Question : What does a debt recovery agency do?
Answer: A debt recovery agency basically attempts to collect the money borrowed by the consumers. Once creditors stop receiving payments for the accounts, the agency gets all the details about the accounts and attempt to get in touch with the consumers and try to recuperate the money on behalf of the creditors.
Question :How do they proceed with the recovery process?
Answer: As the creditors contracts the debt recovery agency, the agency collects all information about the consumer. In the initial step, the agency tires to contact the consumer via phone calls. If the consumer does not respond to the phone calls, the agency takes the next step; which is making a pre-legal recommendation. If the consumer still does not respond, then the professionals of the agency are requested to make a final pre-legal recommendation to the client. The recommendation should the client move forward with any forceful recovery proceedings.
Question :Do they bother the borrowers?
Answer: The borrowers usually are not bothered by the agency. The debt recovery agencies do their best to bring a solution to the problem without bothering any of the consumers.
Question :Are they privately owned or a public agency?
Answer: An agency like Atlantic Recovery Solutions is privately owned. However, they remain in touch with the government agencies. They also abide by their laws. Even before taking any step, they sometimes consult with the government agencies and then proceed with the case.
Question :How long can it take to recover the debt?
Answer: The process of recovery is almost same for all the borrowers. However, the time taken to recover debt from one borrower depends on the amount that was borrowed. It also depends on the size of the creditor. If the creditor is a big firm and the amount is a lot, then the process is faster. In each case, the agency tries to recover the amount of money from the borrower at the shortest possible time.
Question :Are the professionals in the agency certified?
Answer: In majority of agencies, the professionals are certified. For example, the professionals at Atlantic Recovery Solutions have years of experience in their respective fields and certification. Each professional associated with the agency is thoroughly trained and has passed the FDCPA examination. The professionals are certified in both the state as well as federal laws. These professionals are well aware of all the complexities that they may have to face, and they are always ready to help the consumers.