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
Thursday, April 30, 2009
Tuesday, April 28, 2009
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
* 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
Friday, April 24, 2009
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
* 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
Sunday, April 12, 2009
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
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
Wednesday, April 8, 2009
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
• 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
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