There are things worse than not paying taxes. One of which is debt. Having a client who refuses to pay their debt can be a nightmare, especially if your company is going through a financial phase at the time.
Unfortunately, these debtors are protected by the law and you can only fight the law with the law. Hence, you need the service of a debt collection firm.
In Dallas, most business owners, especially small-to-medium scale ones are skeptical about involving these firms. But considering how businesses fail due to financial issues, they are now warming up to the idea of debt collection attorneys.
No doubt, there are more than a handful of them in Texas, but how can one choose the best? Read on to find out more
No License, No Hiring
In most states, Texas included, a debt collection firm must have a license. Before hiring any collection attorney, you should ask for a license and see if it is valid. An expired license is as good as no license. It doesn’t count as one.
Also, your firm’s scale of operation determines the license requirements. If your business operates locally in Dallas, you need a Dallas collections attorney with a local license.
The Hiring Cost
It wouldn’t hurt to know beforehand how much it will cost to hire a debt collection attorney. Usually, they charge a certain percentage of the amount they recover. Dallas collections attorneys hiring cost varies between 25 to 50%, depending on the debt.
If you are not satisfied with their service charge, seek other alternatives. There are those with reasonable charges. Make a comparison.
Check Reviews, Success Rates, and Ratings
Another selection factor to consider when hiring a Dallas collection attorney is their success stories. You cannot blindly hire one with the hope of accomplishing the mission. You need practicality, not blind faith. If the firm can do what they say they can do, their clients’ testimonies should be enough to convince you. Look them up online or research them from reliable sources before making a move.
Be Certain Your Goals Are Aligned
Your relationship with the said firm should be beyond getting your money back. It should be a partnership-like relationship. Without any form of rapport between you two, there is no way goals/objectives can be achieved. So, ensure your goals are synchronized.
To downsize your option, create a bullet list of the objective you want to achieve and the quality you need from the collection firm. Check each option against the list to see who the shoe fits.
Also, check out their customer services. It says a lot about them.
Assess Reporting
A regular report should be insisted upon as part of the hiring process. If the agency says otherwise, then, they are not your best choice. The debt collection firm will give a regular statement of recovery/collection rates. They can either mail you a copy or have you access it from an online portal on their website.
The above information is to aid you in your search for a debt collection firm. Remember, you deserve only the best agencies. If you need Dallas collections attorneys, reach out to Darrell Cook & Associates today to help you recover unpaid debts.
