Debt Collectors

What is a debt collector?

A debt collector is either a business company or an agency that focuses on recovering money from individuals or a group of people that have delinquent accounts. Some businesses hire debt collectors and tap their services to take charge of collecting the money owed. While some work for a company, others are debt buyers.

Why Hire a debt collector?

There is a need to hire a debt collector primarily to save time and resources in collecting the owed money from delinquent accounts. Since debt collecting is a long process, you need the service of a debt collector to do the collection process for you. They track down people who have overdue accounts and negotiate for a payment plan to ensure payment.

How much it cost?

The cost to pay if you hire debt collectors may depend on the amount collected. Usually, they charge between 20-45% depending on your agreement. At times, they charge a fixed fee per account. Before you hire a debt collector, you must have knowledge of how to hire a debt collector and to understand how they operate.

Reasons to hire

To hire debt collectors, you have to do your own research. But first, you need to do a background check on the credibility of a debt collector service provider. In Magellan Solutions, our credibility is backed up by more than 10 years of existence in the industry with over a hundred satisfied clients. To know more about us and to get a quote, kindly leave us a message so we can discuss details with you.