Debt collecting has been one of the modern industries, which are gaining momentum. This has gained a lot of momentum theses years as people running after more income; this has lead to overtime works. The more people works mean the less time they have left to spare. The debt collection agencies are the agencies that are hired by these busy people to help clear their debts at the right times and same them from losing unwanted money. Since this is a new industry, there are a lot of new agencies and selecting the right one has always been difficult.
Here we have selected some of the important functions and features to check before selecting a debt collection agency to pay off your debts
- What type of collector you need
Finding the right collector to collect your debts from you is important. There are three types of debt collectors, and they are classified into daily collectors, weekly collectors and monthly collectors.
Daily collectors need a very small sum to collect from you by the end of a day; this is easy for shopkeepers and daily wage employees as they get the money daily.
Weekly collectors collect the amount by the end of a week which is usually Friday or Saturdays. This makes the amount a little big as they may seem so.
Monthly collectors collect the amount by the end of a month; this means that you have to pay a large amount but only once every month.
- Learn more about the agency’s policies and ethics
Always make sure that the debt collection agency you are trusting is one with good customer handling skills and have good ethics. Also, make sure that the agency is obeying the rules set by the federal systems and not breaking any rules. Make sure the agency is listed in the list of agencies that are accepted by FDCPA. Also, make sure that they don’t have any complaints filed against them or their employees.
- Understand the fee structure of the agency
Debt collection agencies have a fee for the debt collection process. They are to support the company and help them grow. The fee varies from agencies and is different for different agencies; some offers a onetime fee for the entire amount while others take a percentage off the periodic payment. It is up to you to select one which you can manage and pay without any dues.