“What’s next?” is one of the most commonly asked questions in the debt collection industry. There are many phases in the debt collection process — from the initial consultation and review of the underlying claim and documentation, to sending demand letters, tracking payment updates, and making recommendations for legal action such as mediation, arbitration, or litigation. The process may continue through prosecution of the case, settlement, judgment, and more.
Every debt collection attorney has their own processes and procedures, which can vary based on factors such as the debtor’s responsiveness and financial profile, the client’s risk tolerance, and the collectability of the claim.
Clients should always be informed about what comes next. While each case is unique, there are only a few ways the process can go. Sharing this information with clients helps manage expectations and reduce anxiety throughout the collection process.
Common Debt Collection Process Questions
Over the next few weeks, we’ll explore common client questions related to “What’s Next?,” including:
Will you take my case on a success or contingency-fee basis? How do you decide whether to accept a claim on contingency?
How do I know if Frank, Frank, Goldstein & Nager has experience handling claims like mine or working within my industry?
Will you provide client references so I can confirm you’re right to represent me?
How do I retain Frank, Frank, Goldstein & Nager to represent me on my claim(s)?
I’ve retained Frank, Frank, Goldstein & Nager. What can I expect next?
How long will it take my debt collection attorneys, Frank, Frank, Goldstein & Nager, to collect my money?
How long does the demand phase last, and what happens afterward?
I’m going to mediation with debt collection attorneys Frank, Frank, Goldstein & Nager representing my company. What should I expect?
I’m pursuing litigation with debt collection attorneys Frank, Frank, Goldstein & Nager representing my company. What should I expect?
The debtor offered a settlement. Is it a good offer, and should I accept it?
The debtor defaulted on a settlement agreement, what happens next?
I have a judgment against a debtor. What are the next steps?
Frank, Frank, Goldstein & Nager collected the money owed to me. Where is it deposited, and when will I receive my remittance?
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