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Elimidebt - Frequently Asked Questions

updated 8/18/08

 
Question: Why should I use a collection agency?
Answer: Some debtors will not pay without the assistance of a third-party intervention.
The longer you let your debt go unpaid, the more difficult it is to collect it.
And the longer it goes unpaid, the more opportunity the debtor has to possibly file bankruptcy – in which case you may not recover any money.
By using a professional collection agency, you free up many “man hours” of work within your company.  This allows you to shift these employees to new areas of the business
   
Question: What is the process to start?
Answer: Initially, we need to discuss several key issues regarding your “inventory” of delinquent customers.

  • How many would you like to present to us?
  • What old are the debts?
  • What was the purpose of the credit?  A loan, a purchase, a rental?
  • Is it possible to re-posses any merchandise that was sold?

There may be several more question depending on the nature of your client base.
Once we know that information, we simply need the contact information for each of your debtors, along with the financial history. At that point, we will discuss the contract agreement between your company and ours.
   
Question: Exactly how does your business operate?
Answer: First we need to get copies of the files for each of your delinquent customers.  This can be sent to us electronically, or by physical files, whichever method is more convenient for you. We will then enter all pertinent debtor information into our collections program.  The program we use maintains a compete history of every communication we have with your customer.

By following all of the guidelines set forth by the FDCPA (make link) we will make repeated attempts to contact the debtor at home, during different times of the day as necessary.  We will also mail a series of collection letters (called “Dunning Letters”) which gradually increase the importance of reaching an amicable settlement.

It is our express intent to do everything possible to NOT have to proceed                            to litigation of any kind.  Unless it is a very sizeable amount of money, nobody wants to go through all of the hassles of sitting in a courtroom for hours in the “attempt” to collect what they are owed.
   
Question: Will you assign an account number to my customer?
Answer: If compatible, we will use the account number already established by your company.  If not compatible, of if you do not use account numbers, then we will assign a unique account number in order to track your customer in our system.
   
Question: What if we no longer know where the debtor lives or works?
Answer: We have access to “skip tracing” software and websites that allow us
to track debtors using various methods. If we need to, we may be able to file claims with District Magistrates in different states if the debtor has left Pennsylvania.
   
Question: Do you report any of this information to the Credit Bureaus?
Answer: That’s a decision we will have to make together.  We have the ability to report to any of the three (3) main credit bureaus; however, this action may incur additional charges, and may hinder your ability to save the business relationship with your debtor
   
Question: How much does your service cost?
Answer: Through years of experience, we have learned that every company will have different situations regarding their billing processes and receivables. Therefore, we base our fees not only on the nature of the debt, but the age of the debt as well.  Please call our office to receive a no obligation consultation regarding your company’s needs, and we will tailor a package to deliver the highest returns with the fastest turnaround.





































































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