Rumson, Bolling & Associates
Frequently Asked Questions
How long will it take to collect?
The time it takes to collect a past due account depends on a number of factors. The longer an account has been past due, the longer it takes to collect. The status of the debtor also affects it, especially if they have moved or are refusing contact. Also, a debtor may dispute the past due amount, and that stretches out the entire process.
How does the agency contact a debtor?
Collection agencies usually contact a debtor through letters and phones calls, and occasionally through e-mail.
What will I need to submit an account?
The most important part of submitting an account is that the debt is valid. Any documentation that supports the debt, such as invoices, statements, records, bounced checks, or agreements. These documents need to have such information as the debtor’s name and information, amount owed, debt occurred, any received payments, etc. Documents such as these usually have all information needed for the debtor that a collection agency will need. Any missing information can be skip-traced by the collection agency, which is usually included for no extra fees.
What if the debtor disputes?
If the debtor disputes the debt, you have the option of taking that person to litigation. Collection agencies such as Rumson, Bolling & Associates, have their own in house attorneys to take care of the process for you.
www.rumsonbolling.com
Choosing a Collection Agency
Choosing a collection agency to work on your past due accounts can be a difficult choice. Will they be able to recover the money owed to you? What might they charge? And how long will it take? In order to determine whether a collection agency is right for you, there are certain questions you should ask.
What is their success rate?
How often do they see money recovered on an account? It is always a good idea to know what chance the agency has of getting your money. Just keep in mind that certain factors (such as age) will affect the recovery rate on your own account.
How long before they start on your case?
It is always wise to know how long a collection agency will take with your case. Some collection agencies will begin working on your case right away, while others might take days or weeks before giving your case the attention it deserves.
Rumson, Bolling & Associates begins working on your case within 24 hours of it being submitted. With our high recovery rates and fast turnaround, is the perfect choice when deciding what collection agency to use for your needs.
How well prepared are the collectors?
Do the collectors keep updated on the latest collection techniques and technology? Do the collectors understand your industry and have experience collecting for that industry?
Rumson, Bolling & Associates employs only highly professional collectors that are knowledgeable in the latest forensic collection techniques. Rumson, Bolling & Associates has collectors with experience in all kinds of industries, so we can find a collector suited for your case. We believe the key to success is being prepared for anything that might lie ahead.
What options does the collection agency provide if they are unable to collect?
Some agencies have the option of forwarding your account to an attorney to proceed with litigation if it is deemed necessary. The collection agencies will handle the process for you.
Rumson, Bolling & Associates has a network of attorneys with the ability to handle all kinds of cases in order to give you the highest chance of a successful litigation.
Can the collection agency handle judgment collections?
If you have a judgment against your debtor, it is vital to make sure your collection agency understands them and is able to collect on them. There are many steps that can be taken concerning a judgment, and it is important the collection agency fully understands them.
Rumson, Bolling & Associates is experienced when comes to collecting on a judgment. We understand all of the options available, as well as experts when it comes to finding your debtor and their assets.
Quick Guide on Litigation
First, a complaint is filed with the clerk of the court. A summons is issued, notifying the defendant that a lawsuit has been filed. The defendant is then served in writing the complaints against him, and can now file an answer or file a motion to dismiss.
If the defendant files an answer in response, both parties have the opportunity to discover all evidence the other side has that supports his or her side.
The defendant also has the ability to file a counterclaim. This is where the defendant may assert their own claims against the plaintiff. This counterclaim will be defended separately from the original claim brought on by the plaintiff.
Before the trial begins, any and all motions are reviewed, such as a motion to dismiss. During the trial, the plaintiff must prove their case through their witnesses and other evidence. Failure to do so will result in a dismissal. Once the trail is over, a judgment is put forth in favor of either the defendant or plaintiff. Later proceedings will go to enforce that judgment. Either side at this point can appeal if they so desire. If a defendant fails to answer or appear at trial, a default judgment is then awarded to the plaintiff.
About Rumson, Bolling & Associates
Rumson, Bolling & Associates is a collection agency whose goal is to help business owners recover past due accounts. We are prepared to deal with any and all past due accounts with our extensive network of experienced professionals.
Oftentimes business will give up collecting on a past due account due to difficult debtors or time constraints. Rumson, Bolling & Associates believes that there needs to be a way for businesses to have a chance collecting on their past due accounts. Let us worry about your hard to collect accounts while you focus on running your business.
Rumson, Bolling & Associates believes hard work and preparedness is the key to success. We have made account submissions a quick and simple process, allowing us to begin working on your case immediately. Our professionals treat all accounts with the upmost importance, no matter how big or small the debt may be. At Rumson, Bolling & Associates, our clients are of the most importance, and we strive to make the best of a difficult and stressful time.
Rumson, Bolling & Associates' Services
Contingency Based Collections
Rumson, Bolling & Associates collect on a contingency basis for accounts. If we are unable to collect, you pay nothing for our services. Professional Collectors
Rumson, Bolling & Associates employs professionals who are experienced and knowledgeable in the field of forensic collection techniques. Rumson, Bolling & Associates constantly strives to improve, requiring all employees to undergo training and testing. We believe the key to success is being prepared for anything that might lie ahead. Research
Rumson, Bolling & Associates makes use of the latest technologies in order to run in depth investigations on your debtor. Our collectors are skilled with skip tracing and tracking of assets. We use all information obtained to help the collection process and choose the appropriate actions that need to be taken. There are many situations where extensive research is needed:
Debtor may move or change their contact information without giving you the new information.
Debtor may lie about their financial situations.
Debtor may hide behind other businesses or names, any way that will deter you from collecting on their debt.
Rumson, Bolling & Associates do not charge extra for investigating a debtor. If we are unsuccessful collecting, you still do not pay no matter how much time we have spent investigating a case. Do not let lack of debtor’s information deter you from collecting what is rightfully yours!
Credit Reporting
Rumson, Bolling & Associates has the option to report all accounts gone in collection to the major credit reporting agencies. Debtors are notified, giving them all the more reason to pay off their existing debt. Oftentimes debtors refuse to take their debt seriously. Potential negative marks on their credit report force them to take the issue seriously. Results
At Rumson, Bolling & Associates we have streamlined our account submissions to better suit you and your needs. The process only takes minutes, saving you time and frustration. There is no reason for you to waste any more time on a debtor who refuses to settle their past due account. While some collection agencies may take days or weeks to get started, our streamlined system allows us to working on your past due accounts the same day they are submitted. We know how important time is when it comes to outstanding accounts and thus waste no time getting started.
Associate Counsel
Rumson, Bolling & Associates provides confidential complete case management services when and where litigation is necessary. We have working relationships with attorneys in every jurisdiction in order to connect you to collection law specialists. Our specialists have years of experience and will be able to go after your debtor no matter where he may have run off to. Our experienced staff takes the hassles and frustrations out of the complicated litigation process by handling most aspects of the case filing. Rumson, Bolling & Associates manages and supervises your cases so that all correspondences are processed confidentially. If your case is sent to litigation, our dedicated staff will keep you updated at every step, letting you know exactly where your case is at. At Rumson, Bolling & Associates, we are dedicated to protecting your interests.
Glossary of Terms
Glossary of Terms
Accord and Satisfaction- Both parties agree to accept a settlement agreement and the claim is satisfied and discharged. Acknowledgment- Admit, affirm, or confess; a partial payment of a debt is a acknowledgment of it.
Action- Case or lawsuit.
Actionable- Sufficient legal grounds for a lawsuit.
Affidavit- Written statement of facts sworn to or affirmed by someone who is authorized to administer oaths.
Agent- Someone who is authorized to act on behalf of another.
Arbitration- When a dispute is submitted to a third party who will decide the award in which both parties agree in advance to comply with.
Assignment- Transfer of property rights to another.
Bankruptcy- Federal procedure in which a debtor is relieved of total liability for his/her debts by making arrangements for their partial payment.
Bulk Transfer / Sale- A bulk transfer or sale of all or most of the business’s supplies or inventory not done in the ordinary course of business.
Claim- Demand or assert a right, such as the right to payment.
Closing Letter- Letter sent out by attorneys when a file is closed.
Collection Agency- Third party agency that helps creditors get paid.
Commission- Compensation for services in the effort of collecting a claim.
Cost Advance- Sum of money advanced by the creditor from which court costs are to be paid with.
Counterclaim- Claim by defendant opposing the claim of the plaintiff.
Default Judgment- A judgment awarded when the defendant refuses or fails to respond or appear.
Defendant- Party sued in a lawsuit.
Demand letter- Letter sent to the defendant to notify the debtor that the client has hired someone to collect the debt.
Discharge- To pay one’s debts or fulfill obligations.
Dismissal- Termination of a case prior to a normal end.
Execution- To carry out an act or course to completion. A process where an official can attempt to enforce a judgment.
Filed Answer- In writing the debtor states he will either pay the debt or disputes it.
Forwarder- A third party, such as a collection agency, that acts on behalf of a creditor which refers claims to an attorney for collection.
Forwarding Contract- A contract between the creditor or forwarder and receiver.
Garnishment- Legal procedure where a creditor can collect a debt by reaching the debtor’s property when it is being held by a third party, this can include taking a portion of wages.
Guarantee- To agree to be responsible for someone else’s debt when they are unable to pay.
Indemnity- Restitution or reimbursement for loss, damage, or injuries.
Insolvency- The condition where a person is unable to pay his or her debts when they become due.
Joint Liability- When two or more parties are liable for a debt.
Judgment- Decision by a court where an official amount owed by the debtor is awarded.
Lien- Where the owner of property gives the right to secure a debt.
Negligence- Conduct that fails to match standards of behavior set by law where injury or damage can occur.
Plaintiff- The party that brings forward the claim in an action or proceeding.
Satisfaction- Discharge of an obligation when a debt is paid for.
Settlement- When a debtor offers a sum of money or property to settle a debt.
Skip- When a debtor leaves or changes all contact information and cannot be located.
Skiptracing- The act of locating a debtor.
Statute of Limitation- A law which limits how long before the right to sue is lost.
Writ- An order given by a court that requires something to be done or giving authority for someone to perform a specific act.
