View Full Version : Collection Angencies??
11-06-2006, 09:07 PM
I did a search, didn't really find too muck info on this subject.
I am in need of a collection agency, I have about 10-15 accounts that owe me approx. $125-$350 each. So its worth going after them. I have heard of some agencies that take a percent what the collect(some take 50%), some take less % but require more accounts to collect from, etc, etc.
Has anyone used any that have got you some money back, and/or do you have any agencies you can recommend.
11-06-2006, 09:43 PM
try Olddebts.com, I saw a few other sites listed in threads on here as well. Do a "collections" search and I am sure you will find quite a bit. OR, you could make up your own collections letters. OR, if you don't want to make them do a google search. I found quite a few that way. Do you run quickbook pro? they have them built in. A number of ideas for you, hopefully one of them will help.
good luck. :) Jeff
11-08-2006, 12:39 AM
From what I've learned, court is a waste of my time and the farther I stay away from that, the simpler my own life is.
It would appear the only thing effective beyond that (and legally so) is reporting it to all 3 credit bureaus. Although I know for a fact you will not always see your money right away, it is also very possible that 2-3 years down the road suddenly you get a phonecall one day (gee, my loan was denied, how can I get this issue off my record?) I do know it comes back around if not your way then at least theirs, sooner or later in 7 years time the chances are good to excellent.
Unfortunately, having the ability to do this directly is not feasible for small / solo operations.
So, olddebts.com is what I use, 2 accounts this year so far...
Around your range, so to speak, thou I chase fairly regardless of amount.
They charge a flat fee upfront, depending on package, the least expensive is $7 and I also like their 4-letter + phonecalls (that bit is extra) costs near $30.
But, I always make SURE to select the +$3 credit record option. That to me is more important than anything else, at least this way I know someday it's coming back to haunt or at the very least remind them.
If they fail to collect, you can sell it to their parent company at 30% contingency (you don't pay, but they send amount owed - 30% if they collect).
So far, neither of my deadbeats has paid, but I can wait 7 full years.
11-08-2006, 02:07 PM
Thanks for the info. I actually sent out my last letter/statement to the "deadbeats" about an hour ago. I plan on calling each customer a final time starting on Monday, and when they refuse to pay I am going to use your sugustions and use olddebts.com.
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