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Powers of collection agencies worldwide

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A collection agency is an agency in which a business is hired by the creditor and is given a fee, usually which is a percentage of the amount that will be collected in lieu of the debt from the debtor.

Veröffentlicht in: Wirtschaft & Finanzen, Business
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Powers of collection agencies worldwide

  1. 1. ZIMBIO STYLEBISTRO LONNY REGISTER LOGIN Debt Consolidation Main Articles Polls Powers of Collection agencies worldwide « PREV NEXT » By James Caron on 2013-07-10 02:03:55 . . . To start with collection agency and their powers, firstly the definition of the agency has to be discussed with creditor and debtor definitions too. A collection agency is an agency in which a business is hired by the creditor and is given a fee, usually which is a percentage of the amount that will be collected in lieu of the debt from the debtor. These agencies have a business of debts that are run through other individuals or businesses known as creditors who ask them to collect the balance amount from the debtor. A debtor is the party or an individual who owe money to the creditor and a creditor is a party or an individual who has given money to the debtor that was not given by him in due time and recalls and now wishes to collect back through these agencies. Collection agency and their powers A collection agency might threaten to get your property in lieu of the debt that you owe to the creditor or might even threaten for a lawsuit, but the fact remains that they are not the ones who have such powers. However they can initiate a process for the same but can never do so on their own. There are ways in which the collections can be planned if these agencies are talked out. Having negotiations is one such way with these agencies. A long term payment plan can be worked out with the agencies. In extreme cases a lawsuit is filed by the creditor. Usually by a collection agency, a collection account is maintained. The account has been opened from a creditor in terms of the debt of the person. Needless to say there are two kinds of collection agencies. One is called the first party agency and the other is called the third party agency. The first party agencies are ones that fall directly under creditor companies that wishes to collect the amount. They are usually direct subsidiaries of the parent company. The third party agencies are the ones that are separate companies and do not fall under the parent company which is termed as the creditor. There are companies called debt buyers, and provide services of finance collection from debtors and to creditor at some percentage of interest amount to the original creditor and then collect the remaining balance amount for themselves. Now there are certain regulations under which the collection agencies exist. Different countries have different regulations. Also worldwide many collection agencies exist. Some famous collection agencies in Ontario, Canada include Capital Credit Recovery Corp, redit Bureau of Canada Collections, Canadian Real Estate Collections Inc., Financial Debt Recovery Limited, Vitual Management Solutions Inc., and Credit Bureau of Timmins. Some of the esteemed collection agencies in India include Alexander Wright & Associates, Account Solution Group, Asset Acceptance LLC, Allied Data Corporation, ACA Recovery Inc., AIS Services LLC, Associated Recovery Systems, Apothaker and Associates, Boudreau Associates, Excalibur, Genesee Valley Associates, Graham Noble and Associates, Graham Beagle & Associates, Encore Receivable Management, EZ TEL, Bowman Heinz, Boshet and Bisman, Ellis Crosby Associates. Many other countries have a list of collection agencies. Be it Ontario in Canada or Delhi in India, all agencies exhibit the same powers, neither more nor less than what is stated above. Related Articles: | more     n Credit Card Debt Settlement Blog Posted by Cloud Technology Systems, Inc. n Oregon AG announces court order against debt settlement company FEATURED STORIES Seriously Awesome Celebrity Homes Most Impressive Post-Baby Bods 10 Actors Who Are Surprisingly Fluent in Other Languages PICTURES VIDEOS CELEBS MOVIES TV MUSIC LIFE MORE   Generated with www.html-to-pdf.net Page 1 / 3
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