What is debt collection and all you need to know about that?

 Collecting debt is indeed a hard process, especially when you are the one who is on the victim side. If you have to collect the debt, you must know how debt collection works and what are your rights? If you have to pursue someone who you have to collect the debt from, here are some of the points that you must remember:
When you are the one who has to collect debts, you must hire a debt collection agency to get your money back. There is also an option of selling the debt to debt collection agency at the reduced rate so you can move on with your business and your transactions will not stop in the middle. You could carry on with your work and the debt collection is now their headache. These debt collection companies are also known as 3rd party debt collectors.

The first encounter happens via letter or mail. If even after 5 days, there is no response to letter or Email, then the collector is allowed to call the debtor. One cannot take immediate action and if the debtor is called out of the blue, he can request the letter.
If the address or phone number of the debtor is missing or is changed, the friends or family members or employer of the debtor could be contacted to ask for the updated address or phone number. However, they could only be contacted to ask for address and phone number and the creditor or agency is not at liberty to discuss the debts or any other issue. The friends or family or employer of the debtor is not allowed to provide any other detail.
The debt collector is legally required to inform the debtor of this information in a private written communication. So, to stay away from any kind of chaos or confusion and to live worry-free – hire a debt collection agency. Icon Debt Solution is one such debt collection agency in Vancouver that helps small businesses and big businesses to manage the account receivables. 

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