Filing and attempting to collect on your own can be difficult, time-consuming, and stressful. If you’re not sure how to start collecting on debts, it can be tempting to turn to a debt-collection agency to help you through the process.
While these options might seem simple at first glance, they often come with hidden costs and legal problems that make them less attractive as an option over hiring an attorney directly. Here are six reasons why using the services of a Boston debt-collection lawyer is more successful than using a collection agency.
1. Confidentiality of Your Case
A debt-collection lawyer is required to keep your case private and will not discuss it with any outside parties. This helps protect your business from reputational damage. Legally, you can even ask them to sign a non-disclosure agreement if necessary.
On the other hand, most collection agencies are very open about your account details; they may have gone public already, e.g., calling in the local press or taking to social media. An attorney is also less likely to leak personal information or put clients in contact with their opponents because it’s bad business practice. They want to preserve their reputation and remain in business.
2. Legal Experience
Attorneys have years of experience with deferred payment collection and can help you navigate state and federal laws. You may also be able to negotiate for reduced interest rates or even settle debts for pennies on the dollar using legal tactics. Furthermore, if you choose to litigate, an attorney will be an invaluable asset in your court case.
However, hiring a Boston commercial collection lawyer comes with costs as hourly fees often exceed those charged by third-party agencies. But it’s likely that you’ll recoup your investment because their expertise results in fewer fees later on. This means they can effectively tackle legal issues early on and prevent them from becoming huge problems that rack up thousands of dollars in charges over time.
3. They Are Well-Trained
Debt-collection attorneys are expertly trained and experienced in dealing with creditors and debtors. You can be confident that your case will be handled with skill, competence, and professionalism from beginning to end. It makes no sense to use an attorney if you’re not hiring someone who has at least some background in dealing with deferred payment collection cases.
Conversely, it makes little sense for a law firm to hire inexperienced employees for its collections division. This lack of background and training would only serve as a detriment when handling your case. Allowing your attorney to handle everything provides peace of mind knowing they know what they’re doing while also saving you money down the road.
Your attorney can begin acting immediately to collect your deferred payment. Meanwhile, a collection agency may need to do an in-depth investigation before it can act. You can save time and money by going straight to an attorney for deferred payment collection.
Furthermore, your attorney is better able to gather evidence, which could mean getting your debts settled more quickly. If you have time limits for filing lawsuits to debtors, you might miss those deadlines if you use a regular collection agency instead of hiring an attorney.
5. Better Solutions
A Boston debt-collection lawyer can help you with any challenge you may be facing. They will take time to meet with you and develop an understanding of your situation. Then, they will begin putting together strategies that could benefit your unique situation. Your case is unique because no two are exactly alike.
It’s important to find a professional that understands that, so you know they’re doing all they can for you. When it comes to deferred payment collection and collection agencies, most people don’t understand their rights and what might be possible for them. An attorney, on the other hand, should have significant experience in these areas, making it much more likely he or she will be able to get results for you.
6. A Stronger Case
In addition to addressing your concerns about deferred payments, an attorney will ensure you have a strong case by filing all necessary legal paperwork. An attorney also has more leeway for flexible payment plans than a collection agency. Many Massachusett collection agencies won’t take partial payments on overdue accounts; they want either full payment or nothing at all.
That can backfire if they attempt to sue and fail (which isn’t uncommon), resulting in their getting slapped with additional court fees or even garnished wages. On the other hand, an attorney might be able to make arrangements that are favorable for both parties; they just need proof that you intend to pay back what you owe and need time to do so without being harassed.
Without a doubt, hiring a debt-collection attorney proves to be more beneficial to a deferred payment case than hiring a collection agency. The above pointers are compelling enough to clear any doubts you had.