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Contingent Fees: How They Work When You Hire A Debt Collector
Who Are We?
At Massachusetts Debt Collection Attorneys, we have over 50 years of experience in the debt collection world. However, we do not overcharge or twist arms to get money back for our clients. We use proven methods that will get as much of your money back as possible, and we work on the honor system. When you get paid, we get paid. Take a look a what we do and how the contingent fee system works for you as a client.
How Do We Accept Cases?
Debt collection is serious business, and we believe that we are obligated to collect the debt when we take the case. We charge a contingent fee for every debt that is collected. This means that we have the same goals. Therefore, we do not accept all cases. Some cases may be too difficult to collect, and other cases may be flimsy.
When we take your case, you can be sure that we are doing everything in our power to get your money.
What Is A Contingent Fee?
Boston debt collection agencies may charge you a flat fee to collect on all your accounts. However, you may not get much value for your money. We prefer to charge a contingent fee for every account that we collect on.
When we collect your money, we get paid. You are not paying us if we cannot collect your money, and you will not lose money during the collection process. Plus, we will explain how we collect on each account. We can use your script, or we will use a script that we have offered to our staff.
You Have Freedom To Negotiate
We offer standard fees for all our clients, and you may negotiate the fee that we charge for each account that we collect. The contingent fee is a percentage of the money that we collect, and we will only charge on the precise amount that we get. When you contact us, we can work out an arrangement that makes sense for your business. Plus, you will see a record of all the accounts we collected, how much we charged, and when the money was collected.
If an account has been collected in-full, it will show as collected. If the account is not paid-in-full, we will note how much was collected, our fee, and how much is left to collect.
How Do We Collect From Clients?
We will work with you to find a deal that works for both you and the accounts that need to be collected. You may require payment-in-full, and we will request payment-in-full. Plus, we may are partial payment in the hope that the client will continue to pay on the account until it is paid off.
If you are willing to offer some sort of discount to the client, you must tell us upfront. We will send notices to the clients showing how much they owe, the deal you are willing to give them, and their payment options. We want to make sure that you are getting your money back, but we do not want to short-change you. This is why you need to talk to us about how you want to collect.
Plus, we will do our best to collect on every account, but some clients may be in a financial position where they will not pay you. We may recommend reducing the amount you want to collect, and we will talk to you about the fees we will charge for those collections. Ensure that you are working with us every month to come up with a proper collection plan.
Contingent Fees Protect You
When we charge contingency fees, we are protecting you and our business. We never want you to feel like we are stealing your money, and we will never collect from you unless we have collected money for you. This is why we use contingent fees. We want both parties to be comfortable with every transaction.
Plus a debt collection company that charges monthly fees or outrageous upfront fees could take you money, do nothing, and you would have no recourse. We offer you a contract that you are welcome to read carefully before signing, and our process is laid out so that you know what you are getting.
Which Companies Can Use Debt Collection Services?
Any business can use our debt collection service. You might own a lawn care company that has overdue clients, or you may produce raw materials for a manufacturing company. You could also use our debt collection service if you are a law office, doctor’s office, or medical facility that hopes to collect on overdue bills.
Any small business can approach us with small claims that need to be collected, or you could offer us massive bills that were never paid by your vendors. We are not daunted by the size of an account.
We make sure that you are given the best debt collection services possible, and we will help anyone in the Boston area with bills that their clients or vendors have not paid. We do not charge you a penny until we have collected on an account, and we will submit a log to you every month that details all the money we have collected, the fees we have charged, and the accounts that have been closed. Our attention to detail and 50 years of experience make your debt collection service that much better.