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Small Business Debt Collections Made Easy

Every business has customers who fail to pay their bills. When debt collection becomes a problem, getting legal help may be the solution.

Three Ways to Collect Debt

If you’re looking  to collect consumer or business debt, you can try to do it yourself, hire a collection agency, or work with a debt collection attorney.

The best method may depend on the specific circumstances surrounding the type and amount of the debt you want to collect. Sometimes you need to negotiate a settlement, while other instances may require you to be more aggressive and take legal action.

Getting advice from a debt collection lawyer is a great way to figure out which method will work best. LegalShield makes accessing necessary legal representation  easy and affordable.

If your company has only a couple of delinquent accounts each year and you are sensitive about maintaining positive customer relationships, trying to collect debt yourself may be a good option.

However, if you're searching for tips on debt collection, you’re probably having an issue and may benefit from legal advice.

A small business plan from LegalShield can help you improve your debt collection results in three main ways. Learn more below

If you have a large number of delinquent accounts from debtors that are hard to reach, hiring a collection agency to handle the work might be a good option.

However, if you have only a handful of larger debts to collect from customers that are easier to contact, collection agencies may not be your best option. Agencies take 25% to 50% of the amount of the debt recovered and rogue collection agents repeatedly calling customers may tarnish your brand.

If you have a large number of delinquent accounts from debtors that are hard to locate, hiring a collection agency might be a good option.

However, if you have only a handful of larger debts to collect from customers that are easier to contact, collection agencies may not be your best option. Agencies take 25-50% of the amount recovered and rouge agents harassing customers can tarnish your brand.

If you’re dealing with particularly challenging debtors, a debt collection lawyer can have better success at getting the situation resolved. Similar to a debt collection agency, a debt collection attorney handles much of the work of contacting debtors for payment.. Additionally, collection letters on a law firm’s letterhead communicate your seriousness about collecting upon the debt, and should the matter go to court, a lawyer would be invaluable in guiding you through the process.

How a Debt Collection Attorney Can Help You

 

If you’re struggling with credit card debt or medical debt and are unsure what to do, or are dealing with challenging creditors or a debt collection lawsuit, working with a collections attorney  can help you determine what legal options you have.  The Fair Debt Collection Practices Act (FDCPA) forbids harassing or threatening phone calls or text messages on the part of debt collectors, and having legal representation helps you protect your legal rights throughout the collection process.

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Get Legal Advice About Debt Collection Best Practices

A LegalShield membership offers consultation with a provider attorney on an unlimited number of business legal matters related to debt collection to help keep you informed of your legal rights.

If you’re having difficulty collecting a debt but you want to continue to handle it yourself, you can contact your provider law firm for legal advice to improve your collection strategy.

The consultation benefit enables you to get legal advice on an unlimited number of business legal matters beyond debt collection. However, this does not include business legal matters covered under the designated consultation benefit.

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Improve Client Contracts and Debt Collection Letters

Another valuable benefit attached to a LegalShield membership is the ability to submit documents, up to 15 pages each, to your provider attorney for review and feedback. Depending on the type of plan, a designated number of documents are included each month at no additional charge.
 
If you’re unsure about debt collection requirements as they relate to an agreement signed by the debtor or you have drafted a debt collection letter you’d like an attorney to review, you can submit documents right in the LegalShield app. Your provider attorney will provide feedback to make sure you’re following the law.

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Debt Collection Done for You Without Commissions

All of our small business plans include attorney-drafted debt collection letters created on their law firm letterhead and sent to the debtor on your behalf. Depending on the type of plan, a designated number of debt collection letters each month are included at no additional charge. 

Not only does this save you time and stress, a debt collection letter from an attorney’s office lets the debtor know you are serious about the matter, and you keep 100% of any  funds collected.

Like other plan benefits, your provider attorney can provide written notices and make calls on your behalf for legal matters beyond debt collection. If customers owe you money or you have other business legal needs, a LegalShield membership really is a no-brainer.

Small Business Plans Start at Only $49.00 Per Month
Get Help With Debt Collection Today
Cynthia M.
British Columbia Member
I have used LegalShield three times now and had a positive experience each and every time. This last time, I needed to collect a substantial amount of money owed from a delinquent client. After the demand letter was sent out, I was paid within 24 hours. Thank you LegalShield.

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