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Posts Tagged ‘business collection’

If you are being inundated with phone calls from debt collectors demanding money, and advertisements that blare “get out of debt now,” debt settlement and debt consolidation businesses might be looking pretty good right now. With debt settlement and consolidation centers, you combine your debts and pay a portion of the total. However, many of these businesses might be just too good to be true.

Any debt consolidation place that wants to satisfy your debt for “pennies on the dollar” should most likely be considered dubious. After all, it is hard, heck, even near to impossible to make and keep a promise like that without being aware of the details of how long you have owed the money, how much money you owe, and to which creditors. These debt consolidation businesses don’tknow your past payment history. They do not know which company you owe. Additionally, each person has different assets that can be used to satisfy the debts. You can never make a blanket statement.

While it is always a good idea to hire more people to add to your ranks, keeping the best employees in a collections agency is crucial. It has become a recent trend that tenured collectors are requesting to work at home.

It might be a smart move to accommodate for them considering that their commissions have been lower as of late, and the stress of the commute or a need to spend more time with family may drive your best collectors away.

Work at home programs haven’t become common yet, but there are a few agencies that make exceptions for certain bill collectors. Typically these collectors are the best at what they do and may work from home a few days a week.

U.S. Bankruptcy Code imposes something called an automatic stay the moment that a petition for bankruptcy is filed. The automatic stay will typically prevent the enforcement, commencement, or appeal of actions and judgments against a debtor from the creditors they owe money to who are trying to collect these debts incurred prior to the bankruptcy petition. The automatic stay also protects property of the bankruptcy estate itself from collection actions and proceedings.

If a creditor violates the automatic stay their actions are voided out. Any violation of the stay might cause the violating party to have damages assessed to them. But, like every complicated law, there are exceptions. A creditor might be allowed to take their collateral if they obtain permission from the court first. They’ll get this by filing a motion for relief from the automatic stay.