Things to Think About when Hiring a Debt Collection Agency

Things to Think About when Hiring a Debt Collection Agency

While seeing to it that your business is paid what it is owed, and as such gains improved management over its cash-flow, debt collection is sometimes a necessary part of conducting business. Unfortunately, your debtors won’t always meet their obligations to you, and in such case, using the services of lawyers and legal solutions to enact debt collection is a necessity.

But before you go out and hire just anyone calling themselves a collection agency, there are a few things you need to consider about them first:

How do they Specialise?

Differently sized businesses have varying needs, operations, costs and customers. This means that they offer different terms. When selecting a debt collection agency, you need to ensure that they specialise in businesses like yours. Do they make collections to the value that you are looking for? Are they better suited to smaller companies? 

Using an agency that only handles large scale collections when you are a small business, it might not be practical to go with them. So take a look at the type of clients they are used to dealing with, and go with an agency that is suited to what you are looking to get out.

Does the Agency Report on Progress?

Because of the sensitive nature of debt collection, and the legal implications of it being done wrong, your company needs to be kept in the loop with regards to how the process is being undertaken and what its progress is.

Because of this, you should always opt for a collection agency that gives you regular reports on how your debtors are being dealt with, including any negotiations, payment terms, summons or writs.

Contact Bregman Moodley Attorneys for Debt Collection Services

Bregman Moodley Attorneys has over 45 years of experience with debt collections. If you would like to know any more about our various legal solutions, be sure to contact one of our representatives today, or visit our website for additional information on our offers.

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