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How Debt Collecting Works

Debt Collecting

So, you’re thinking about hiring a debt collecting agency to pursue what you’re owed. Whether you’re looking for medical debt collection or commercial debt collection – you’ve made a great choice. However, we know you still have some questions about how the whole debt colleting process works, so let’s do a step-by-step walkthrough! Keep reading…

How The Debt Collecting Process Works

Once you’ve contracted a debt collecting agency like Gilliam & Mikula, we’ll go through a few distinct phases. We’ll assess your needs, plan how to collect, try to make contact with the debtor, and finally, one way or another, attempt to collect. 

We Sit Down With You

Sitting down as a team will be crucial to our success. Obviously, we need to know which accounts are delinquent, but this planning step is far more in-depth. We’ll discuss:

  • How to contact the debtor, and how you’d like us to represent your business
  • Your payment terms
  • Whether you’re amenable to offering payment plans or discounts
  • What your expectations are as far as collections

…and much more. Once we’ve agreed as a team on who we’re attempting to collect from and how, we’ll come up with a plan. 

We Determine the Right Approach

We’ve been at this a long time, so we have a multitude of finely-honed approaches we can take to collecting your debt. We’ll come up with a plan on which would be most effective for your business and most in-line with your expectations, and get to work!

We Try to Make Contact With the Debtor

This is often the most important part, and the biggest piece of the puzzle when it comes to collecting… getting in touch with the debtor! Through your records and ours, we’ll attempt to get in contact with the delinquent account holder.

If We Can Reach Them, We:

Will professionally and politely inform them of the situation, and work towards resolution. If you’re interested in payment plans or partial payment, we’ll work with the debtor to set that up. If they still refuse to pay, we’ll work through our legal system to collect instead.

If We Can’t Reach Them, We:

Keep trying, as long as doing so reflects in your ROI. As we said above, we’ve been at this a long time… so not only do we know a lot of ways to get in touch with the debtor, we know when to stop chasing a dead lead and move on to one that might generate some billing.

We Collect on Your Behalf

Once we’re in touch with the debtor, the chances of you getting paid what you’re owed skyrocket. The final step is to collect their debt – generally, in one of the following ways:

Through Agreement

We’ll work with the delinquent account holder to come up with either a payment plan or payment in full. This is the outcome in the majority of cases, and generally the debtor will work hard to pay their debt off over time.

Through Legal Order

If a debtor simply refuses to pay, the attorneys at Gilliam & Mikula will leverage our decades of legal experience and knowledge to resolve the matter through the court system. From here, the debtor will be required by the law to pay what they owe. 

Contact Us to Get the Debt Collecting Process Started!

We hope you found this blog helpful! In most cases, you won’t need to be involved past the initial planning phase. However, we like to be as transparent as possible with our clients… especially if we are collecting debt on their behalf

If you’re ready to have us collect what you’re owed, get in touch with our team! Please fill out the contact form on the bottom of this page we’ll be in touch with you shortly.

Gilliam & Mikula, PLLC, is centrally located in Richmond, Virginia, and serves clients throughout the Commonwealth of Virginia. Our attorneys have over forty years of combined experience in various practice areas, representing individuals and businesses. We are licensed to practice in all General District Courts and Circuit Courts of the Commonwealth of Virginia including, Central, Tidewater, and Northern Virginia areas.

The attorneys at Gilliam & Mikula are here to smoothly guide you through the “legal maze” and ensure that you achieve the most favorable outcome.

The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.  Information on this website may not constitute the most up-to-date legal or other information. 

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Get in Touch Today To Begin the Debt Collection Process!

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