Whether you are a debtor or a business looking to hire a debt collector, you both are nervous about the same. It is because there are tons of myths about a collection agency which makes them sound like bullies or scammers. But they aren’t true.
Most cedar business services complaints or agency related scams are a master plan of fraudsters. That is why you don’t and should not believe every myth that you hear. It is best to do your research, and believe the evidence, which all suggests that debt collection agencies work ethically to recover the debt.
In this blog, we are debunking seven myths that overshadow the good work that collection agencies are doing.
Myth 1: Collectors are aggressive and bullies
It is beyond the truth. A professional debt collector doesn’t bully debtors or send threats. They have their own ethics which means that they don’t disrespect a person because of a debt or make a circus out of the same.
They aim to collect the money for their creditor, but also to ensure that the debtor doesn’t face any type of disrespect, misery, or problems.
Myth 2: A collector will go away if you keep a low profile
One of the worst myths that keep going around is that keeping a low profile will keep a collector away. If you disappear or ignore the call, the collector will stop calling you or will drop your account and move on to a new one.
It is certainly rubbish because when a collector has your account, they will get paid only after they recover the debt. Also, they don’t give up easily. They will use a lot of methods to track you down and will keep calling you unless you answer.
Also, not answering their call is a waste of an opportunity to settle the debt without going to court or losing a large sum of money.
Myth 3: Judgment proof is true for all
It is more of a misconception than a myth. Most people believe that if their debt is more than their assets or properties, they can become insolvent. It is not true.
It is the definition of insolvency, but only when you declare bankruptcy and have a legal proof for the same. If you don’t, a collector will simply wait till the time you have enough assets to start collecting from you again.
Myth 4: Small debts won’t go to collectors
If you think that a small debt like a medical expense or not paying your mobile bill doesn’t go to the collector then you are wrong. For a business, even a $100 bill matters, and if they don’t have the resources or cannot get a hold of you, they will hire a collector.
For a collector, no debt is too small, which means that you should expect a collection call every time you falter on even a small bill.
Myth 5: Their tactics are shady
Collectors follow rules and never break them or use shady tactics to recover money from debtors. Not only is that illegal but morally wrong, and all reputable businesses work with a moral code, and a collection firm is no different.
As a business owner, let a collection agency do what they are best in- recover your money. You can use that time to focus on customer services and revenue-making opportunities.
Most cedar business services complaints or agency related scams are a master plan of fraudsters. That is why you don’t and should not believe every myth that you hear. It is best to do your research, and believe the evidence, which all suggests that debt collection agencies work ethically to recover the debt.
In this blog, we are debunking seven myths that overshadow the good work that collection agencies are doing.
Myth 1: Collectors are aggressive and bullies
It is beyond the truth. A professional debt collector doesn’t bully debtors or send threats. They have their own ethics which means that they don’t disrespect a person because of a debt or make a circus out of the same.
They aim to collect the money for their creditor, but also to ensure that the debtor doesn’t face any type of disrespect, misery, or problems.
Myth 2: A collector will go away if you keep a low profile
One of the worst myths that keep going around is that keeping a low profile will keep a collector away. If you disappear or ignore the call, the collector will stop calling you or will drop your account and move on to a new one.
It is certainly rubbish because when a collector has your account, they will get paid only after they recover the debt. Also, they don’t give up easily. They will use a lot of methods to track you down and will keep calling you unless you answer.
Also, not answering their call is a waste of an opportunity to settle the debt without going to court or losing a large sum of money.
Myth 3: Judgment proof is true for all
It is more of a misconception than a myth. Most people believe that if their debt is more than their assets or properties, they can become insolvent. It is not true.
It is the definition of insolvency, but only when you declare bankruptcy and have a legal proof for the same. If you don’t, a collector will simply wait till the time you have enough assets to start collecting from you again.
Myth 4: Small debts won’t go to collectors
If you think that a small debt like a medical expense or not paying your mobile bill doesn’t go to the collector then you are wrong. For a business, even a $100 bill matters, and if they don’t have the resources or cannot get a hold of you, they will hire a collector.
For a collector, no debt is too small, which means that you should expect a collection call every time you falter on even a small bill.
Myth 5: Their tactics are shady
Collectors follow rules and never break them or use shady tactics to recover money from debtors. Not only is that illegal but morally wrong, and all reputable businesses work with a moral code, and a collection firm is no different.
As a business owner, let a collection agency do what they are best in- recover your money. You can use that time to focus on customer services and revenue-making opportunities.
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