Debt collection is a huge industry that is closely related to the investigative arts. Creditors require some recourse to legally collect the money owed to them by deadbeat debtors. Collection agencies and attorneys can help them to realize some or all of what is rightfully and legally theirs.
I have both business and personal experience with debt collection and are truly amazed at the ins and outs of this fascinating industry. This helpful article profiles the role of investigative specialists in collecting monetary or property debts. If you need to collect money which is owed to you, this essay is a must-read.
Debts are monies, or other assets, that are legally owed to a person, company or municipal agency. Most debts are paid voluntarily without problems, but some debtors refuse to pay, or simply can not pay, leading to collection attempts by their creditors.
The laws of the United States, and many other developed countries, are set up to protect all parties in a debtor scenario, including the debtor themselves. While this is important in a civilized society, many litigation specialists wonder if the protection does too much to allow many dishonest debtors to escape without penalty and never fulfill their financial obligations.
If you owe someone money, pay it. That is my advice. If not, I sincerely hope that they will come after you and eventually get what is theirs. It is only fair. If there is a discrepancy in the amount owed, or any other issue, consider hiring a lawyer and fighting the case out in court, rather than running and hiding. You must realize that private investigators will find you, no matter where you go or how you try to hide. A debt is not worth throwing your life away.
On the other hand, if you are owed money and can prove it, we strongly suggest that you do everything within your power to get paid and even seek punitive damages and full legal reimbursement. In order for society to work, it is necessary to hold debtors to their obligations and not allow them to escape their responsibilities so easily.
There are many debt collectors out there to help clients track down and enforce their claims. Professional investigators can use skip tracing to find debtors anywhere in the world and perform asset checks to see how they can settle what they owe. Once these criteria are met, a judgment can be sought, wage garnishment can begin and the client will finally receive what should have been paid long ago.
Personally, I have no patience for those who refuse to pay what they owe and have campaigned for stricter penalties for people who purposefully defraud creditors, knowing in advance that they will never pay. This includes the many who declare bankruptcy to avoid paying, especially when this is planned well in advance of taking lines of credit.
In my opinion, the loop-holes need to be closed and people must be treated as responsible adults. If you can’t pay, then don’t spend. To learn more about debt collection from either side of the coin, contact an attorney, debt relief agency or financial investigator near you.