Client Review – Housing Industry
June 24, 2009
My husband and I own and manage a few housing units, and we take great pride in the work we do. We are very active in creating a great living environment for our tenants, and spend a lot of time seeing to their needs. That’s why when one of our tenants leaves without paying rent or for property damages we most often do not have the time necessary to collect the money owed. We try the best we can, but it distracts from the work needed for the tenants who are still living in our units and paying on time.
We were referred to Rumson, Bolling & Associates by a friend of ours that had used their services. We were unsure if they would be able to track down our ex-tenants and get them to pay, but we figured we had nothing to lose. We were happily surprised when we heard back from them a short time later with the first payment from an old tenant! All they required of us was to send in copies of our invoices, everything else they took care of! Rumson, Bolling & Associates has taken a huge weight off of our shoulders. We are able to focus on the part of our business that we love, while they take care of the “messy” work. We are grateful we came across a collection agency that works well with us and for us.
Another Client Review
June 22, 2009
Client Review:Our company has a small collections department, and every now and then we get cases that we are unable to do anything with. We forward these hard to collect cases to Rumson, Bolling & Associates.
Rumson, Bolling & Associates has recovered many accounts for us that we believed to be un-collectable. We sent our first few cases to Rumson, Bolling & Associates on a whim, and prepared to write the unpaid debt off as a loss. But Rumson, Bolling & Associates blew our notions of a collection agency with polite service and results that far exceeded expectations. We will continue to use Rumson, Bolling & Associates for any past due accounts in the future, and will recommend them to any one who can use an outstanding collection agency.
Client Review of Rumson, Bolling & Associates
June 21, 2009
Client Review:
I own a modest home remodeling company, and lately we have been having trouble with some of our clients paying their bill. I tried the best I could to collect on my own, but I just didn’t have the time or resources needed. I decided to send the accounts to a collection agency, hoping they could get at least something out of them.
We tried several collection agencies before finding Rumson, Bolling, & Associates. Many of the other agencies were unsuccessful at collecting any amount, and often gave us excuses before ignoring our calls altogether. The people at Rumson, Bolling & Associates were polite and answered my questions, and actually went out of their way to make sure I understood the entire process. They were also able to collect on many of my past due accounts, increasing my cash flow. The whole experience was enjoyable, and I will definitely be using them in the future. I recommend Rumson, Bolling & Associates to any business looking to use a collection agency.
What is a Collection Agency?
May 20, 2009
A collection agency is a company who specializes in collecting bad debts for their clients. The collection may work with collecting from individuals, companies, or both. They will use a mixture of letter, phone calls, and other means of communication to aid them in the collection process. The most common is a mixture of written letters and phone calls.
If necessary, the collection agency can perform credit checks, skip traces and other techniques. Skip tracing is a technique of finding information on a debtor, such as phone number or address, that will help collect the debt. This is often necessary if the debtor has refused contact from the company or moved. Credit reports can help ascertain the likeliness of the debtor paying the debt. A collection agency also has the ability to report to the major credit bureaus about the past due account.
Certain collection agencies will be able to handle collection on judgments. Corporate veil puncture will help find if the company is hiding assets. The collection agency might also be able to handle litigation if the debt is uncollectable. They may either forward it to an attorney, or have an in-house attorney who can handle the process.
Frequently Asked Questions II
May 15, 2009
What kind of past due accounts can a collection agency help with?
Some collection agencies will specialize in certain kinds of past due accounts. A full service collection agency, such as Rumson, Bolling & Associates, will work with all kinds of past due accounts. It is important to ask a potential collection agency what kind of past due accounts they will work on and if they have experience collecting on them.
What if I’m missing contact information for the debtor?
If you’re missing any needed information, the collection company can skip trace your debtor. Skip tracing is the act of locating a debtor. Most collection agencies, like Rumson, Bolling & Associates, will not charge extra if your debtor requires skip tracing services.
What if the collection attempts are unsuccessful?
You may have the option to send your account to litigation. Depending on the collection agency, your account may be forwarded to an outside attorney or handled by an in-house attorney. Rumson, Bolling & Associates has its own staff of in-house attorneys to make the entire process much simpler.
Are there annual contracts or fees?
Some collection agencies may make you sign a contract with their company. Others will not and you may choose when and where you work with them. Rumson, Bolling & Associates does not require long term contracts. You will need to ask any potential collection agencies you wish to work with to see if they require one or not.
Account Information Needed
May 1, 2009
If you’re ready to submit an account, there is certain information that the collection agency will need or will find useful in order to proceed on your account.
- Debtor’s name or aliases.
- Debtor’s address.
- Debtor’s phone number(s).
- Debtor’s e-mail address.
(If you do not have contact information for your debtor, such as phone number or address, do not worry! Rumson, Bolling & Associates has experienced skip tracers who will be able to track down your debtor for no extra cost.)
- Product or service provided.
- Reason for non-payment.
- When debt was incurred.
- When debt became past due.
- Did your debtor write you a bad check?
- Copies of documentation that supports the debt should be sent in to validate the debt. Documentation can be records, invoices, statements, bad checks, etc.
If you have any questions about the information or documentation you need to provide, call or e-mail Rumson, Bolling & Associates and one of our representatives will be able to answer then.
When to Submit an Account
April 29, 2009
Especially in these rough economic times, many businesses have past due accounts that adversely affect their performance. You may wonder, “When is it time to hand your past due account to a collector to handle?” Ask yourself these questions, and if you answer yes to any of them, it may just be time to seek help from a professional.
- Does your debtor ignore your phone calls or letters?
- Has your debtor moved without notifying you?
- Are you unable to get in touch with the debtor in any way?
- Has your debtor written or continues to write bad checks?
- Does your debtor continually stop payments?
- Is your debtor becoming increasingly harder to work with?
- Is a lot of time being spent attempting to retrieve the debt?
- Does your debtor debate the amount owed?
- Does your debtor continually give excuses or try to talk their way out of paying for the debt?
- Does your debtor continually make unfounded complaints about your product or service in order to get out of paying?
Past due accounts with an uncooperative debtor takes time and effort to see the debt paid off. A collection agency can employ investigative measures and corporate veil punctures (in case your debtor is a business) in order to determine the best way to collecting on the unpaid debt. A collection agency specializes in these areas, leaving you to sit back and let the professionals take care of your troublesome accounts for you.
Tips to Avoid Bad Debt
April 25, 2009
If your business offers credit, you must be careful when a new customer opens an account. Below are some tips that can help avoid acquiring bad debt.
- Check credit references and credit reports. This can give you a good idea about how well your new customer will be able to pay off their debt. Also, never extend more credit than your company can handle.
- Explain all transactions. Make sure your customer understands every detail. Do they know when a payment is due and for how much? Make sure they also understand the ramifications of paying late or not at all.
- Routinely send statements and reminders of due dates.
- Make sure your company has a plan to deal with accounts that have become overdue. Send past due notices and try to talk to your customer over the phone or in person about the past due payment. Do not harass, threaten or lie in order to get them to pay on time, it will only work against you.
- Set a final due date if previous attempts to get your customer to pay his overdue balance. Don’t extend the deadline, and let your customer know that if they do not pay by the final date, the account will be turned over to a collection agency.
Frequently Asked Questions
April 13, 2009
How long will it take to collect?
The time it takes to collect a past due account depends on a number of factors. The longer an account has been past due, the longer it takes to collect. The status of the debtor also affects it, especially if they have moved or are refusing contact. Also, a debtor may dispute the past due amount, and that stretches out the entire process.
How does the agency contact a debtor?
Collection agencies usually contact a debtor through letters and phones calls, and occasionally through e-mail.
What will I need to submit an account?
The most important part of submitting an account is that the debt is valid. Any documentation that supports the debt, such as invoices, statements, records, bounced checks, or agreements. These documents need to have such information as the debtor’s name and information, amount owed, debt occurred, any received payments, etc. Documents such as these usually have all information needed for the debtor that a collection agency will need. Any missing information can be skip-traced by the collection agency, which is usually included for no extra fees.
What if the debtor disputes?
If the debtor disputes the debt, you have the option of taking that person to litigation. Collection agencies such as Rumson, Bolling & Associates, have their own in house attorneys to take care of the process for you.
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Advantages of Hiring a Collection Agency
April 9, 2009
There are many advantages in using a collection agency to collect your bad debt. A company’s need for a collection agency varies with such factors as size and amount of debt, but all of these advantages apply.
- No need to worry about hiring or managing employees for in-house debt collection. This often saves you time and money.
- Collection agencies have years of experience and will have a better chance of collecting a bad debt.
- Collection agencies will have an easier time managing debtors from different states. A collection agency has more resources and knowledge of states and their own specific debt collection rules.
- Collection agencies most often have thorough knowledge of debt collection laws.
- Collection agencies have the option to report the bad debt to the correct credit reporting agencies.
- A collection agency can handle large amounts of bad debt, which can often swamp in-house debt collections.
- A collection agency has the ability to track down customers who have changed their contact information. Whether they have moved or changed their numbers, a collection agency will be able to get their new information to proceed with the collection process. Often times many businesses will give up collecting from someone because they can’t get a hold of them.
