Debt collections
industry is a massive commercial sector in the United States. In the recent
times, the landscape of collections industry has undergone drastic changes.
Precisely, all the recent changes that the sector has experienced have been
triggered by a single factor – implementation of the FDCPA or Fair Debt
Collections Procedure Act. Prior to the existence of this law, creditors used
to hire debt collection agencies to recover debts from borrowers. These
collection agencies in turn hired professional agents who worked on commission
basis.
These agents used to
indulge into abusive, extortionist, and unethical debt recovery procedures,
which grossly defied consumer rights. They humiliated and abused borrowers to
pay up and never left any stone unturned to forcefully recover debts. Thus, to
put an end to this menace the FDCPA was implemented by virtue of which abusive,
extortionist debt recovery procedures are considered as legal offence.
In this changed
circumstance, businesses are increasingly depending upon lawyers involved with
collection service. Hiring reputed law firms proves unbelievably rewarding for
both parties to resolve their issues. The fraternity of debt lawyers in Birmingham
– unlike the professional agents – implements different strategies while
dealing with borrowers. They never abuse or extort money by force from borrowers.
Rather, they adhere to the norms mentioned in the above mentioned Act.
In course of time,
when borrowers realize they are not being threatened with dire consequences
neither they are being humiliated over debt issue; they gradually become less
and less combative. Finally, they approach collection lawyers to help them
reach feasible settlements with their creditors. In fact, success rate of
hiring legal experts invariably turns out to be much higher for businesses as
compared to hiring collection agents.
The fraternity of professionals shoulders a host
of relevant responsibilities on behalf of their ever increasing clientele. The legal experts
provide all-round legal assistance on issues like civil rights, subrogation,
foreclosures, family law, domestic relations, deficiencies, personal injury and
adoptions, etc. In fact, commercial prospect of the vocation of collections
lawyer in the US is unbelievably impressive.