Debt collection is a business activity in which creditors as well as collectors take reasonable steps to collect debts from the borrowers. When a borrower makes a default in repayment and steps such as letters, personal meetings and phone calls fail to resolve debt problems, one can make use of the professional services of a debt collection agency or debt collection lawyer.
A debt collection lawyer assists a person with all his debt collection needs like installment loan collections, credit card delinquency, student loan collections, and consumer debt collections. Debt collection lawyers study the case thoroughly and then analyze the situation to design a favorable plan for their clients. The primary function of collection lawyers is to secure a judgment against the debtor.
Debt collection lawyers are needed to meet the requirements of the Fair Debt Collection Practice Act - a federal law passed by the Congress to govern actions that a debt collector takes in the process of collecting a debt. Generally, the fees charged by debt collection lawyers are high, and vary depending on judgments. Usually, these lawyers charge fee on hourly basis or one-third of the amount recovered, or sometimes both.
Only a qualified and professional lawyer can serve the debt collection needs of a client. Hence, it is always advisable to make a proper search before hiring a debt collection lawyer. It is also necessary to check his credentials before signing up. Firms like the Commercial Law League of America ? one of the nation?s oldest organizations of attorneys specializing in credit and finance - can provide information on certification of collection agencies as well as legal experts. The internet and local directories are the other sources to find reputable debt collection lawyers.
There are also law firms exclusively providing professional services of debt collection lawyers. Law Office of John M. Coyne, Rossi Robert V Attorney, and Wilcox and Wilcox are just a few among them.
No comments:
Post a Comment