If you're looking to recover your overdue accounts finding a reliable, affordable and trustworthy debt collection agency can be daunting. With countless collection agencies of varying ethics and experience out there choosing the wrong agency will cost you hundreds, thousands and quite easily tens of thousands of dollars both in lost collections as well as in predatory collection agency fees and commissions.
However, there are 3 insider debt recovery secrets to separating diamond debt collectors from the dirt. Privy to these three secrets you'll possess the power recover more of your debts faster as well as save thousands i the process... all without exposing yourself to the usual nightmares that so often go with debt collection.
Frankly, these 3 insider secrets are so powerful that it would be foolish to choose a prospective debt collector without first asking these three questions...
Insider Question #1: "Do You Guarantee Collection Of My Accounts?"
Most agencies will boast that No Collection means No Commission! Don't be fooled. This is NO guarantee of collection but rather a deceitful cop-out.
Because when you go with these agencies you're the one who's risking everything! Regardless of whether or not they collect your account they'll still charge you an upfront fee for chasing the debt. So not only do you end up with no money recovered, you also have to pay for their failure to recover your money!
So you end up losing twice while they come out with money in their pockets.
So while such agencies are rare, what you really want is a debt collection agency that guarantees the money you invest with them will actually bear a return in the form of a recovered account.
Bottom Line: ONLY ever deal with a collection agency that guarantees collection of your debts!
Insider Question #2: "How Do You Deal With Disputed Debts?"
Don't be fooled... this one's a BIGGIE!
In a desperate effort to get out of paying their accounts, more and more debtors falsely dispute their debts. And what makes this dirty tactic so powerful is the fact that almost without exception debt collection agencies will either flat-out refuse to have anything to do with disputed debts OR they'll charge you outrageous fees to do so.
As a result, you're left to your own devices to deal with your disputed debts.
However, as the legal fees can very rapidly trivialize the size of the unpaid debt, trying to recover a disputed debt alone can be as financially crippling as it is emotionally -- even if the debt is clearly bogus.
Fortunately, there are a handful of collection agencies that are geared to handle your disputed debts at no additional charge. That's why it's imperative that before you sign any agreement with a prospective collection agency you find out whether or not they deal with disputed debts.
Bottom Line: Only deal with debt collection agencies that have systems in place to deal with both genuine and bogus disputes without charging you extra for it. As I said, this one's a biggie.
Insider Question #3: "Can You Recover My Debts Without Charging Me Or My Debtors A Cent Of Commission On Collection?"
If you could only ask one question of a prospective debt collector, this would be it.
Granted, on the surface charging a commission on collection doesn't sound so bad. However, as you're about to see charging a commission on collection from the outset massacres your chances of recovering your accounts in full.
If you lack the legal right to pass on collection costs, any money that's recovered on your behalf will be dramatically diminished by the commission on collection. On recovering your money debt collection agencies that charge commission from day one can skin anywhere between 20% to 40% right off the top. No matter how you look at it that's a huge price to pay to get back money that's rightfully yours.
On the other hand, if you possess the right to pass on collection costs you might be forgiven for thinking all is sweet... it's the debtor who gets slapped with the commission while you get to keep all money owed to you.
However, what normally happens, stung with penalty fees 20% to 40% over and above the original debt these angry debtors shamelessly try it on with bogus disputes in an effort to get out of paying a cent.
So When All Is Said And Done: Despite the fact that it's your debtor who gets stung with the commission on collection, it's you who ultimately loses as you fail to recover most of your accounts.
In summary then,you should only ever sign up with collection agency that guarantees to recover your debts within a commission-free window and do so for a low one-time fixed-fee... irrespective of whether or not the debt is undisputed.