Debt Collection Attorneys
Debt collection attorneys are licensed attorneys who specialize in harnessing the judicial system to recover money owed to their clients. They have the ability to use the Court system to gain leverage in their efforts to collect the debt. They often go straight fora judgment and pursue legal action to encourage the debtor to work with the creditor to reach an amenable result quicker.
Third-Party Debt Collection Agencies
Debt collection agencies are not law firms and should not be confused with law firms. They are collectors. This means that they cannot commence a lawsuit. Instead, they use their skills and experience to collect debts outside of Court, such as through the issuance of debt collection letters, and by encouraging open communications with debtors, negotiating payment plans and other settlement options. Typically, a debt collection agency will connect with debt collection attorneys should they be forced to pursue their legal options outside of their purview. As a general rule, debt collection agencies operate on a contingency basis, which means they won’t receive payment before they collect
How to Choose the Right Option?
There are a few things to consider when choosing between a collection attorney and a third-party debt collection agency. A collection lawyer is the best option if you’re ready to spend more money upfront, and are keen to pursue exclusively judicial means to collect your debt. However, a third-party debt collection firm can be a better choice if you want to avoid any upfront charges and pay if and when the account is collected.
It’s essential to choose a collection lawyer or company cautiously. Collaborating with someone with a track record of achievement and handling debt collecting professionally would be best. Before selecting an attorney or agency, do your homework on them and check reviews from companies that previously used their services.
In many cases, choosing a third party debt collection agency that has a team of debt collection attorneys on staff would be the best choice for your business, and offers the most access to all available options for collecting your money. Monetaria is one of those leading agencies. Feel free to connect with our expert team to help you.
We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on collections, to ensure your business gets paid.
If you have unpaid debts that need to be recovered, commercial debt collection may be a good option for your business. A commercial debt collection agency can help you with the process of recovering past-due accounts and provide guidance on best practices for managing accounts receivable.
Led by a team of experienced commercial debt collection attorneys, Monetaria Group has helped hundreds of businesses recover and collect their outstanding debts and payments. Schedule a FREE consultation with our expert team to see how we can help you recover your money today!