Are Debt Collection Status Reports Driving You Crazy?
Our Status Reports are available from our web site 24/7. They are easy to read and completely secure. Our Clients can change variables to customize how the report appears.
Arizona (I-Newswire) April 22, 2014 -
If you find Debt Collection Status Reports difficult to understand you are not alone. The problem is that Debt Collection requires a lot of different letters, some of which are custom, and a lot of telephone calls, many of which are messages.
Look at the original and current balance for each claim. If they are the same, the debtor has not made any payments. If the current balance is smaller, payments have been made. The last activity will show payments only if the payment is the most recent activity. These payments are deposited into an Escrow Account until the check clears in about two weeks. Often, payments are missed and you will see a last activity that shows a message or letter. This is common and does not mean payments have stopped.
Aside from payments, the flow of pre-litigation Debt Collection involves many attempts at phone contact at various times of day or evening along with letters designed to encourage the debtor to call. You should expect a flow of activity something like this:
Initial letter mailed with full documentation.Calls and/or messages requesting resolution.Final Notice suggesting it is in the Debtor's best interest to contact the Agency.More calls/messages.Credit notice informing the debtor the debt has been reported and remains for 7 years unless paid.Another call or message.Suit Notice informing the Client and Debtor that suit has been requested.If you decide to litigate, the report can get even more confusing, but here is the general flow once litigation has been started:
The Attorney tries to contact the debtor to resolve. (1 month)A Summons is filed. (1 month)A Summons is served. (1-3 months)If the Debtor does not answer, a default Judgment is awarded. (1-2 months)If the debtor answers the Summons, a trial date is set.(2-4 months) Once a Judgment is obtained, the Sheriff will levy bank accounts, income or other assets. (6-9 months)If no assets are found, the Judgment is docketed to make it a Public record. (1-2 months)The legal system runs slow. Everything is backed up and getting paid takes a long time. In general you can expect about 25 cents on a dollar for claims sent to litigation. Our Clients do better (about one third collected) because we do pre-litigation investigations. Still, while Judgments give you a piece of paper saying You Win, they don't get you paid.
Our Status Reports are available from our web site 24/7. They are easy to read and completely secure. Our Clients can change variables to customize how the report appears. For example, they can choose to view only active claims, only archived claims or all claims.
It is important that you know what is happening so it is important to us to provide a report that you can understand.
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Published On:April 22, 2014
Print Release:Print Release
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