness of the debtor paying the debt. A collection agency also has the ability to report to the major credit bureaus about the past due account.

Certain collection agencies will be able to handle collection on judgments. Corporate veil puncture will help find if the company is hiding assets. The collection agency might also be able to handle litigation if the debt is uncollectable. They may either forward it to an attorney, or have an in-house attorney who can handle the process.

Rumson, Bolling & Associates

Frequently Asked Questions II

What kind of past due accounts can a collection agency help with?
Some collection agencies will specialize in certain kinds of past due accounts. A full service collection agency, such as Rumson, Bolling & Associates, will work with all kinds of past due accounts. It is important to ask a potential collection agency what kind of past due accounts they will work on and if they have experience collecting on them.

What if I’m missing contact information for the debtor?
If you’re missing any needed information, the collection company can skip trace your debtor. Skip tracing is the act of locating a debtor. Most collection agencies, like Rumson, Bolling & Associates, will not charge extra if your debtor requires skip tracing services.

What if the collection attempts are unsuccessful?
You may have the option to send your account to litigation. Depending on the collection agency, your account may be forwarded to an outside attorney or handled by an in-house attorney. Rumson, Bolling & Associates has its own staff of in-house attorneys to make the entire process much simpler.

Are there annual contracts or fees?
Some collection agencies may make you sign a contract with their company. Others will not and you may choose when and where you work with them. Rumson, Bolling & Associates does not require long term contracts. You will need to ask any potential collection agencies you wish to work with to see if they require one or not.

Rumson, Bolling & Associates

Account Information Needed

If you’re ready to submit an account, there is certain information that the collection agency will need or will find useful in order to proceed on your account.

* Debtor’s name or aliases.
* Debtor’s address.
* Debtor’s phone number(s).
* Debtor’s e-mail address.

(If you do not have contact information for your debtor, such as phone number or address, do not worry! Rumson, Bolling & Associates has experienced skip tracers who will be able to track down your debtor for no extra cost.)

* Product or service provided.
* Reason for non-payment.
* When debt was incurred.
* When debt became past due.
* Did your debtor write you a bad check?
* Copies of documentation that supports the debt should be sent in to validate the debt. Documentation can be records, invoices, statements, bad checks, etc.

If you have any questions about the information or documentation you need to provide, call or e-mail Rumson, Bolling & Associates and one of our representatives will be able to answer then.

Rumson, Bolling & Associates

When to Submit an Account

Especially in these rough economic times, many businesses have past due accounts that adversely affect their performance. You may wonder, “When is it time to hand your past due account to a collector to handle?” Ask yourself these questions, and if you answer yes to any of them, it may just be time to seek help from a professional.

* Does your debtor ignore your phone calls or letters?
* Has your debtor moved without notifying you?
* Are you unable to get in touch with the debtor in any way?
* Has your debtor written or continues to write bad checks?
* Does your debtor continually stop payments?
* Is your debtor becoming increasingly harder to work with?
* Is a lot of time being spent attempting to retrieve the debt?
* Does your debtor debate the amount owed?
* Does your debtor continually give excuses or try to talk their way out of paying for the debt?
* Does your debtor continually make unfounded complaints about your product or service in order to get out of paying?

Past due accounts with an uncooperative debtor takes time and effort to see the debt paid off. A collection agency can employ investigative measures and corporate veil punctures (in case your debtor is a business) in order to determine the best way to collecting on the unpaid debt. A collection agency specializes in these areas, leaving you to sit back and let the professionals take care of your troublesome accounts for you.

www.rumsonbolling.com

Tips to Avoid Bad Debt

If your business offers credit, you must be careful when a new customer opens an account. Below are some tips that can help avoid acquiring bad debt.

* Check credit references and credit reports. This can give you a good idea about how well your new customer will be able to pay off their debt. Also, never extend more credit than your company can handle.
* Explain all transactions. Make sure your customer understands every detail. Do they know when a payment is due and for how much? Make sure they also understand the ramifications of paying late or not at all.
* Routinely send statements and reminders of due dates.
* Make sure your company has a plan to deal with accounts that have become overdue. Send past due notices and try to talk to your customer over the phone or in person about the past due payment. Do not harass, threaten or lie in order to get them to pay on time, it will only work against you.
* Set a final due date if previous attempts to get your customer to pay his overdue balance. Don’t extend the deadline, and let your customer know that if they do not pay by the final date, the account will be turned over to a collection agency.

Rumson, Bolling & Associates

Frequently Asked Questions

How long will it take to collect?
The time it takes to collect a past due account depends on a number of factors. The longer an account has been past due, the longer it takes to collect. The status of the debtor also affects it, especially if they have moved or are refusing contact. Also, a debtor may dispute the past due amount, and that stretches out the entire process.

How does the agency contact a debtor?
Collection agencies usually contact a debtor through letters and phones calls, and occasionally through e-mail.

What will I need to submit an account?
The most important part of submitting an account is that the debt is valid. Any documentation that supports the debt, such as invoices, statements, records, bounced checks, or agreements. These documents need to have such information as the debtor’s name and information, amount owed, debt occurred, any received payments, etc. Documents such as these usually have all information needed for the debtor that a collection agency will need. Any missing information can be skip-traced by the collection agency, which is usually included for no extra fees.

What if the debtor disputes?
If the debtor disputes the debt, you have the option of taking that person to litigation. Collection agencies such as Rumson, Bolling & Associates, have their own in house attorneys to take care of the process for you.

www.rumsonbolling.com

Advantages of a Collection Agency

There are many advantages in using a collection agency to collect your bad debt. A company’s need for a collection agency varies with such factors as size and amount of debt, but all of these advantages apply.

• No need to worry about hiring or managing employees for in-house debt collection. This often saves you time and money.
• Collection agencies have years of experience and will have a better chance of collecting a bad debt.
• Collection agencies will have an easier time managing debtors from different states. A collection agency has more resources and knowledge of states and their own specific debt collection rules.
• Collection agencies most often have thorough knowledge of debt collection laws.
• Collection agencies have the option to report the bad debt to the correct credit reporting agencies.
• A collection agency can handle large amounts of bad debt, which can often swamp in-house debt collections.
• A collection agency has the ability to track down customers who have changed their contact information. Whether they have moved or changed their numbers, a collection agency will be able to get their new information to proceed with the collection process. Often times many businesses will give up collecting from someone because they can’t get a hold of them.

www.rumsonbolling.com

Choosing a Collection Agency

Choosing a collection agency to work on your past due accounts can be a difficult choice. Will they be able to recover the money owed to you? What might they charge? And how long will it take? In order to determine whether a collection agency is right for you, there are certain questions you should ask.

What is their success rate?
How often do they see money recovered on an account? It is always a good idea to know what chance the agency has of getting your money. Just keep in mind that certain factors (such as age) will affect the recovery rate on your own account.

How long before they start on your case?
It is always wise to know how long a collection agency will take with your case. Some collection agencies will begin working on your case right away, while others might take days or weeks before giving your case the attention it deserves.

Rumson, Bolling & Associates begins working on your case within 24 hours of it being submitted. With our high recovery rates and fast turnaround, is the perfect choice when deciding what collection agency to use for your needs.

How well prepared are the collectors?
Do the collectors keep updated on the latest collection techniques and technology? Do the collectors understand your industry and have experience collecting for that industry?

Rumson, Bolling & Associates employs only highly professional collectors that are knowledgeable in the latest forensic collection techniques. Rumson, Bolling & Associates has collectors with experience in all kinds of industries, so we can find a collector suited for your case. We believe the key to success is being prepared for anything that might lie ahead.

What options does the collection agency provide if they are unable to collect?
Some agencies have the option of forwarding your account to an attorney to proceed with litigation if it is deemed necessary. The collection agencies will handle the process for you.

Rumson, Bolling & Associates has a network of attorneys with the ability to handle all kinds of cases in order to give you the highest chance of a successful litigation.

Can the collection agency handle judgment collections?
If you have a judgment against your debtor, it is vital to make sure your collection agency understands them and is able to collect on them. There are many steps that can be taken concerning a judgment, and it is important the collection agency fully understands them.

Rumson, Bolling & Associates is experienced when comes to collecting on a judgment. We understand all of the options available, as well as experts when it comes to finding your debtor and their assets.

Quick Guide on Litigation

First, a complaint is filed with the clerk of the court. A summons is issued, notifying the defendant that a lawsuit has been filed. The defendant is then served in writing the complaints against him, and can now file an answer or file a motion to dismiss.

If the defendant files an answer in response, both parties have the opportunity to discover all evidence the other side has that supports his or her side.

The defendant also has the ability to file a counterclaim. This is where the defendant may assert their own claims against the plaintiff. This counterclaim will be defended separately from the original claim brought on by the plaintiff.

Before the trial begins, any and all motions are reviewed, such as a motion to dismiss. During the trial, the plaintiff must prove their case through their witnesses and other evidence. Failure to do so will result in a dismissal. Once the trail is over, a judgment is put forth in favor of either the defendant or plaintiff. Later proceedings will go to enforce that judgment. Either side at this point can appeal if they so desire. If a defendant fails to answer or appear at trial, a default judgment is then awarded to the plaintiff.

Rumson, Bolling & Associates' Services

Contingency Based Collections

---

Rumson, Bolling & Associates collect on a contingency basis for accounts. If we are unable to collect, you pay nothing for our services.

Professional Collectors

---

Rumson, Bolling & Associates employs professionals who are experienced and knowledgeable in the field of forensic collection techniques. Rumson, Bolling & Associates constantly strives to improve, requiring all employees to undergo training and testing. We believe the key to success is being prepared for anything that might lie ahead.

Research

---

Rumson, Bolling & Associates makes use of the latest technologies in order to run in depth investigations on your debtor. Our collectors are skilled with skip tracing and tracking of assets. We use all information obtained to help the collection process and choose the appropriate actions that need to be taken.

There are many situations where extensive research is needed:

• Debtor may move or change their contact information without giving you the new information.
• Debtor may lie about their financial situations.
• Debtor may hide behind other businesses or names, any way that will deter you from collecting on their debt.

Rumson, Bolling & Associates do not charge extra for investigating a debtor. If we are unsuccessful collecting, you still do not pay no matter how much time we have spent investigating a case. Do not let lack of debtor’s information deter you from collecting what is rightfully yours!

Credit Reporting

---

Rumson, Bolling & Associates has the option to report all accounts gone in collection to the major credit reporting agencies. Debtors are notified, giving them all the more reason to pay off their existing debt. Oftentimes debtors refuse to take their debt seriously. Potential negative marks on their credit report force them to take the issue seriously.

Results

---

At Rumson, Bolling & Associates we have streamlined our account submissions to better suit you and your needs. The process only takes minutes, saving you time and frustration. There is no reason for you to waste any more time on a debtor who refuses to settle their past due account.

While some collection agencies may take days or weeks to get started, our streamlined system allows us to working on your past due accounts the same day they are submitted. We know how important time is when it comes to outstanding accounts and thus waste no time getting started.

Associate Counsel

---

Rumson, Bolling & Associates provides confidential complete case management services when and where litigation is necessary. We have working relationships with attorneys in every jurisdiction in order to connect you to collection law specialists. Our specialists have years of experience and will be able to go after your debtor no matter where he may have run off to. Our experienced staff takes the hassles and frustrations out of the complicated litigation process by handling most aspects of the case filing. Rumson, Bolling & Associates manages and supervises your cases so that all correspondences are processed confidentially. If your case is sent to litigation, our dedicated staff will keep you updated at every step, letting you know exactly where your case is at. At Rumson, Bolling & Associates, we are dedicated to protecting your interests.

Glossary of Terms

Glossary of Terms - In order to help people understand the collection agency business, here is a glossary of often used terms.

---

Accord and Satisfaction- Both parties agree to accept a settlement agreement and the claim is satisfied and discharged.

Acknowledgment- Admit, affirm, or confess; a partial payment of a debt is a acknowledgment of it.

Action- Case or lawsuit.

Actionable- Sufficient legal grounds for a lawsuit.

Affidavit- Written statement of facts sworn to or affirmed by someone who is authorized to administer oaths.

Agent- Someone who is authorized to act on behalf of another.

Arbitration- When a dispute is submitted to a third party who will decide the award in which both parties agree in advance to comply with.

Assignment- Transfer of property rights to another.

Bankruptcy- Federal procedure in which a debtor is relieved of total liability for his/her debts by making arrangements for their partial payment.

Bulk Transfer / Sale- A bulk transfer or sale of all or most of the business’s supplies or inventory not done in the ordinary course of business.

Claim- Demand or assert a right, such as the right to payment.

Closing Letter- Letter sent out by attorneys when a file is closed.

Collection Agency- Third party agency that helps creditors get paid.

Commission- Compensation for services in the effort of collecting a claim.

Cost Advance- Sum of money advanced by the creditor from which court costs are to be paid with.

Counterclaim- Claim by defendant opposing the claim of the plaintiff.

Default Judgment- A judgment awarded when the defendant refuses or fails to respond or appear.

Defendant- Party sued in a lawsuit.

Demand letter- Letter sent to the defendant to notify the debtor that the client has hired someone to collect the debt.

Discharge- To pay one’s debts or fulfill obligations.

Dismissal- Termination of a case prior to a normal end.

Execution- To carry out an act or course to completion. A process where an official can attempt to enforce a judgment.

Filed Answer- In writing the debtor states he will either pay the debt or disputes it.

Forwarder- A third party, such as a collection agency, that acts on behalf of a creditor which refers claims to an attorney for collection.

Forwarding Contract- A contract between the creditor or forwarder and receiver.

Garnishment- Legal procedure where a creditor can collect a debt by reaching the debtor’s property when it is being held by a third party, this can include taking a portion of wages.

Guarantee- To agree to be responsible for someone else’s debt when they are unable to pay.

Indemnity- Restitution or reimbursement for loss, damage, or injuries.

Insolvency- The condition where a person is unable to pay his or her debts when they become due.

Joint Liability- When two or more parties are liable for a debt.

Judgment- Decision by a court where an official amount owed by the debtor is awarded.

Lien- Where the owner of property gives the right to secure a debt.

Negligence- Conduct that fails to match standards of behavior set by law where injury or damage can occur.

Plaintiff- The party that brings forward the claim in an action or proceeding.

Satisfaction- Discharge of an obligation when a debt is paid for.

Settlement- When a debtor offers a sum of money or property to settle a debt.

Skip- When a debtor leaves or changes all contact information and cannot be located.

Skiptracing- The act of locating a debtor.

Statute of Limitation- A law which limits how long before the right to sue is lost.

Writ- An order given by a court that requires something to be done or giving authority for someone to perform a specific act.

About Rumson, Bolling & Associates

Rumson, Bolling & Associates is a collection agency whose goal is to help business owners recover past due accounts. We are prepared to deal with any and all past due accounts with our extensive network of experienced professionals.

Oftentimes business will give up collecting on a past due account due to difficult debtors or time constraints. Rumson, Bolling & Associates believes that there needs to be a way for businesses to have a chance collecting on their past due accounts. Let us worry about your hard to collect accounts while you focus on running your business.

Rumson, Bolling & Associates believes hard work and preparedness is the key to success. We have made account submissions a quick and simple process, allowing us to begin working on your case immediately. Our professionals treat all accounts with the upmost importance, no matter how big or small the debt may be. At Rumson, Bolling & Associates, our clients are of the most importance, and we strive to make the best of a difficult and stressful time.