COLLECTION AGENCY SECRETS FOR COLLECTING ON BAD

COLLECTION AGENCY SECRETS FOR COLLECTING ON BAD
DEBT
by: steve austin
getting worried that one of your clients,
CUSTOMERS OR PATIENTS WILL NEVER PAY? HAVE YOU
given up on a customer who's essentially said he
won't pay? congratulations--being stiffed by a
CUSTOMER OR PATIENT IS A MILESTONE IN THE GROWTH
of a business or medical practice. but even the
most hopeless of bad debts can sometimes be
COLLECTED-COLLECTION AGENCIES HAVE BEEN DOING IT
for years. here are six of their secrets.

1) DON'T JUST CALL, WRITE.

according to a leading collection agency, you're
MUCH MORE LIKELY TO COLLECT ON BAD DEBTS WHEN
you send a series of collection letters. deep
down, you probably know why collection letters
ARE BETTER. IT'S THE SAME REASONS THAT WOULD
make you uncomfortable placing such a call in
the first place: 1) if a debtor knows why you
ARE CALLING THEY WILL AVOID YOUR CALLS; AND 2)
if you do get them on the phone they will most
likely have a bad attitude, or just make excuses
LIKE 'THE CHECK IS IN THE MAIL' TO GET YOU OFF
their back.

2) DON'T ASK IF, ASK WHEN.

this leading also recommends that you try to get
YOUR DEBTOR TO SET A DATE FOR PAYING YOU BACK.
the people who owe you money may have been
saying to themselves that they will get around
TO PAYING YOU ANY DAY NOW. BUT TOMORROW NEVER
comes, which is why you need a specific date.
when you call, start by asking to be paid today,
THEN NEGOTIATE FROM THERE.

3) be mice.

courtesy is important because: 1) it lets you
keep the moral high ground; 2) it makes it
LIKELIER THAT YOU CAN ESTABLISH A COOPERATIVE
relationship with the debtor for getting the
debt repaid; and 3) there are very strong laws
AGAINST HARASSMENT IN THE COLLECTIONS PROCESS
and you do not want even to approach their
limits.

4) be cooperative

REMEMBER: YOU AND YOUR DEBTOR HAVE ONE THING IN
common: you both want this debt to go away. in
particular, you both want you to stop having to
MAKE ALL THESE CALLS AND SEND ALL THESE LETTERS.
with that shared goal you and your debtor can
work together to create a repayment plan. while
A REPAYMENT PLAN MAY NOT BE WHAT YOU HAD HOPED,
it's better than holding onto a bad debt.

5) KNOW THE VALUE OF YOUR TIME

the one thing that is probably keeping you from
COLLECTING ON YOUR SUPPOSEDLY BAD DEBT IS YOUR
fear that the time you spend collecting the debt
may not be worth whatever you will recover. this
FEAR IS JUSTIFIED; YOUR TIME IS VALUABLE AND
maybe it would be better spent on getting new
business.

but don't just let this fear linger in the back
of your mind, fighting with the little voice
THAT SAYS YOU WANT YOUR MONEY. TO GET A ROUGH
idea of how much time you can afford to spend
collecting the debt, and whether you have the
TIME TO DO IT AT ALL, SIT DOWN AND WRITE OUT A
rough estimate of the value of your time, the
likelihood of collecting, and the amount you are
OWED.

for instance, let's say you are going to assign
THIS TASK TO AN ADMINISTRATIVE ASSISTANT WHOSE
time is worth $15/hour. the debt is $1000. it is
owed you by an old customer who is three months
BEHIND BUT HAS NEVER BEEN SERIOUSLY DELINQUENT
before, so you say you have a 50% chance of
getting the money, making the value of the
COLLECTION ABOUT $500.

you divide $500 by $15 and find that your
ASSISTANT COULD SPEND 33 HOURS COLLECTING THE
debt before it lost your company money. however,
you'd probably still feel a little unsure about
WHETHER IT WAS ALL WORTH IT. YOUR FEELINGS WOULD
be correct: there's still the opportunity cost
of all the work your assistant won't be doing to
KEEP YOUR BUSINESS MOVING. TO BE SAFE, YOU CAN
also estimate the opportunity cost at another
$15/hour, which means you can only really afford
TO HAVE YOUR ASSISTANT SPEND HALF AS MUCH TIME,
or 16 and a half hours. if you've already spent
that much time already, it's time either to call
IT QUITS OR CALL IN THE PROFESSIONALS.

6) get a collection agency

the one secret the collection agencies know
about collections is the value their services
DELIVER CLIENTS. UNFORTUNATELY, BUSINESSES DO
not usually agree to write testimonials for
their collection agencies or even recommend them
TO A FRIEND. IF YOU DIDN'T KNOW THAT THERE ARE
small business collection agencies that will
collect your bad debt for under $20, you have to
ADMIT THAT LEAVING YOUR COLLECTIONS TO THE PROS
is a pretty good business secret. in short, you
don't want your bad debt to cost you twice: once
WHEN YOU LOSE IT, AND AGAIN WHEN YOU WASTE A LOT
of your or your people's time going after it.
going with a collection agency can help you
AVOID EITHER OUTCOME.

about the author:
WRITTEN BY: STEVE AUSTIN
find out more about how to find the best
collection agency for your business at
HTTP://WWW.LET-NO-DEBT-REMAIN-OUTSTANDING.COM
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How to Qualify for Government Grants Aimed At Debt Relief For You by Lindsy Emery

The United States Federal Government would love to help you get out of debt. This is not fiction, but true. There are billions of dollars waiting for people to apply for. The trick is to find the grant that suits you, apply for it, and wait for your award.
Probably the biggest problem in today's world is the sagging economy. When people spend every last penny paying their bills, they have nothing left to put back into the economy. In some cases, people aren't even able to pay all their bills in a timely fashion. The secret is to get a government grant to help you. A grant is different than a loan in that you will not have to pay the grant back. Sure, there might be some stipulations as to how the money is spent, but if you have been up front and honest on your application, you will have no worries.
A grant is also better then resorting to bankruptcy. If you file for bankruptcy, your credit is all but ruined for at least seven years as this is how long it will stay on your credit history report. Government grants may be the solution that you have been praying for. The best way to get started is to search out the perfect government grant for you. There are some that are specifically designed for debt relief. There are others that may have different names, but whose money may be applied to your debt.
You would probably be surprised that you could receive as much as $12,000.00 or more. Wouldn't this go a long way in helping you get rid of your debt?
About the Author
I have done a bit of research for you. These Government Grant Experts can help you get the grants you deserve by helping you get out of debt fast. You can find out if you qualify for a Government Grant for free!
Click here to fill out a short form to save your finances and get out of debt as early as this week!

Reducing The Burden With Student Debt Consolidation

Reducing The Burden With Student Debt Consolidation
By Darnell Scott
Student debt consolidation is one of the best methods to reduce your monthly payback in installments on loans you have taken for your academic pursuits. It is not important whether your outstanding debt is large or small. Student debt consolidation in every case works in your favor by fetching you a lower monthly installment.
The basic facts are first to be thorough with student debt consolidation and how best it can work for you. This is possible if you can surf the net to find and go through many sites that holds information on student debt consolidation. You need to know the current trends in student debt consolidation and the various terms offered by different companies apart from the interest rate they are going to charge. It is a pretty good idea to walk in to any of these companies and have a discussion with one of their executives in order to know how you can benefit from student debt consolidation on what they have got to offer.
Try your best to find out the credentials of the company with whom you are going to make a deal. Then simply let your chosen company explain to you right from day one how they intend to work on your outstanding debt and finalize your student debt consolidation program. Ensure that you have got the best interest rates. Please do read the fine print of any offer from these student loan consolidation companies and ask them to explain each point that is not clear to you. This exercise may look tedious but it is worth trying as you will subsequently realize with passing of time. Another basic point to pay heed to is the prevailing market interest rates. For you to get the best out of student debt consolidation you should get into the process of student debt consolidation when the interest rates prevailing in the market are at a favorably low level. Once you decide on entering the student debt consolidation process then you have to look for all the charges that the company can levy on you for various favors they do on you in the course of the student debt consolidation program but these favors come to you at an extra cost.
At the same time, look for the occasions when you meet your obligations that they give you a bonus of some form. These basic facts could go a long way in effectively reducing the pay out that you make every month and in the overall. Companies offer even up to 1% interest rate reduction once you have punctually made your installment payments for the first three years. There are also discounts available during the grace period of the debt. Finally there is the point that due to some reason you get to repay your outstanding before the term or in other words intend to prepay the debt. In this case too you should not be charged a penalty for pre payment. Certain companies claim this way a lock in interest of upto 2.75%.
So weigh the options well before going in for student debt consolidation to strike the correct balance between your monthly outgo and the pros and cons of your student debt consolidation program in terms of bonus as well as penalties.
Darnell is a writer for several websites. For more information on [http://www.online-debt-consolidation-blog.com/wordpress/category/studen-loan-consolidation]student loan consolidation visit our [http://www.online-debt-consolidation-blog.com]online debt consolidation blog.
Article Source: http://EzineArticles.com/?expert=Darnell_Scott http://EzineArticles.com/?Reducing-The-Burden-With-Student-Debt-Consolidation&id=194327

How do commercial debt reduction companies work?

How do commercial debt reduction companies work?
by: Jon Butt
Don’t stress it – commercial debt reduction companies are proven authorities in debt negotiation to reduce your commercial debt in the best way possible for you, especially when you’re least interested in the worst alternatives like Chapter 11.

http://theinfo.50webs.com/debt-relief/how-do-commercial-debt-reduction-companies-work.html

http://theinfo.50webs.com/debt-relief/how-do-commercial-debt-reduction-companies-work.html

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Small Business Debt Collection Law Cheat Sheet

Small Business Debt Collection Law Cheat Sheet
by: Joel Walsh
In your small business debt collection laws will eventually become important, as your debt grows and some clients do not pay. To collect small business debts legally, you must first send a written notice that collections have begun, within five days of first contacting the debtor for collections (for instance, within five days of calling on the telephone). The letter must include dispute instructions. Small Business Debt Collection Laws Forbidden Practices * Collect any amount beyond the actual debt, unless you really can do so legally. * Continue collections on a debt if the debtor has disputed the debt, unless you provide the debtor with written proof. http://theinfo.50webs.com/debt-relief/small-business-debt-collection-law-cheat-sheet.html

Debt Relief From Debt Consolidation

Debt Relief From Debt Consolidation by: Jakob Jelling
If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing “relief” from the current debt by shrinking it down to a single manageable debt.
http://theinfo.50webs.com/debt-relief/