Debt collection is a recurring nightmare for many companies. NAM can help you get hold of the money you are owed faster and make sure your money is working for you and not resting in somebody else's bank account. Whether your trade debts are credit insured or not, NAM has a global network of debt collection professionals at your disposal that provides a value for money approach designed to suit your needs with regard to debt collection.
Our debt collection services make use of our expertise and state of the art debt collection software. Our agency will analyze the situation and recommend the best strategy for debt collection. We act on your behalf in the manner you wish, either using a discreet approach, because you do not want to jeopardize a long-standing business relationship by a single debt, or a more aggressive program. Whichever way you want to handle debt collection, we are there for you.
Debt Collections not covered under the Fair Debt Collection Practices Act
When a business or an individual is trying to collect on a past-due account, they must follow the Fair Debt Collection Practices Act (FDCPA). The FDCPA provides guidelines for debt collection activity. Some of these guidelines include the time of day a telephone call can be made and the language used in the written notice. Some of the types of accounts a collection agency, an attorney or a third party will try to recover include medical bills, credit card accounts, auto loan or a mortgage. Although all of these types of accounts are covered under the FDCPA there is some collection activity that is not covered. Below is a list of those accounts:
The original creditor: When a creditor is trying to collect payment on their outstanding accounts, they are not subject to the FDCPA. A debt collect is defined as a business trying to recover funds for another business or individual. When a creditor is trying to collect payment on their own accounts they do not have to follow the FDCPA. If the in-house collections department is a government agency or an independent contractor, than they would be subject to the FDCPA.
Government employees: who work in collections and recovering past-due accounts are not subject to the FDCPA. Some of these types of accounts include student loans and Internal Revenue Service (IRS) accounts. However, if the government hires an outside agency to work on their accounts, that agency must follow the FDCPA.
Property manager: A property manager is usually employed by the property owner making them an employee of the original creditor. They are not subject to the FDCPA and can try to actively work the account and contact the debtor freely.
Commercial accounts: Business to business accounts are not subject to the FDCPA. Businesses and third party agencies do not have to follow the same laws when trying to collect business to business accounts as they do for consumer accounts.
Consumer credit counseling services: Does not have to follow the FDCPA if they are a nonprofit organization receiving payment from the debtor for the creditor.
Process Server: An individual who is trying to serve a court order enforcing payment on a debt to another individual is not subject to the FDCPA.
Even though these types of accounts are not subject to the FDCPA, they may have other collection laws they must follow and may restrict their efforts of trying to recover on the account. Any business or organization that works on trying to collect past due accounts should be familiar with the FDCPA as well as any state and federal collection laws to avoid any fines or other penalties.