Lawyers Vs Debt Collectors: A Dilemma Many Entrepreneurs Face

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So, you still haven’t received a single penny from your debtor? Well, that’s something worth worrying. Did you give them a call or visit their place? What? Have they changed their address as well as the phone number? And now, they are not even responding to your mail? Well then, I’m sure your blood pressure is shooting high. But, there’s nothing to worry because you always have an option to create an in-house team of debt collectors. However, in case you cannot afford to pay the debt collectors on a monthly basis, then there are two other solutions for you. Which are:

        Seek help from a lawyer

        Hire a debt collection agency

Now, just like any other entrepreneur, the obvious question that must be lingering in your mind is, which amongst these two options should you choose, right? Well, if you ask me, then I would say hire a commercial collection agency that can track all your debtors. Why? Here are a couple of points that would prove the same.



Affordable Option 

Are you looking for a cost-effective way to get back all your debts? If yes, then hiring a collection agency service would any day be a wise choice. Why? Of course, because they will take fees from you only if they are able to collect the debts from your debtors! But, if you choose a lawyer for this purpose, then you’ll have to pay them instantly on your first visit. And sometimes, they might even charge advance fees.

So, why spend money on a lawyer, when a debt collection agency can help you out?

Better Negotiation

Believe it or not, but a debt collector is always better than a lawyer when it comes to negotiating with the debtor. The debt collector or the agency will negotiate hard with your debtor, in order to get a settlement before they start any legal action. However, on the other hand, a lawyer generally gets stuck in the legal process and you can expect little or absolutely zero negotiation from them. 

Tech-Savvy 

Yes, that’s right! Debt collector or debt collection agencies have high-tech equipment that will help them locate the debtors quite easily. If you give this task to a lawyer, the only pressure they can use is to pursue the entire matter through courts and send legal notices to the debtors (which is mostly ignored or taken lightly, to be honest). 

Get Back Debts Faster

Last but not the least, if you hire a debt collection agency, you’ll get back all your money faster; after all, they have an efficient team of debt collectors and use high-tech equipment that’ll help them locate the debtors, even if they have changed their address. But, if you choose a lawyer, your task may get delayed, as it completely depends on the court.

So, these were a few reasons why hiring a collection agency service is any day better than taking help from a lawyer. For more articles on debt collection, keep following my articles.
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