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New Jersey Collection Agency

Debt collection isn't easy. Get an AR plan in place today!

Choosing a New Jersey Debt Collection Agency

Post Charge-off Collection

There comes a time when a business needs to charge-off debt or bad accounts. This time frame can range from 30-180 days when there’s been no payment. Business owners usually have a charge-off rate factored into their pricing or model. If you don’t, then you need to do it. A business must stay focused on its core mission, and not consume resources chasing customers who didn’t pay. This is where a collection agency comes into play. Their responsibility is to turn those non-performing assets into cash so you can focus on your business. 

Litigation Collection

There’s a point when standard collection methods just aren’t working. The consumer ignores your calls, letters, and thinks you’ll eventually go away. This is true for creditors who don’t have the resolve to pursue these debts, or the knowledge to get it done. Once we exhaust our attempts to settle or get accounts current, we turn to the courts for remedy. This includes filing a civil complaint (lawsuit) and asking the court to enter judgment for the amount due. 

Judgment Collection

Once the Complaint has been filed, the case litigated, and judgment being successfully entered, we can now use the power of the civil court system to collect the amount of the judgment. These methods include, but aren’t limited to: wage garnishment, bank levy, chattel execution, replevin, and several others. There isn’t much a debtor can do to stop the enforcement of a legal judgment. A debtor may negotiate a settlement with the creditor, but creditors aren’t required to accept such a settlement. New Jersey has a strong public policy on settlements and the courts encourage this when possible. Post judgment collection can be a long process and you need to partner with an agency that knows how to use all the tools in the toolbox, and the resolve to see it through. 

What's the difference between a collection agency and an attorney?

The fundamental difference is that an attorney is paid for a service, which is to represent your interests, not an outcome like actual collection. When you use a collection agency, and through our attorneys, we have the investigate insight to locate a debtors assets, and use our attorneys skill to collect on the judgment using the assets we locate. Many attorneys don’t have the capacity or knowledge to locate assets, so they rely on the creditor (you) to locate these assets.

What are the Costs?

Collection costs vary by creditor and each situation is independently evaluated. There’s no cookie cutter price model. In some cases, we collect on assigned accounts for a contingency fee. In others, we purchase the judgments or notes direct from original creditors and then pursue collection. This is usually done when there’s a portfolio or bundle of debts, and we pay you an agreed upon price for the entire debt portfolio up front. This gives you some cash for the bad debts up front, and gives us the rights to collect on the full amount from the debtor.

What if we already have judgments? Can you collect?

Absolutely. We can collect on a contingent basis, or we can bundle all your judgments and make a cash offer to purchase them from you. Then the judgments are assigned to our agency in exchange for the agreed upon price up front. Our agency will then attempt to collect on the judgments over time.

Don't Hesitate to Ask

Debt collection can be complicated. Don’t waste any more time and get an account receivable plan in place now.

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