debt collection scams, phantom debt collectors

“Is it a Scam?” How to Identify a True Debt Collection Call

According to a 2014 federal survey, harassment from phantom debt collectors is the second most complained-about financial problem reported by consumers, following identity theft.

If you are contacted about a debt that is not yours, you may be the target of a debt collection scam. Phantom debt collectors – so called because they are difficult to track—are scammers. Scammers try to obtain large payments and financial information from you by posing as legitimate creditors. Protect yourself and your financial security by learning how to spot and avoid these debt collection scammers.

small business debt collection

Why Small Businesses Should Hire a Debt Collection Attorney

Whether you are a fledgling entrepreneur or have been in business for yourself for a number of years, many reasons exist to hire a professional debt collection attorney to handle your past due accounts.

The majority of those who own and operate their own business become familiar with the difficulties involved in small business debt collection at some point. Many attempt to collect monies due on delinquent account themselves, and they often completely give up when the task seems insurmountable.

garnishing wages for loans in default

Consumer Loans in Default: When Wage Garnishment Becomes Necessary

As of February 2015, U.S. outstanding consumer debt was at $3.34 trillion. Creditors, of course, expect regular payments from borrowers; however, sometimes wage garnishment is a necessary step for loans in default.

When a customer is in default for their loans or lines of credit, wage garnishment gives creditors a legal option for recouping consumer debts. The garnishment process in Arkansas is relatively straightforward and can help a business collect on defaulted debts by taking funds from the wages of the consumer to pay for their loans.

debt collection attorneys for small business in Arkansas

How a Small Business Can Benefit From Bypassing the Use of a Collection Agency

Small businesses often lack the time and resources to recover their owed debts. Debt collection attorneys are a resource for quick and confidential resolution.

All businesses enter into an implicit agreement with their customers that the goods and services provided will be paid for. When that agreement is breached through non-payment or default on payment plans, small businesses have a harder time absorbing the loss than a large corporation.