| Frequently Asked Questions* |
|
When can I put a claim into Collection ?As soon as the debtor exceeds the agreed credit terms you may declare the account in default and you may take appropriate measures to collect the balance due. Some states may require the account to be 30 - 60 days past due before an Agency may intervene. If there are no specific credit terms send the debtor written notice of default and your intentions should payment not be received within a specific but reasonable time period. Back to Top
|
Should I send the debtor a letter prior to putting it into Collection ?Not necessarily. Your agreement with the debtor may state that you may send the account to collections if the debtor is in default. If there is no such agreement you should advise the debtor of your intentions, by certified mail. The debtor can not then raise a later defense that he/she was never notified of the collection action. Back to Top
|
How do I Submit a Claim ?A claim can be placed with Regal Collections electronically or fax or mail. In many instances there will be a minimal amount of information required to open the claim. On submitting the claim you, as the creditor, are warranting that the debt owed is legitimate. Back to Top
|
What is the Fair Debt Collection Practices Act (FDCPA) ?The Fair Debt Collection Practices Act (FDCPA) was enacted to protect consumers from any unethical practices of debt collectors. In most areas of the act the law is straightforward and clear in its intent. It sets standards and conditions for debt collectors when dealing with consumer debt. Your State may have its own supplementary laws which provide additional regulations on both the Agency and creditor. Back to Top
|
Will the FDCPA affect me or my Claim ?The collection agency, or collection attorney, acts as your Agent and you may be held responsible for some of the actions of your Agents. You may only be able to collect on a debt the actual amount owed and not any expenses from the debtor, such as the collection agency fees, interest or attorney fees. We will advise you when we review the claim. Back to Top
|
How long will it take to Collect ?Unknown. That really is the honest answer for any collection agency. There are so many variables that we cannot guarantee collection within a certain time frame. Our fee is, however, contingent on us collecting the debt and so we invest every effort in bringing the claim to a speedy conclusion. Back to Top
|
Where can I find a good collection Attorney ?If you send us a claim for collection and, in the event that the debtor refuses to pay, we will forward the claim to a specialized, vetted collection attorney upon your request. We take the headache out of the litigation process. Back to Top
|