Collections and the bottom line: What debt collection agencies can do for you

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According to award-winning agency Brennan & Clark, debt collection agencies specialize in collecting delinquent debts on behalf of their clients, debts which are usually 60 days past due at the least. And often, the results are positive.

For today's blog, Brennan & Clark reviews some of the benefits companies can reap from hiring a third-party debt collection agency.

First off, debt collection agencies such as Brennan & Clark specialize in various kinds of debt. Depending on their strategies, some agencies are more likely to zero in on debts that have been delinquent for a shorter amount of time or a smaller amount of money.

These agencies also remit to their clients collected debt from credit card debt, medical debt, automobile loan debt, business debt, student loan debt, personal loan debt, and unpaid cell phone and utility bills. Typically, clients pay 25 to 45% of the amount to debt collection agencies.

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Furthermore, debt collection agencies are incredibly well-versed with the laws that govern debt collection. For instance, they know that the statute of limitations varies by state, and a reputable collection agency will follow those rules to the letter. This means clients won't have to worry about any legal repercussions.

In certain situations where debt collection agencies and companies have to deal with difficult debtors, agencies know how to negotiate settlements with customers and pursue legal action if debtors refuse to pay at all.

Brennan and Clark is a business collection agency that has been operating since 1980. A member of the Commercial Collection Agencies of America, the firm offers unparalleled service and the industry's most comprehensive guarantee. For more informative reads on business debt collection, follow this Twitter page.

A practical guide to ending debt in 2021

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Paying off debt is a good goal to have in 2021. Despite all the challenges during the past year, working towards financial stability is doable with the right strategies. The team at Brennan & Clark shares some tips for ending and managing debt this year.

Go for auto-debit options

Instead of having to take out the amount needed for debt settlement every payday, one can spare themselves the stress by signing up for auto-debit transactions. This will also allow debtors to send the payment on time and to make sure that the amount will be used to finish their debt.

Do the snowball method

This method involves paying off the debt with the smallest amount first while making minimum payments for larger accounts. After finishing the smallest debt, one can move on to the next one until all are completed. According to the team at Brennan & Clark, this strategy might be helpful to many, as seeing debts settled one by one will motivate them to keep on paying until they attain financial freedom.

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Know where to use cash windfalls

Bonuses and extra income should be used wisely. Instead of putting all in savings or using the extra cash to buy something luxurious, one should first consider their debts. While it's understandable to use some of the money for personal use, one should set aside a reasonable amount that will go to debt payment.

Brennan & Clark is a business collections firm that has been operating for over 30 years. The experience and expertise of its staff enable the company to guarantee higher recovery rates than the industry average. For similar reads, visit this blog.

Hot topic: What are creditors legally entitled to?

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Brennan & Clark, a business collection agency that has been operating since 1980, is also a member of the Commercial Collection Agencies of America. It has given high-quality and effective collections services for four decades, and in recent years, has shared the many things surrounding collections through its series of blogs.

Today’s blog is a rather important blog that explores one of the hottest topics in debt colletions. In here, Brennan & Clark answer the question “what are creditors legally entitled to?”

While that may sound like a question that begs for vague answers, Brennan & Clark assures readers that what creditors are legally entitled to are very clear. For starters, they have a legally protected right to collect both secured and unsecured debt when debtors fail to pay. There are several legal ways in which to go about it.

One way for creditors to legally collect debt is through the use of collection attorneys or lawyers. These law practitioners file lawsuits and use other legal collection methods to collect consumer or commercial debts, represent creditors’ interests in a bankruptcy proceeding, foreclose homes or commercial real estate if the buyer defaults on payment, or recovers secured goods such as vehicles if the buyer defaults on payment.

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Brennan & Clark also notes that creditors can forego the use of lawyers and contact debtors either directly or through a collections agency. The best collections agencies, such as Brennan & Clark, are well-versed in the legalities of collections and are highly effective in collecting debts.

Brennan and Clark is a business collection agency that has been operating since 1980. A member of the Commercial Collection Agencies of America, the firm offers unparalleled service as well as the most comprehensive guarantee in the industry. For more information on the company, visit this website.

On microloans, startups, and bad credit

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It hasn’t been lost to collections firm Brennan & Clark just how difficult things are for businesses this year. Countless companies have folded under the economic pressure that the current global health crisis has forced on everyone, and it seems this will be the trend for the next few years.

What’s worse, according to Brennan & Clark, is that many of these businesses are still in their startup phase, so when folding more likely means incurring a bad credit score. This, of course, does not bode well for new and young entrepreneurs should they try approaching financial institutions in the future to secure loans for future businesses. However, there are still ways for entrepreneurs to secure funding for prospective businesses legally.

One of these ways is through microloans.

Microloans may be the best solution for funding for a business venture for people with bad credit. These are alternative financing options designed specifically for small businesses. And while these loans are considered small by banking standards, they are still proven to be of immense help for business owners who plan to get back up.

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Brennan & Clark mentions that sometimes pulling out a microloan has a few bonuses in store, such as tech support and training programs from nonprofits that function as intermediaries for loans. Moreover, applying and securing microloans is easier as they are generally less restrictive compared to banks.

That said, Brennan & Clark still mentions that business owners provide legitimate explanations as to why they incurred bad credit in the first place.

Brennan & Clark is a recognized leader in the commercial collection industry with its nearly 40 years of deep thinking, talent development, process refinement, and technological advancement. For more on the company and the services it offers, click here.

Important information for individuals and business owners in debt

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Brennan & Clark is a collections agency with decades of experience helping businesses with their collections. The company has also shared its vast knowledge and wisdom on debt, credit, taxes, and collections in hopes that individuals and business owners everywhere make informed decisions about their finances and collections.

For today, Brennan & Clark looks into debt and the ways people and establishment owners can make some headroom out of it.

It is important first to understand that there are many ways an individual or a company falls into debt. Usually, they take out a loan for something important. For individuals, it may range from student loans to mortgages. For business owners, loans can be for business expansion or pay off taxes after a bad financial month. A business may fall deeper into debt when its clients do not get to pay dues, which is considered a bad debt.

Brennan & Clark notes that there are several ways to deal with debt. For individuals, hiring a financial consultant is an excellent first step to understand the issues further.

For businesses, tapping the services of a good and reputable collections agency can yield promising results. This is because the best agencies not only collect but also provide other important services, such as providing financial and legal advice, Brennan & Clark adds.

Brennan & Clark is a business collections firm that has been in the business for nearly 40 years. The firm’s management team has been together for decades, and the combined experience and expertise of the staff enables Brennan & Clark to guarantee higher average recovery rates than the industry average. For more reads on debt collection, visit this blog.

The art of negotiation: Handling debt in collections

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It is understandable why people have a dislike for debt collectors. Receiving calls from debt collectors during work hours and finding collection letters once at home is never fun. The best way to stop receiving calls and letters is by simply settling the debt. It becomes a problem when the debt is huge.

Negotiating is not rocket science yet requires a set of skills and a few actions necessary to get the job done. For better repayment terms, some borrowers may decide to bargain. This will help stop debt collection calls or have their debt reported on their credit rating as paid in full, mentions business collections agency Brennan & Clark. The first thing a debtor needs to do is to verify their debt. Eliminate mistakes by making sure the debt is collector is a legitimate one.

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Before initiating the negotiation process, brush up on The Fair Debt Collection Practices Act. Having a good understanding of one’s rights affords them the confidence to resist harassment from debt collectors. Consider the debt owed to know which settlement plans are available. When the debt is confirmed along with possible settlement plans, consider hardship programs, particularly during an event like the COVID-19 pandemic, wherein many are dependent on government benefits.

According to Brennan & Clark, debtors can offer a lump sum significantly less than the original debt owed. However, it must be clearly understood that the sum provided or alternative repayment options considered are attainable. Reaching such a compromise would prove to be useless when one is incapable of paying on schedule.

Brennan & Clark is a business collections agency that helps businesses eliminate credit losses through customized receivable support solutions. For similar reads, visit this page.

A fundamental understanding of business credit rating

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Businesses succeed because the people behind them come up with more good decisions than bad ones, which allow them to profit and eventually expand. Brennan & Clark would agree that understanding what a business credit rating is will let any business to see options that can help them reach their hefty goals sooner.

Essentially, a business credit rating is the ticket of any business to getting a much-needed financial boost that they can then use to empower their venture. When you apply for a business loan, lenders will have to assess your business, mainly to find out the level of risk that is involved in giving your business loan approval.

Often, the biggest factor that determines this is the past financial behavior of your business. So, in a very strong sense, your company must establish an upstanding record early on, to prime yourself as a candidate that is worthy of a future loan.

This means that if your bank records show that you are diligent and conscientious on your financial obligations, you can expect to have a good credit rating, a record that you can show to prove that you are worthy of some form of credit. This will make any prospecting lender see that they can risk on you once they perform a business credit check.

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A business that has a lower credit rating may be able to loan, but this is done at the risk of a willing lender. Should they default for some unfortunate reason, the expertise of a business collection agency like Brennan & Clark comes in, as they specialize in credit loss management.

The ones who truly stand to gain from a good credit rating are the businesses that are serious about realizing their full potential. This makes it wise for them to be mindful of financial obligations and see to it that these are fulfilled punctually.

Brennan & Clark is a leading business collections agency that offers the most comprehensive guarantee in the industry. The firm analyzes a client’s current collections procedures and develops strategies to improve the performance of receivables. Follow this Twitter page for more updates.