This struggle occurs because organizations often need proper legal support and a proper legal process to conduct their collection operations. Having a legal framework for collections can help organizations improve recovery rates and periods. This being said, collecting past due amounts with just any legal approach can go downhill, too, if not handled skillfully.
Not true if it’s Boulder, CO-based The Collection Law Group that ensures that their collection processes are effective, fair, legal, and ethical.
Being in the collection industry is a challenging endeavor. Even The Collection Law Group is often questioned about the efficacy of its collection practice. To this, the company has one simple yet strong response. “We are a contingency based commercial collection firm with lawyers at the forefront of every collection call and communication. Our firm is successful because of its lawyer-based approach which prides itself on acting in a professional manner but at the same time letting debtors know there will be consequences if they do not do the right thing,” says Brad R Magill, Managing Lawyer at The Collection Law Group.
The company is one of the most ethical and successful companies in the industry, which is why the company has been chosen as one of the top ten collection firms of 2022 by Financial Services Review. Due to the firm’s attorney-driven approach, it is more effective in getting the attention of debtors, which is why it produces more effective collection results than traditional collection companies. Also, the firm’s team of professionals understands the legal and business aspects of target company businesses. This understanding allows their professionals to resolve disputes and collection matters because of their ability to navigate through contract issues and general business circumstances.
The philosophy of The Collection Law Group is a two-pronged approach. The first prong of this approach is working hard to resolve a matter amicably with open and honest communication with debtors that revolves around getting the debtor to understand their financial responsibility and that there will be repercussions to their inaction. Part of this first prong is also problem-solving with the debtor to understand their situation and providing solutions that work for them and the creditor.
The bottom line is that The Collection Law Group tries to avoid legal battles and encourages debtors to find a solution that works for the debtor and the creditor. However, if the dispute goes to court, The Collection Law Group has confidence in its winning record due to its legal position, extensive resources, and experienced team.
The Collection Law Group adopts a transparent collection approach to ensure that all communications are geared toward successful collection results. Not just with its clients but with debtors too. The company firmly believes that transparency helps build trust between itself, debtors, and its clients. It avoids setting unrealistic expectations, as debtors can have challenges and circumstances that impact their ability to repay.
We are a lawyer-based firm with the ability to impose potential consequences for debtors. Our ability to impose real or perceived consequences is the key to the success of our attorney driven approach
According to Magill, the probability of debt repayment decreases by 50 percent after six months. That’s why it is critical to get third-party collection firms involved in matters promptly. The firm strives for constructive communication by adopting a “collection-first approach” where the legal experts call debtors and explain why repayment is the best option to move forward. The Collection Law Group attempts to avoid litigation initially, but if nothing else works, legal action remains their final recourse.
These days, some debtors try to take advantage of the financial landscape, which has changed lately. In such cases, collection firms need to be reasonable yet stern. The Collection Law Group does its due diligence to ensure debtors are not misrepresenting and not running away from their debt repayment responsibilities. Come what may, the firm will always remain true to its values—always be professional, transparent, persistent, understanding, and always keeping its eye on the prize, which is collecting as much money as quickly as possible for its clients.
The Collection Law Group represents creditors for a wide variety of commercial matters. Creditors take no risk in hiring The Collection Law Group as all work is done on a contingency basis, so The Collection Law Group only gets paid when they successfully collect. The firm has particular specialties in representing finance/factoring companies and equipment leasing companies.