So, your emails and phone calls are getting you nowhere? It’s time to outsource your debt collection services to a professional. But which one should you hire - a debt collection agency or a lawyer? Here are a few tips from Adam Stewart, CEO of Debt Recoveries Australia.
Factors to Consider in Hiring the Right Professional:
1- Area of Specialty
If you're choosing either a debt collector or a law firm, make sure that the collector that you choose has a specialty in that area.
2 - Speed of Debt Recovery
Find out exactly how fast you need the money. If you are looking at cash flow and you want your money fast, it is better to ask assistance from a debt collector than go to a law firm. Keep in mind that legal processes take longer time. Debt collectors operate on a commission basis and are incentivized to get the money in. They don't get paid unless the debtors pay their debts, so they are motivated to collect your debts faster.
3 - Cost Effectiveness: Commission fee vs. Legal fee
You need to look at the commission you will pay to a debt collector as opposed to the legal fees you will pay to a solicitor. With debt collectors, the commission fee depends on the size of the debt. So, if clients have a very large debt, you might want to consider the legal option.
Debt Recoveries Australia (DRA) is a debt collection agency that can provide litigation services across Australia and New Zealand. DRA collects debts from companies of all sizes – small and large. Partnered with ADC Legal, which Adam is also a director of, DRA can maximise recoveries and speed of collection while being responsive to our client’s individual needs.
For more information, you can visit our websites:
www.debtrecoveries.com.au/
www.adclegal.com.au/
Contact Us:
Phone: 1300 799 511
Email:
[email protected]
Skype Name: debtrecoveries
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