The US Collections Industry Experiencing Newer Dimensions of Growth

Those days are not far when on logging into the Facebook, one finds a new message in the inbox from a unique sender. This person – or better to say entity – is neither an old friend nor a family member. But, it is the debt collector, asking you the reason for not paying up in time. Debt collectors are not leaving any stone unturned to reach out to debtors. The social media platform is the latest addition to their array of avenues to tap debtors.  

However, not all these actions taken online are legal, as they clearly defy the concept of consumer rights The FTC (Federal Trade Commission) is chalking out plans to impose regulations on debt collectors and compel them to stop online harassment to debtors. Any public information is a fair game but, by virtue of the FDCPA (Fair Debt Collections Practices Act), debt collectors are forbidden to harass abuse or extort debtors for paying up. They also require respecting a debtor’s privacy. Actions like writing on a debtor’s Facebook wall are simply prohibited. Neither can they contact a debtor’s friends and family across the social media platforms.  

As such, the US collections industry has undergone drastic changes in the recent times, especially with the implementation of the FDCPA. The responsibility of personalized debt collection services in Birmingham is being aptly shouldered by the fraternity of proficient debt collection lawyers. Creditors are increasingly depending upon this legal fraternity than counting upon professional recovery agents. The agents were often accused of extorting and abusing debtors thus, violating the principle of consumer rights.

Contrastingly, the legal experts fully understand the importance of the bonding and the trust that businesses build up over the ages with their respective customer base. Thus, the legal fraternity involved with collections practice never applies highhandedness while dealing with debtors on behalf of their clients. Rather, they move cautiously, thoroughly sympathizing with debtors’ condition. As there are no threats, no ultimatums and no harassment from these Birmingham debt lawyers, debtors eventually turn less and less combative. Eventually, they give up and approach the legal experts to help them reach feasible settlements with creditors. Thus, success rate of lawyers involved with collections practice is much higher when compared to that of collection agents. 

The Rule of the Law & Providing Legal Aid to the Needy

The civilized society we live-in is stark different from those of its predecessors and this is because the rule of the law stands paramount in this age. Irrespective of one’s social standing it has to be ensured that one is entitled to proper legal guidance on legal issues. It is the responsibility of the society to ensure proper and competent legal aid to the needy. As such, there could be innumerable reasons for which an individual or even a corporate enterprise may seek legal counsel.

There are innumerable legal experts in the US who dedicatedly cater to zillions of needs of the society. It is relevant mentioning here legal aid in the country is unbelievably expensive and it is so costly that only a handful of Americans can actually afford it. In spite of this fact, there is no dearth of legal firms across the nation.

Professionals involved in the vocation shoulder a host of responsibilities, which encompasses aspects like

·         Attending to retail, medical and commercial  collections

·         Subrogation

·         Foreclosures

·         Deficiencies

·         Personal injury

·         Civil rights

·         Domestic relations

·         Adoptions

·         Family law and

·         Domestic violence, etc.

Currently, the fraternity of commercial lawyers in Birmingham is playing an exemplary role in resolving the country’s unprecedented debt problem. Accumulating debts are major problem for expansion of business. It also throws the debtor in a state of perpetual anxiety and discomfort. On the other hand, the FDCPA or the Fair Debt Collections Practices Act has been implemented in the country to check the unethical and abusive debt recovery practices of collection agents.

In this situation, businesses are increasingly depending upon seasoned lawyers involved with collections practice to recover debts from customers. Unlike the abusive and extortionist debt recovery procedures of collection agents, these professionals adhere to the norms mentioned in the said Act. As such, their humanitarian approach may work slowly but at the end proves to be more effective. As it happens in majority of instances, in course of time, the debtors become less and less combatant and eventually, they approach the legal professionals help them reach feasible settlements with creditors. Thus, success rate of hiring lawyers in debt recovery always proves to be higher than seeking any other strategy.