Imagine this: for the second or third time (or maybe more) since you’ve started your business, one of your customers/clients is delinquent in paying. You’re really hoping that you won’t have to write this one off like the ones in the past. This isn’t something you want to be dealing with – after all, you have a business to run! What you need to know is that eventually the money you will receive from the delinquent account will be worth less than the time you spent collecting it – and that the earlier you call in a debt collection agency, the better.
When Hiring A Debt Collection Agency Makes Sense
It’s a complicated calculus: you want to collect on all your debt, but you also don’t want to alienate customers over small balances or small payment delays.
However – we’ve covered in previous blogs the right way to go about collecting debt before getting an agency involved, and sometimes, you just need to call in the pros.
We recommend that once the account is 60 to 90 days delinquent (especially if those are the payment terms you specified in a written contract), you contact a debt collection agency. Brief them on the situation, share your contract and payment term documents with them, and get ready to hand off the arduous task of debt collection to them.
How Does Professional Debt Collection Work?
The common (mis)conception of debt collection agencies is that they’ll send some letters full of legal-ese to your debtors for a few months, throw in a couple threatening phone calls, and then leave it at that.
While that certainly may be the case for run-of-the-mill debt collection agencies, that’s not the case with professional and legal debt collection agencies, such as ours.
For instance – Gilliam & Mikula takes a much more active approach to collecting your debt. As Virginia attorneys who specialize in delinquent debt collection, we are able to bring the full force of the legal system against debtors when necessary – and have done so many times. We don’t issue threats or leave a million messages/emails – we simply inform the debtor what actions we plan to take on your behalf if they don’t pay, and then we follow through.
However – we understand that these are former clients and you have a reputation to uphold. We are extremely professional, courteous, and understanding with those we are pursuing for collections.
You Aren’t in the Debt Collection Business… but WE are!
We’ve helped customers in hundreds of different markets and industries, and one thing remains constant – our collection rate is miles better than the clients themselves. That’s not a knock on our clients at all – after all, they have their own business to run. However, so do we – and our business is debt collection.
The team at Gilliam & Mikula specializes in debt collection in the great state of Virginia. We believe you are entitled to getting paid for the hard work you’ve done, and if you are tired of spinning your wheels with delinquent accounts – we’re here to help. Begin the process by filling out the form below!
Gilliam & Mikula 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.