Coronavirus and Debt Recovery – How to Manage Default Accounts During the Pandemic

by Donald B. Commercial Collection Agency

Since the beginning of 2020, the world has been going through an unprecedented change. Now, almost on the verge of year-ending, in November, the impact of Coronavirus on human life has become massive. While this pandemic has claimed so many lives already, it has also caused an unprecedented global economic crisis in every industry and sector. Debt recovery is no exception.

 

At Nelson, Cooper, and Ortiz LLC, we are getting a lot of calls from our clients for debt recovery from the businesses and organizations that have even stopped operating. Nevertheless, the situation is difficult for everyone. No matter which side of the table now you are on, as a debtor as well as a creditor, you need to use the right ways for dealing with the situation. Take a look at the following points.

 

Find Out the Vulnerable Spots

If you are a creditor, then find out from where you can recover the money immediately. During this time, you need to ensure a regular cash flow in your company so that it doesn’t stop any operation, production, or payment of the wages of your employees. So, find out where you can get the money immediately. And the first step should be talking. Initiate the talk about recovery by calling them and sending a following up email. As everyone is not operating in damage control mode, it is fine to initiate the contact even if the deadline is yet to arrive.

 

If you are a debtor, find out how much money you can afford to pay back and when. Prioritize your payments. It is necessary so that you can get rid of the financial burdens as soon as possible.

 

Connect with Professionals

Managing the debt during a high-pressure situation can be extremely difficult. Hiring a commercial collection agency can be helpful for you. Any agency will find out from their reliable database about the debtors and how genuine their situation is for failing to pay back the debts. If you are a debtor, then don’t avoid the phone calls and emails for the recovery of your debts. Clarify your situation. And the best solution for you will be connecting with a credit counselor who can provide you with the right ideas.

 

Know Your Rights

This point is specifically for the debtors. If you are a debtor and the collectors from the debt collection service are hounding you regularly, then you need to know your rights. A reputed agency will comply with the laws of FDCPA. And that can save you from being harassed repeatedly. You can also control the time of calls for recovery. At the same time, take help from federal and state programs and loans. Use this money to get rid of debts. But while doing so, look out for scams.

 

Opt for Settlement

When the agency is calling you for debt collection, talk to them. Opt for settlement. You can play a part in deciding the terms of the settlement that will be to your benefits. Think of paying the money in installments and renewing the contract.

 

If you are looking for collection agency services, come to Nelson, Cooper, and Ortiz LLC. We are offering B2B collection during the pandemic so that you can keep the cash flow in your company regular.

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Created on Nov 16th 2020 02:09. Viewed 467 times.

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