When you are running a business or providing services for other people, you rely on regular and on-time payments from those owe you money. But what are you supposed to do when those people fail or refuse to pay you what is owed? You may be limited by the steps you can legally take to recover this money, but there are some resources you can use to ensure that you get fully repaid.
Can't I just get the money from a debtor myself?
The Fair Debt Collection Practices Act of 1978 establishes some rules and regulations concerning the methods that can be used to collect owed money, such harassing someone that owes you money. One of the best ways to avoid violating any rights on your road to collecting your money is to hire a debt collections attorney to help you with the process.
You should hire a debt collections attorney if you:
- Exhausted all other collections options, such as letters, phone calls, and payment restructuring
- Need an additional level of professional correspondence to encourage repayment
- Will lose significant amounts of money if you give up on collections
- Want to take your debtor to court over the failed repayment
- Want to negotiate a meaningful payment plan that helps recover some of the debt
- Believe that the debtor will dispute the payment if pressed and need to cover your bases
It may seem appealing to hire a debt collections agency to try and get this money back, however, collections agencies do not carry the legal weight that a debt collections attorney does. Ignoring a phone call or letter from an agency may not mean anything to a debtor, but when they receive a letter from an attorney, the threat of court time can be enough to illicit a fast response.
Don't settle for letting your debtor avoid repayment for another day! With the Law Offices of Alden B. Smith, you can take the legal action necessary to hold a debtor accountable.