When the principal creditor contacts agencies like Alexander, Miller & Associates for debt collection it means they are unable to do it on their own. There could be many reasons for this. Loss of records, change of management, relocation of debtors and debtor’s refusal/inability to repay could be some of them. In such instances the agency takes over the responsibility of collecting the outstanding balances. There are two distinct processes like recovery and collection. Collection is the procedure in which the agency uses fair methods to sign contracts for repayment in installments. Recovery could mean taking over the assets owned by the debtor and selling them to get back the money they owe. So, you need to be clear about your intended method of outstanding clearance before approaching Alexander, Miller & Associates.
Alexander, Miller & Associates – Investigations
- Debtor Assessment: – Before starting the negotiations with your debtor about repayment, it is required to know about their financial condition and capacity for settling the outstanding balances. For this you need insight of their business and trading record for the past one to two years. This will give you an idea about how well they are performing in the market.
- Analysis Parameters: – The collection agency like Alexander, Miller & Associates will consider all the parameters associated with debtor company’s income and expense sources. They study their balance sheet, trial balance and the profit & loss accounts in detail. After analyzing their cash and fund flow, liabilities and other details they are able to calculate the affordable monthly installments they can pay. This includes the principal, interest and over heads.
Alexander, Miller & Associates –Negotiations
- Zero Waivers: – At Alexander, Miller & Associates the primary task is to have an all inclusive approach to debt collection. The financial and legal experts in the agency take all the required steps to avoid waivers to the debtors. For this they might extend the repayment period by reducing the monthly installments, reduce the interest rates or discount the penalty and other overheads. But they ensure complete repayment of the principal and the associated interest (to the maximum possible extent).
- Debtor Benefits: – The experts from Alexander, Miller & Associates might offer certain sops for the debtors when they clear the outstanding balances. They discuss every aspect of negotiations with you and document them with your seal before going ahead. This might include provision for another loan (after settling the existing outstanding balance), extending the repayment period etc. The aim is to ensure debtor benefits (to the maximum possible extent) when they agree for repayment. In certain instances the agency might propose relaxing the terms and conditions of repayments after discussing with you.
Alexander, Miller & Associates – Fair Practices
Alexander, Miller & Associates are well aware of the legal rights and limitations of a debt collection agency. They follow all the guidelines of the Fair Debt Collection Practices as formulated by the federal and state governments. You can also be sure of getting the legal protection for creditors when you choose Alexander, Miller & Associates.