We all know the old story, someone either in business or in your personal life owes you money. It happens to everyone and its tough to collect. That’s why we wanted to help you find a Debt collector agency today. The sooner you start collecting the better. How to find a debt collection agency to collect my money i’am owed?
People that owe money seem to make sure they stay broke so they don’t seem like they have to pay. This is why you need the best debt collector.

Every state has its own set of debt collection laws and how you can proceed with collecting the debt owed to you. Check here for debt laws per state:
It is always best to try and work the debt out yourself before attorneys or any agency’s get involved due to the cost of there services. 5 ways to try and collect yourself:

1.Send certified letter demanding the debt be paid before you hire an attorney or debt collection agency.
2.Have your attorney send a certified letter -Usually costs around 100-200 dollars.
3.Have your attorney call the person or business that owes the money.
5.Visit the business or person and offer a compromise which could be that you cut the debt amount down to collect.

Now we all know this isn’t always going to work. Most of the time, i would say around 90% wont deal with you since they already decided not to pay the bill due. Debt recovery is better once a debt recovery agency steps in and really puts the screws to the business or person. Once you turn it over to a bill collector they will only get paid on any amount of money owed to you or your business.

It will also depend on what entity you are trying to collect debt from. Individual debt collecting or corporation debt collecting? There is also a way for a person to protect themselves with a LLC which flows protection from self responsibility.

Once you turn it over to the debt collection attorney/debt collection agency they will send a letter to the business or individual. They will give them 30 days to respond by written letter to the address provided within the letter. If they respond they will set up a time to make a call so both sides can try and negotiate the amount, payment plans could be worked out. This will start the debt collection process.

If the individual or business doesn’t respond within 30 days, it will be referred to there debt collection attorney and he will proceed with the small claims court and will report the debt to all 3 credit bureau’s.

This will impact them big time. If its individual they credit score will fall close to 50-100 points. If its a business and they need to borrow money from any banks or individuals more then likely they will have to give a copy of there credit report. It will show irresponsibility and people will start backing off of lending them or there business money.

The 3 credit bureau’s are:
Experian
Equifax
Transunion

No matter who you are , you should stay current on checking your own credit score monthly.This will always show you what your rate you can get at your bank.

List of types of debt you can collect on:
1. Medical debt collection
2. Credit card debt collection
3. Personal debt from family and friends
4. Non payed bills
5. Car loans-They will sell the car wholesale and come after you for balance.
6. Utility’s debt collection
7. Landlord debt collection

How to pay off debt collectors:
1. Ask for a payment plan
2. Ask for cash discount on balance owed.
3. File Bankruptcy-Consult an attorney
4. Don’t pay and it takes 7 years to fall off your credit report once reported.

With the growing cost of medical bills, medical debt collectors is a fast and growing business. It is the most reported debt collection in the market. I have heard that agency’s are overloaded with new collection for medical bills every month. Another is landlord debt collection is a secondary market that always has people defaulting on there leases.

With medical debt collection, there is a very high bad debt recovery rate, most people that don’t have any insurance and get stuck with an amount that is staggering. There only option is small monthly payments. But most big hospitals will not work with small payments due to the paperwork involved. So they turn you over to a debt collection agency to handle the details.

We had a medical bill 10 years ago for 22,000 and the hospital said they would only take 500.00 dollars a month to pay on terms. We couldnt afford it so they turned us over to a debt collection agency office and we had to make 250.00 dollar a month payments. Took forever , and we hated it. Thank you for stopping by and reading this post. Above you will find a form to fill out if you need to collect debt on someone or a business debt collection.

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