What’s better, a debt collection lawyer or a debt collector?

by | Sep 12, 2016 | Lawyers

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As a businessman you know the importance of having your invoices for goods or services paid on time and in full. Unfortunately, not everyone does this and you end up with clients in arrears. There are several options that you have at your disposal; you can deal with it personally, you can turn the account over to a debt collector or you can turn it over to a Las Vegas collection lawyer.

The majority of businesses stay away from collecting overdue accounts, the process is uncomfortable and there is a distinct possibility that they will trip over one of the many rules and regulations that are in place and must be followed. With personal collection out, that leaves a debt collector or a debt collection lawyer.

Debt collectors:

Debt collectors are often the choice of businesses that has a client in arrears. Most collection agencies work on contingency, when they successfully collect the outstanding debt they are paid, if they fail to collect the debt they get nothing. Debt collection agencies are popular and are used by numerous businesses including banks, doctors, utility companies and more.

Collection lawyers:

There are law firms that specialize in collecting outstanding debt. If you are giving thought to taking legal action against the debtor then a Las Vegas collection lawyer is the far better choice. Lawyers charge different fees, some may charge by the hour while others may take an agreed upon percentage of the recovery.

The primary difference between debt collectors and collection lawyers is that a debt collector cannot take the debtor to court. They can use all other methods to secure payment, they can write demand letters, call and file reports with credit report agencies but, if legal action becomes necessary then they have to engage a lawyer to do it on the client’s behalf.

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