Why you shouldn’t fear debt collection agencies

Image source: moneymanagement.org

More than a few individuals have confessed to having some amount of fear when it comes to dealing with debt collectors. As far as Brennan & Clark LLC is concerned, this is a very natural human reaction, considering the many debt collectors who have not been using best practices in doing business. This blog is about why people who are in debt shouldn’t fear debt collection agencies.

First off, debt collection agencies are interested in making a profit. You should realize that they can achieve this by providing you with manageable terms. If you think about it, it would be foolhardy for them to charge you with an amount that is greater than what you owe your original creditor. In fact, debt collection agencies can charge you with less than what you owe. You may be wondering how, and Brennan & Clark LLC is quick to explain.

When a creditor writes off your debt, meaning to say that they have determined that you do not have the capacity to pay for what you owe them, the creditor sells the entitlement to an external entity, which is the collection agency. This is usually sold for pennies to the dollar, much less than what you originally owe.

Image source: pizzaranch.com

With this, the collection agency has a lot of leeway in terms of how much they will charge you. Often, this means that you get to settle for less than the amount that you owe. Logically, this is because the collection agency did not pay too much for it anyway, and you should not be worried about having to pay a very big amount either.

Brennan & Clark LLC says that you can rest assured that there really is not much to fear when dealing a debt collection agency. If anything, they can provide you with the exact options that can work for you, so that you can be free of debt at the soonest.

Backed up with more than three decades of experience, Brennan & Clark LLC helps clients recover more from their delinquent accounts than they normally would with any other collections agency. It holds membership in many professional organizations like the Commercial Collection Agency Association, the Commercial Law League of America, The International Association of Commercial Collectors, and the Insurance Accounting and Systems Association. For related articles, visit this page.