Have you ever had a company owe you money? If you’re a company and are waiting on long-overdue payment from another company, you are eligible to download and send a Final Notice form. Final Notice forms are used to get debtors to pay debt they owe to creditors. They serve as the last attempt to … Read more

We’ve already explained the process of how debt collection works; beginning with the first bill you miss and then to if you get sued. What if you are one of the 80% of Americans who has accumulated debt in your life? According to a 2016 NerdWallet.com study, the total debt owed by U.S. consumers for … Read more

A debtors’ prison is a prison specifically designed for people who are unable to pay off their debt. The idea of a debtor-specific prison stems back as early as the 5th century, where prison conditions included starvation, abuse from other prisoners, diseases, and unfair prison sentences (Wikipedia.org). Debtors’ Prison in Middle Ages In the Middle … Read more

Since the Consumer Financial Protection Bureau (CFPB) was established in 2011 as an independent company, consumer protection from collection agencies has surged in the financial sector. To provide significant improvements to the Great Recession, the CFPB was made into existence by the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act as a federal law … Read more

The Fair Debt Collection Practices Act is a consumer protection amendment that limits how third-party debt collectors communicate with consumers who are in debt to another person or company. Third-party debt collectors, also known as collection agencies, are usually hired on by a person or company (aka “creditor”) in order to collect debt that a … Read more

A lien is a legal right a creditor can place on a debtor’s property to ensure the person pays back their debt in full (Nolo.com). As a legal right, creditors can sell the property if the debtor fails to meet the financial obligations of a loan or contract made with the creditor. How Does It … Read more

Depending on the debt amount and to who its owed to there are a few different courts that creditors can sue debtors, including: state civil court, federal court, or small claims courts. Collection agencies are usually not allowed to use small claims court, because the procedures are more informal than those in state court (Nolo.com). … Read more

In the realm of debt collection, legal proceedings, and even personal investigations, skip tracing emerges as a vital technique. The term “skip” refers to the person being searched for and is derived from the expression “to skip town.” Its significance lies in its ability to track down individuals who have become elusive, whether intentionally or … Read more

The average credit card debt of U.S. households is approximately $5,700, according to the most recent data from the Survey of Consumer Finances by the U.S. Federal Reserve. The average debt for balance-carrying households is $16,048 (ValuePenguin). If you owe money to a debt collector, do you know how the debt collection process works? When … Read more

What are personal guarantees and how are they effective in collecting commercial debt?  We absolutely love clients who obtain personal guarantees!  Why? Because their accounts are twice as collectible as other clients who do not use personal guarantees.   If you are dealing with a corporation or a Limited Liability Corporation (LLC), your claim is solely … Read more