What methods are available for collecting debts out of court?
Creditors may make an initial demand for payment by sending a letter to the debtor asking the debtor to make payment. When debtors do not respond to letters, creditors may transfer delinquent accounts to a professional debt collector. The odds of collection are pretty good at an early stage but drop dramatically with the age of the account. The longer a delinquent account is held by the creditor, the lower its chances of being collected at all. The Fair Debt Collection Practices Act restricts the tactics debt collectors may use including limiting the manner of contacting the debtor, restricting contact with third parties and prohibiting deceptive practices.
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