Written on April 15th, 2010 by Mallory McGuinness-Hickeyno shouts
With consumer debt at an all time high, having a debt can be overwhelming. Some people have looked into the internet and have seen advertisements promising debt relief as a quick solution. Enticing as these ads may seem, it is important to be on the lookout for the validity of the claim.
A good deal of these promise a quick fix, but that quick fix might be bankruptcy. Yes, bankruptcy is one way to address your financial problems, but in most cases it should be a last resort. The fact that you claim bankruptcy remains on your credit report for ten years which means that your chances of getting credit, employment, a place to live or insurance are significantly lowered.
It’s always a good idea to consider other options before deciding to file for bankruptcy. Talk with your creditors. Many times a re-payment plan can be worked out that is modified or can be paid in installments. Credit counseling services can work with you and your creditors to make debt repayment plans.
If you are considering a second mortgage, be careful. These loans require your house as collateral. Bankruptcy can stop foreclosures, debt collection activities and it may get rid of unsecured debts. Exemptions are provided that let you keep certain assets. However, personal bankruptcy does not usually eliminate child support, fines, taxes, alimony and in some cases student loans.
Claiming bankruptcy usually will not let you keep your property if your creditor has a security lien or mortgage that has not been satisfied. A relatively new change in bankruptcy laws creates certain tasks that you must complete before you can even file for bankruptcy, no matter what type of bankruptcy. First, you need to get credit counseling from an organization approved by the government within six months before filling.
Also in some cases you must pass a test that requires you to confirm that your income doesn’t exceed a certain amount.
Mallory Megan works for a debt collection agency. She also writes stories on business and finance, consumer spending and collection agencies.
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Written on March 11th, 2010 by Mallory Meganno shouts
Do you know how many patients your medical collection agency collected from last year? If you don’t, how can you evaluate their effectiveness or your return? How could you possibly be aware?
Most patient balances forwarded to a medical collection agency are often considered “lost causes,” there would be little point in using such services if that were always the case. Logic dictates this much. Some of the reasons are as follows: Some patients simply do not respond to practice statements or internal collection letters. They will, however, respond when a collection agency states it will report their failure to pay to credit bureaus. Collection agencies have a number of resources on their hands. If reporting a debt to a credit bureau does not work, there are attorneys on hand that can assist you with problem consumers who refuse to pay.
It is a given that most medical practices acknowledge the need for collection agency services but they should evaluate and manage this collection method just like any other. Practices should have a full understanding of the terms of the agreement with their collection agency and the results of such arrangements; they must also understand how their own internal processes affect the agency’s success. And internal processes do have an enormous effect on the amount of money that you can collect.
Here are six questions you should ask when evaluating your current collection agency.
What is the total dollar value of accounts placed with the collection agency last year?
What is the protocol for turning accounts to collection?
What is the average age of transferred accounts?
What percentage of transferred accounts had balances less than $50?
How much did the agency collect last year?
What fees does the collection agency charge?
What reports does the agency provide?
Mallory McGuinness is employed by a collections agency that works with a debt collection lawyer. Also, she does stories on business and finance, the credit industry and collections agencies. Get a totally unique version of this article from our article submission service
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