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More FAQs

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Q. HOW SOON CAN YOU COLLECT FOR ME? 

A. Some cases are collected within the first 30 days and others are never collected. In general, most successful collections become apparent soon after our collectors begin dunning the debtor. Other times, the debtor pays immediately after the lawsuit is served, and generally we know if the collection will be easy, even if contested, within the first 120 days. While sometimes it is possible to delay in court for months to years, most collection cases are easy to win and harder to collect than regular court cases. That means that, even in a contested case, we can have a good projection for you rapidly. 

Q. WILL YOU COMPROMISE MY CLAIM? 

A. Only you can approve a compromise! We will do our best to get all of your money and we won't compromise your claim without your consent. If we get any written offer, we will communicate it to you for your decision. If we get any legitimate oral offer, we will also communicate it to you for your decision. Ultimately any settlement or compromise will be your decision. 

Q. DO YOU TAKE PAYMENTS? 

A. We always demand full immediate payment. Very frequently the threat of litigation or the filing of proceedings with the court gets the debtor to pay all of the debt immediately. In some circumstances, payments may be the only way to collect all of your money. If it becomes apparent that a debtor must make payments, or that we can get your money faster with voluntary payments than by waiting to fight in court, we will recommend a structure for the recovery of your money in such a way that you get it or we have the immediate right to seize assets and interrupt income stream. Remember, it will be your decision to accept time payments.

Frequently Asked Collection Questions (Part 1)

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Q. IS YOUR LAW FIRM AND AGENCY BONDED, INSURED AND LICENSED?

A. The law firm is licensed to practice law in the state of GA and TN. We also have collection agency licenses in all states that require attorneys to be licensed as a collection agency. The Law Offices of Ross Gelfand, LLC has a $3,000,000 aggregate errors and omissions policy through Minnesota Lawyers Mutual -Policy #8199-03. We also have a $500,000 fidelity bond and a $1,000,000 business liability policy through Hartford Insurance --policy #20 SBA TQ2184.

Q. WHAT IS YOUR SUCCESS RATE?

A. Our most frequent question is "Will you be able to collect my money?" Everyone wants someone who can say "YES". We believe that if anyone can collect, we can. Because our business is debt collection and we are a national law firm, we collect more money, more often than most other third parties! Furthermore, our state of the art software as well as our highly trained collectors and paralegals make our success ratio higher. Our success rate depends on many things and even before we investigate and attempt your case, we can get a good idea of collection prospects. Certain cases, for example, are highly collectable while others have a low collection percentage.

High probability of collection success is often indicated by:

1. very recent debt; and/or 

2. lavish life style of an individual debtor; and/or 

3. operating businesses; and/or 

4. excellent credit history; and/or 

5. occupational or professional licenses of debtors; and 

6. generally stable history; and/or 

7. supportive family; and/or 8. strong financial statement or substantial asset ownership; and/or 

9. history of reliance on obtaining credit; and/or 

10. debts under $75,000.

A lower probability of collection occurs in cases that are:

1. very old; and/or 

2. against corporations that are out of business; and/or 

3. against outright thieves, like those in jail or who are being chased by law enforcement; and/or 

4. against those who have or will be filing for bankruptcy protection; and/or 

5. against those people whose lifestyle tends to indicate no assets now or in the future, such as alcoholics, drug abusers, chronic gamblers, those chronically on welfare, the terminally ill; and/or 

6. huge debts; and/or 

7. large IRS tax liens.

Debt Collection and Social Media

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No one can dispute that the economy is heavily reliant on the debt collection industry. The economy won’t be in the pink if many businesses won’t hinge on the repayment of credit to pay for facilities, salaries, taxes, and other expenses. That’s why when times get harder, debt collectors become more aggressive in pursuing debtors. These days, creditors and collectors turn to the new means of reaching debtors—through Social Media. 

What really is Social Media?

As Wikipedia puts it, “Social Media refers to the use of web-based and mobile technologies to turn communication into an interactive dialogue.” Social networking sites such as Facebook, Twitter and LinkedIn commonly identify Social Media. However, other forms such as blogs, podcasts, pictures, videos, and social bookmarking also fall under the broad umbrella of Social Media.  

According to a report by Pew Internet & American Life Project, 65% of adult users are into social networking sites. Because of the high penetration rate, the drive of falling back on social media is too intense to ignore. 

But what can debt collectors really do in social media?

There are actually three reasons you may consider before taking the plunge into social media: to locate, communicate, and even accept payments from consumers.  A simple search on these platforms could yield vital information such as the current location and employment details of the debtor. The use of the “Big Three” in social media such as Facebook, Twitter and LinkedIn depends on the type of debt. Facebook appeals more to the younger segment, while LinkedIn is the working class’ hangout.

Downbeat consumers

Not everyone agrees that consumers should be reached through social media. Consumers and consumer protection groups alike are wary about the increasing number of collectors who turn to social media. 

However, nothing can really stop you from using social media in your collection efforts, not even the Fair Debt Collection Practices Act which was passed in 1978. Making false statements and harassment are forbidden though. You cannot just claim to be someone else when connecting to consumers online. Just don’t cross the line.

In line with this, the Federal Trade Commission is soon to release guidelines that will tell you about the dos and don’ts when it comes to the use of social media. On the other hand, The Association of Credit and Collection Professionals has already outlined the blueprint for Modernizing Debt Collection that proposes the removal of barriers to effective communications between consumers and debt collectors. 

More than just collections

Using more tools is essential for the debt collection industry. But more than successfully collecting what businesses rightfully own, social media use can be your own way of making PR work. Quite a few times you would find a bunch of negative tweets on Twitter. Although you don’t really need to engage consumers, responding to one or two of their questions or bad comments can really make a difference. 

Reaching consumers through social media will also make communication more effective. It will allow consumers to know the accurate details about their debts and their options directly and fast. This could even help both parties reach agreements without having to go through tedious and more costly settlements. 

The Ripe Time to Turn Over Collections

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As a creditor it can be difficult to know when it is the right time to turn an account over to collections. Even though your collections efforts may not be coming to fruition, you may have several reasons for not wanting to turn an account over to a collections agent right away. You may not want to spend the extra money on outside collections, or you may simply want to have faith that your clients will eventually pay the debt you are owed. However, at some point you have to face reality and know that a collections agent is required.

But how do you know when the time is ripe to turn over an account to a collections agent? There are several key factors that can help you determine this. First, consider the response you have had from your client. If your client has completely ignored all contact regarding the matter for several months, you need to enlist the aid of a collections agent.

Another thing to consider is how much time your company is spending trying to collect the debt. Time is money. It may be more cost effective in the long run to hire someone to collect the debt for you.

Finally, there are many times during the year that is the best time to turn an account over to collections, because there is a possibility of an influx of money. If your client is a student, there is a good chance that they receive loans and other funds around the end of December and the end of August. These are good times to try to collect on the debt.

Another great time for anyone to collect on a debt is during tax season. People often begin filing their taxes as early as February if they know they will be receiving a refund. Starting the collections process in February and going on strong through May or June will guarantee that you catch your client with their tax refund in hand. At this point, if they do not pay the debt, you know they have no intentions of doing so.

In the end, any time can be the ripe time to turn an account over to a collections agent. It all depends on your resources and your company’s policies on how long a debt can remain unpaid before you take action. Most certainly any debt more than six months old should be sent to a collections agent. These agents can often have the means to collect on a debt that you yourself cannot obtain. 

Small Business Collections - How Collection Efforts can Benefit Small Businesses

There are all types of debt collection claims that can be handled by the office of Ross Gelfand. If you have a small business, sometimes these are the most difficult types of collections to be reimbursed on. With today’s economy, it is harder to collect unpaid balances, but at the office of Ross Gelfand has found a way to make it easier by offering services for commercial, rental, medical, and skip tracing services. What the help of their office they can help small businesses collect the money that is owed to them. They have a team of experts waiting to answer any type of questions that you may have. 

Unfortunately, most small business will one day have a situation with collections. At first, you may not realize how much revenue you may be losing every day. The law office of Ross Gelfand has done a remarkable job recovering some of the lost currency. They offer many different types of services. They can help you handle a vast variety of small business situations and business collections services. They can handle everything from a commercial lease to a contract on the building. Sometimes the most difficult situations may be insurance subrogation but this office will always rise to the occasion, and succeed to help you get the benefits you have deserved. They provide telecommunications and high technology on your behalf to get you the best return possible within your legal rights. 

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By having the ability to collect some revenue on your behalf your small business can start to thrive. Your small business will be likely to succeed even more because you can reinvest your own hard earned money back into your business. There has never been a more dedicated law firm, then Ross Gelfand to help the small company. It may be just a few dollars here and there, but those few dollars add up. With today’s economy, every little bit helps, and before you realize the money that is owed to you the figure could be in the thousands. Ross Gelfand has the experience and the knowledge to help you collect everything that is owed to you. The law offices of Ross Gelfand work within the legal guidelines of several different states. They will do all the necessary paperwork, phone calls, and follow-up on your behalf so that you, as a small business owner, will have one less thing to worry about.

The Pre-Judgment Phase of Debt Collections – How Law Firm’s Efforts Obtain Better Results

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There are numerous steps a small-business owner can utilize in collecting money owed. A small company owner may start out with letters of notification, and follow up with phone calls to the person who owes the debt. A small business owner may get a response from the debtor and they may pay their debt. Unfortunately, sometimes a business owner may need to hire an outstanding law firm such as the Law Office of Ross Gelfand. Putting a law firm to work for you makes perfect sense. It will increase your leverage and show that you mean business in collecting the money owed to you. 

At the Law Office of Ross Gelfand, they understand today’s economy and that everyone is just trying to get by financially. When the small-business owner has no other alternative, they can hire Ross Gelfand to take pursue the uncollected balance. If they have tried everything possible to collect the debt from the individual and nothing has worked, they may seek a pre-judgment phase of the debt collection process. What that means is that a letter is sent out to the one who has not paid their balance on behalf of the business stating the fact that in a certain amount of days, if the balance is not paid, then the Law Office of Ross Gelfand has no other choice but to seek a pre-judgment in an attempt to get the individual which owes the money to pay the balance. If all else fails then there will be a set judgment against the debtor to recover the amount of money that is owed to the company. 

The Law office of Ross Gelfand is outstanding when it comes to the pre-judgment phase of the debt collection process. They understand with today’s financially trying times. At the law office of Ross Gelfand after everything has been tried: the statements, phone calls, and letters, they will move to the judgment phase of debt collection process on the behalf of the small business owner to start the process of garnishing wages. They understand the struggles of the small business owner, and have the unique ability to handle this type of situation in a professional manner. Any small business owner who has an outstanding amount of debt that needs to be collected should take a look at the law office of Ross Gelfand.