One of the major issues face by many young entrepreneurs and CEOs of startups is that they don’t get back their debts on time from their debtors. You might be thinking that getting back debts is an easy task; you just need to call and mail the debtor or send warning letters. But believe me, it’s not especially when the debtor switches off his phone or changes his number, address or the city. Wondering what can be done in such a situation. Well, if you ask me, I would give only one solution and that is, hire a debt collection agency.
In MNCs and other big corporate houses, generally, there’s a separate department called the debt collection department that consists of a team of professional debt collectors. But, since yours is a startup company, it might become quite difficult for you to create such a department as you will need to spend loads of money every single month on the debt collectors. So, instead of sinking your bank balance, it is wise if you just hire a collection agency service in Houston and get back all the money you owe from the runaway debtor.
Do you even know how such a commercial collection agency works? Here I have jotted down some points that will explain the exact step-by-step process of how such a firm or agency works. Take a look.
How a collection agency service works?
- First Step: After you pay a visit to a reputed and reliable debt collection agency, the professionals there would sit with you, asks you about your issue, take details of the debtor such as his/her number, home address, office address, mail id and other details if any. They will ask you everything in detail because they will analyze whether this issue will need a legal help or not. If the entire issue really needs to be handled by a lawyer then they accordingly deal with it or send you to a good, business collection attorney.
- Second Step: After they get to know about every single detail of your issue, the next thing which they are going to do is that they will call up the delinquent debtors and even send them mails and letters, in order to convince them to repay the debt.
- Third Step: Even after sending letters, emails and even after calling several times, if the debtor doesn’t give back your money, then agency will take help of their private investigators and also some high-tech computer software to track down the debtors as soon as possible, so that they can pay a visit to his or her home/office. At times, the debt collectors may also search the nonpayer’s assets like banks and brokerage accounts to determine whether the debtor will be able to pay the debts back or not. This task of searching a debtor’s asset is generally not done by every agency. Only the licensed ones can do it.
- Fourth Step: After the second and third step, if you still didn’t get back your money, then they may take help from a business collection attorney to solve the case.
So, this was basically how commercial collection agency services work. Now, you must be thinking how you would find a good debt collection agency in Houston, right? Don’t worry; here are two easy things you can do. Either, take a recommendation from a close friend, business partner or even relatives. Or else, you can simply browse the internet. You will surely find many Houston-based, business collection agencies.
Now, when you know how a collection agency service works and how to find them in Houston, waste no more time. Find a reputed debt collection firm and get back your debts.
Author Bio- Rose Martell is a debt collector and writes articles and blogs about collection agency services. Her blogs will also help you find the best collection agency service in Houston.