Debt collection can be frustrating. Many times people promise they will send you the money they owe to you and nothing happens. As debts age, they become increasingly more difficult to collect. After you write letters and make calls to a debtor without success for 60-180 days, it is time to consider hiring a debt collection attorney.
A professional debt collection attorney has a vast knowledge of collection techniques and legal actions available to you in the state in which you reside or do business. They will likely yield significantly better results than you can achieve on your own.
First, find out which debt collection attorney law firms specialize in collecting the type of debt that you have. For example, some collection attorneys may only collect consumer debt while others may collect corporate debt. Some may specialize in small businesses while others could specialize in government debt or large corporate debt.
The next step is to talk to someone at the debt collection law firm. See if you are comfortable with their approach to collections. Find out if they have had success at collecting funds in similar circumstances. Also, find out what type of documentation they would need you to provide to them before they proceed with collection. Lastly, make sure that the law firm is a licensed and bonded collection agency.
Once you’ve found a collections attorney that might work for your business, it’s time to discuss costs. Some attorneys charge a fee for the work they do, while other attorneys charge a contingency fee. This means that their fee is a percentage of the amount that they collect for you. Know ahead of time the approach you want to take.
Some companies use a collection agency instead of a hiring a debt collection attorney, thinking that they would save money. This is not true. Many times, the fees of debt collection attorneys are comparable (or even cheaper) than the fees of collection agencies. In addition, debt collection attorneys have the ability to pursue legal action quickly and efficiently when needed. They are ready to file suit and go to court for you on difficult collection issues.
Kind and Dashoff, LLC is a law firm and a licensed and bonded collection agency. In addition, they are experts at debt collection techniques and legal remedies in Maryland and Washington, DC. They work hard to collect the money that is owed to you.