What's the Best Way to Handle a Debt Collection Agency?

To acquire an adequate assistance for debt collection agency, you must consider taking the services FromFederal Management Ltd - Leeds Office, wherefrom, satisfactory assistance regarding debt collection can be availed easily. For handling a debt collection agency, it is highly required to deal with debt collectors properly and for this purpose, people must have a complete knowledge regarding debt collection. For having any more detailed information, you must consult with some experts, who have adequate knowledge regarding all such aspects.

1. Do you use a collection agency for your overdue invoices? Why or why not?

You can use it when you have rock hard evidence of your debt and when your debt is big enough to go through collection.Example: you delivered a TV set, the delivery is proven (customer signature) and the client is late for payment.If you sell services or small value products, this is often useless.

2. Question about collection agency and old debt?

Let me tell you what I've been going through. I co-signed a car with a young couple from my church about 2 years ago. Big mistake. It was a struggle just to get them to make one payment on time. Honda was constantly calling me about it. This young couple was completely irresponsible. Finally, about 3 months ago, the oil light came on but they just kept on driving it until the motor locked up. They had it towed to a repair shop and just forgot about it. They quit making payments altogether, and did not even have the decency to tell me about it. The next thing I know, a repo company is looking for the car. And here's the really bad thing - I can not just take up payments on it, they want the full balance. So, I had to borrow nearly $9000.00 from the bank to pay it off, pay a $400.00 repo fee, then pay $80.00 to have it towed to my house. The young couple is yet to return any of my calls or offer any help or apology. It will cost about $1500.00 to repair the car, then I will be lucky to sell it for $6000.00. As you can see, I am going to lose about $5000.00. Honda told me that if I did not pay it off, my credit record would be ruined, and they would still take me (us) to court. Of course, it would not do any good to take the couple to court because Honda would not get anything out of them, anyway. And Honda can not legally garnish their wages because I am half-owner. They would have to garnish mine, too. So, yes, it can have a very negative effect on your dad and you. Shame on you for being so irresponsible.

3. what happens when you stop paying collection agency?

They will start calling your all the time. They will send collecting notice to your address. The will add lot of fees and interest to your original debt. If all these fail, they will take you to court. Most likely they will win. They will be able to take what you own and garnish you wage until the debt is clear. Talk to them and see if you can reduce to monthly payment. As long as you are paying someone and can show them you are will to work with them to pay it off, they wo not bring it to court

4. If I buy a 100k house with 80k mortgage, and sell it immediately for only 60k, will the collection agency hound me for the other 20k?

That can not happen.You do not own the house.The Bank owns the house and they will never release title under those circumstances. Without a title transfer, the buyer will not turn over the money.Also, the bank will be a tad upset if you try and might even conclude you intended to defraud them. Police might be involved.

5. What can I do to get rid of collection agency calls for a person that is deceased?

I have a problem with creditors calling for people that used to live upstairs. They did not have a home phone and we appear to have the same address. Therefore the creditors did a reverse number search and call me. They stopped after that. One company was worse and still continued until I threatened to turn them in to the Better Business Buero. If you still get mail from these companies do not open the letters. Write RTS on the envelope and send it back. If the person on the phone gets rude ask to talk to their supervisor and file a complaint. Good luck

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