Why use a collection agency?
Many debtors will pay a collection agency even though they never cooperated with the original creditor. Once the case is placed with a collection agency some debtors finally realize that you are serious and do not want their credit to be compromised.
Where does Your Collection Solution, Inc. provide services?
Your Collection Solution, Inc. collects both commercial and consumer accounts receivables with an emphasis on the collection of judgments in all fifty states and in most foreign countries through our network of collectors and collection law firms.
When is a good time to employ a Collection Agency?
When indebtedness is 45 days delinquent
When an inquiry discloses serious financial conditions
When a customer demonstrates bad faith and loses credibility
Is Your Collection Solution, Inc. a member of any National trade associations?
Yes, we are a member of the Better Business Bureau, Equifax credit bureau, Dun & Bradstreet Credit Bureau and ACA International which is the largest association of credit & collection professionals.
Is there a contract to sign?
We have a Retention Agreement prepared for your signature in order to protect your interest as well as ours.
If I want to begin utilizing your services for collections, how do I get started?
You must execute our Company’s Retention Agreement and fax said Agreement to our office at (954) 424-0500. Once you have faxed the executed Retention Agreement, cases can be placed through our website, in excel format at www.ycscollects.com via, fax or U.S. mail.
Does Your Collection Solution, Inc. charge an annual fee?
No, there are no annual or monthly fees. We are paid only when we recover your money. No Collection = No Fee! You Have Nothing To Lose And Everything To Gain!
Are there any up front costs for collections?
No. There are no up front costs to collect your delinquent accounts. In the event that you do not have the individuals social security number or corporation’s federal identification number there will be a nominal cost.
You will be responsible to pay all out of pocket expenses associated with the filing of a lawsuit if necessary. If you have obtained a judgment and require the services of our independent asset investigator there are costs associated with their investigative services. Our office works exclusively on a contingency fee. If we don’t collect, we don’t get paid.
What debts can be placed for collections?
We will accept debts for collections that are less than three years old. There is a minimum of two hundred dollars ($200.00) on files placed for collection.
Does Your Collection Solution require a certain number of accounts to be placed for collections?
No, we have no requirements on the amount of cases that are placed for collections.
How long can you pursue a debt?
We can pursue outstanding debts as long as they are within the Statute of Limitations.
Is there any involvement or requirement of the client?
Once you place a case for collections we ask that you stop all in house collection activities and cease all communications with the debtor as this will only compromise our collection efforts. All offers of settlements will be presented for your approval.
Furthermore, you must report all debtor payments to us. It is illegal to continue collections efforts and report a debtor to the credit bureaus when they have paid their account.
What is the process for collections?
Once you have placed an account with us we will send an initial collection validation letter to the debtor advising them that the account has been placed with our firm for collections, who the creditor is and the amount of the debt. We advise the debtor that if they have a dispute it must be made in writing.
Our collectors will attempt to contact the debtor to discuss the case within forty eight hours of placement. However, when pursuing a consumer collection matter during the initial thirty day validation period our collectors cannot make any demands for payment or reference the credit bureau. After the thirty day validation period, we can demand payment and place the debtor into the credit bureau.
When pursuing collections on a commercial case our collectors can be more aggressive. Typically we will fax our demand letter to the debtor within one hour and begin demanding payment in full. In the event that the debtor is not responsive we can place the debtor into the credit bureau and or file a lawsuit immediately.
How soon can you collect our money?
We are able to collect payment in full on some cases within seven days. Cases of bankruptcy or business closure are usually uncollectible. The age of the debt will also play a part in our success rate. Most successful collections occur once the debtor is placed into the credit bureau and or when a lawsuit is filed.
Will Your Collection Solution, Inc. compromise or negotiate my settlement?
No, only you can approve a compromise. We will do our best to negotiate the best settlement. All settlement offers will be approved by you, the Client.
Does Your Collection Solution, Inc. accept payments?
Yes, we demand all payments be made directly to our office or our attorney’s office. Occasionally a debtor will pay you directly. It is imperative that you report any and all payments that you receive so that we may credit the subjects file accordingly and report to the credit bureaus.
How often does Your Collection Solution, Inc. disburse payments?
All payments are deposited into our trust account and are disbursed biweekly after said funds have cleared our account. We ask that you remit our fee on payments paid directly to you within twenty days.
What if you are unable to collect for me?
If we are unable to collect on your case within thirty days we will place the debtor into the credit bureau and or file a lawsuit.
Are you able to find people and corporations?
Yes. Our firm utilizes independent private investigators. They are able to locate most individuals and corporations. Our investigators are equipped with the latest software to track down individuals and corporations when they relocate.
Successful collection on a delinquent account requires locating the debtor. It is helpful to have the last known address, social security number or federal identification number.
Is Your Collection Solution, Inc. able to locate debtor’s assets?
Our independent private investigators specialize in locating hidden assets such as bank accounts and brokerage accounts. The Gramm Leach Bliley Act requires that all financial investigations have a permissive purpose. Our searches are performed legally; therefore our firm requires the requesting party to have a valid need for this type of information.
Is there a guarantee to make a recovery when I place an asset investigation?
There are some cases that will prove to be uncollectible. Therefore, there is no guarantee that the information we obtain through our asset search will automatically translate into a recovery of your judgment.
How long does it take to collect on a judgment?
This varies depending on the financial conditions of the debtor. Once our investigators have determined that there are assets such as bank accounts, brokerage accounts or real property, it typically will take forty five to sixty days for our attorneys to enforce the collection of the judgment.
In the event that our investigator is unable to locate any liquid assets we will attempt to proceed with a garnishment of wages.