Debt Collection Services By Fraser Law Firm, LLC
If you are a business owner, a freelancer, an individual consultant, or any similar work, you may have encountered collecting debts with some difficult and reluctant clients. It can be a stressful and time-consuming ordeal, and most times, all your efforts are futile, and you still end up unpaid. As a creditor, it is important to know and understand your rights so you can collect from your debtors in the most effective way possible without violating any laws that protect the debtor as well.
Denny Fraser of Fraser Law Firm, LLC is an experienced lawyer in terms of laws and regulations surrounding debt collection. We, at Fraser Law Firm, LLC can provide you with vital information regarding your rights as a creditor as well as offer legal advice on how to properly proceed with the collection of the debt and what steps to undertake to ensure that you and your debtor come to an acceptable and mutually beneficial agreement.
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Debt Collection Practices You Can Use
1. Send Out Demand Letters
This is a common practice across all types of businesses. When calls, emails, and messages cannot cut it, you may want to start sending out demand letters to your debtors. The letter must include details on how much is due, when it is due, and the services or items that were given. You may also escalate the number of letters you send as time goes by and include your determination to pursue legal actions if needed.
Having a debt collection lawyer can help you formulate the contents of your demand letters as well as when you should send out demand letters.
2. Agree Upon A Settlement
There are times when a debtor is unable to pay his or her debts because of multiple reasons. When this is undeniable clear, it may be time for a settlement.
A settlement is an official agreement between the creditor and the debtor concerning the unpaid debt. A settlement may be in the form of an extension of the due date, an acquisition of something owned by the debtor, etc. Settlements are almost always equivalent to a discounted amount of the debt in question. It is important to have a debt collection lawyer to draft the agreement and to guide you in the terms and conditions of the said agreement, so you are well compensated as the creditor.
3. Let A Debt Collection Agency Take Over
Debt collection agencies act as middlemen that are tasked to collect delinquent debts. There are two types of debt collection agencies:
The first one is third-parties that you hire on your behalf to collect outstanding debts, and the other is where you sell the actual debt at a lower price and they keep any collected assets for themselves.
Debt collection agencies are a good option for creditors that cannot produce a settlement with their debtors. It is better to consult with a debt collection lawyer first to know if this is the right step for you or not.
4. Pursue Legal Actions
This is considered to be the last resort in debt collection, since filing a debt collection lawsuit is a long and often expensive process. It also requires research, investigation, and a substantial amount of evidence for you to recover any assets from your debtor.
Consult a debt collection lawyer first before filing a debt collection lawsuit to help evaluate if it is really worth it to push for legal actions. Keep in mind that a lawsuit will take months to years, and some debts may not be that significant enough for a court hearing.
Consult A Debt Collection Lawyer
A good Debt Collection Attorney can help you know and understand debt collection laws and practices and advise you with the best route you should take for you to collect what you are owed with as little risk as possible.
Additionally, a debt collection lawyer can also protect you from any advances that a debtor might take to avoid payment or to demand legal actions against you for reasons such as harassment or threats.
Denny Fraser, of The Fraser Law Firm, LLC would like to help you with any debt collection services you need. We can guide you every step of the way, from demand letters to legal actions. We, at Fraser Law Firm, LLC, Debt Collection Attorney are here to make sure that you are protected and well-compensated in all your debt collection undertakings.