WHEN TO PLACE ACCOUNTS FOR COLLECTION
We recommend your unpaid accounts be placed with Simon's Agency, Inc. as soon as you have determined that your collection efforts are being ignored. Statistics prove that the more recent the information, and the sooner we are involved, the better your chances for recovery.
PLACEMENT OF DELINQUENT ACCOUNTS
Our paperless EPF (Electronic Placement Form) saves you time by allowing transfer of placements without the need for photocopies using direct download to our Secure Website link or attached to your Email message. We also offer the option of using the FILE PLACEMENT FORM which can be modified to fit your individual needs and can be sent by fax, or e-mail.
NOTIFICATION TO PATIENT
A formal demand for payment will go out within 48 hours of placement. All correspondence is written in compliance with the Fair Debt Collections Practice Act.
CONTACTING THE PATIENT BY TELEPHONE
Our initial telephone contact is a request for the balance of the account. In cases where immediate full payment is not possible, Simon's Agency, Inc. reviews the debtor's circumstances to formulate a plan to liquidate the debt through regularly scheduled payments that work for both the debtor and our client. In addition, we use an automated dialing system to maximize our contact efficiency.
PAYMENT PLANS
All payment plans are continually monitored to ensure payments are made promptly. The debtor is contacted immediately should any scheduled payment be missed. This on-going account management results in faster settlement should the debtor's circumstances change during the course of the collection process.
COLLECTING VS. LITIGATING
Should the debtor still refuse to resolve the account we will recommend taking legal action only after doing a complete and thorough asset search to insure recovery of the debt and any related costs. Simon's Agency, Inc. utilizes the services of two local law firms, both specializing in debt recovery for more than twenty years. Judgment is filed to effect prompt recovery. Simon's Agency, Inc. principle of Investigate - Locate - Negotiate - Liquidate has, time and again, proven to reduce the need for litigation, saving you time and aggravation. Our recommendation to litigate comes only after extensive research and only after all other avenues of collection have been exhausted by our experienced team.
REMITTANCE
All monies recovered are remitted on a monthly schedule. This practice differs from many agencies and law firms who remit only when the entire balance has been recovered. Their method allows them to operate on your money for extended periods of time, tying up the funds that are rightfully yours. Simon's Agency, Inc. also provides you with a monthly remittance report on all accounts with collection activity for that month. This report accompanies your monthly remittance statement and details the information you need to apply all money to your internal accounting system.
CREDIT BUREAU REPORTING
We report non-payers directly to the nationwide credit reporting agencies after 90 days of non-payment. Information is updated weekly with all the major credit agencies.
Experience has proven this to be an effective tool when debtors are hard to contact or attempting to make a major purchase such as a home, automobile, or re-financing. When their credit is reviewed, they must contact us to resolve the debt before they can proceed with prospective credit grantors.
DISPUTED ACCOUNTS
We work to educate ourselves regarding your practices to minimize the need for questions and to respond to the responsible debtor quickly to resolve their dispute and maximize collections. Occasionally a debtor will dispute bills or services rendered. Once notified, Simon's Agency, Inc. fully details each and every dispute. We communicate any disputed portions of the bill or service while continuing to resolve undisputed portions owed. Once you have submitted your reply the account is either adjusted or collection efforts continue.
RECOVERY RATE
As in many selections made, the cost of the service or product must always be a factor. This does not mean that the cheapest price is going to be the answer, or visa versa, that the highest rate will guarantee superiority in a service or product. Our rate covers the entire cost of recovering your debt while it is in-house. In the event the file needs legal attention, we will contact you for authorization. At that time, the rate will be adjusted to cover the costs of the attorneys. All up front disbursements will be billed to you as they are incurred. This money is attached to the cost and will be collected on top of the amount of the debt.
REPORTS
While Simon's Agency, Inc. prefers to focus attention on collections, additional reports such as quarterly and annual summaries are available and can be customized to meet your needs.
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