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.

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

2. Comments
« PREV NEXT »
'Twisted' Recap: The One
Where Everything Gets Sexy
'Pretty Little Liars' Season 4,
Episode 5 Recap: 'Bee' A...
Kristen Stewart Beats the Heat
in a White Tank
Don't Worry About Mariah Carey
— She's Recuperating in a...
Alessandra Ambrosio Hearts Selena Gomez Gets Flirty With You Voted - The 15 Cutest Where to Get Miranda Kerr's
n Chris Bowen confronts a gloomy economic outlook as IMF cuts forecasts - The
Australian
n National Debt Relief Releases Tips on How to Avoid Scammers and Condemns …
n Elders said Stay away from Collection Agencies
Today's Actresses as Yesterday's
Hollywood Icons
LIKE US ON FACEBOOK
more from Zimbio »
more from StyleBistro »
Generated with www.html-to-pdf.net Page 2 / 3

3. Copyright © 2013 - Livingly Media, Inc. All Rights Reserved.
Zimbio Entertainment
Short Shorts Beachy Waves Celebrity Onesies Watercolor Skirt
Links We Love: PS1 Parties,
Bali's Got Style, Falling in...
See It Now: The Pace Gallery
Presents Robert Irwin and...
How to Create a Covetable
Closet
Paul Smith Menswear vs. Phillip
Estlund's Genus Chair
Home Terms & Policies For Bloggers Advertise Sitemap Contentmap About Us
more from Lonny »
Generated with www.html-to-pdf.net Page 3 / 3