The Firsts Steps to Debt Recovery with ARA

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Asset Recovery Associates
Image: arainc.us

Asset Recovery Associates, Inc. is a collection agency excelling in areas of consumer debt recovery and accounts receivable management. Asset Recovery Associates (ARA) has established a track record of successfully resolving debts with most of the major banks and credit card company’s in the United States.

Individuals may find themselves debt for any number of reasons. While a growing debt can begin to feel overwhelming, individuals must understand that a debt is not a life sentence and that there are always ways to re-establish one’s financial independence.

The ARA approach to debt rehabilitation begins with a face-to-face meeting between clients and debt specialists. This meeting allows individuals to detail their financial situation and collaborate with debt professionals on an effective, achievable repayment plan. Equally as important, financial professionals will treat individuals as valued clients, rather than debtors who deserve to be reprimanded for their actions.

As the debt rehabilitation process continues, clients will be afforded the chance to speak with counselors who examine how debt effects a person’s life, rather than just their finances. At the same time, financial experts review assets, spending habits, and bank statements in order to fully formulate a repayment plan. To learn more about client services, visit www.ara-inc.us.

Debt Buyers Association International Hosts 20th Annual Conference

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Debt Buyers Association International
Image: dbainternational.org

Located in Lombard, Illinois, Asset Recovery Associates, Inc. is a debt consolidation firm that specializes in accounts receivable management and consumer debt recovery. Since April 2012, Asset Recovery Associates, Inc. has maintained membership with Debt Buyers Association (DBA) International.

Established in 1997, DBA International is a nonprofit trade organization that represents more than 575 companies that work in financial services fields, such as collection agencies, debt buying firms, and law firms. It offers its members networking, educational, and business development opportunities at a variety of events.

One of the events sponsored by DBA International is its annual conference, with the 2017 conference scheduled for February 7 through 9 at the Aria Resort and Casino in Las Vegas, Nevada. Now in its 20th year, this conference gives attendees a chance to meet current clients, establish new ones, and create new business opportunities. Typically attracting more than 1,100 attendees, the annual conference highlights more than 100 exhibitors that work in the debt buying industry. Attendees also have an opportunity to garner a total of 16 continuing education (CE) credits during the three-day event.

How to Pay Off a Large Debt

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Asset Recovery Associates
Image: arainc.us

Asset Recovery Associates helps banks and creditors across the country obtain payment of unpaid debts. Asset Recovery Associates is committed to achieving this in a way that is acceptable to both creditors and debtors.

A large debt can feel like an insurmountable obstacle. You may owe a significant amount of money and not have the resources to pay it off, and there seems to be no solution to this dilemma. Financial experts suggests that when this happens, it may benefit you to stop thinking about the payoff as one sizable issue and start thinking about it as a long-term goal with short-term steps.

If you put aside the debt itself for a moment and think about your monthly income and expenses, you may identify small amounts that can go toward paying off the debt. These funds may not seem like they will make a difference, but they may help you to chip away at the total owed at a rate that is acceptable to your creditors.

To free up money, you may need to cut back on extra expenses. You may be tempted to eliminate all non-necessities, but financial experts suggest taking a more long-term view and cutting out those things that you know will not make you feel overly deprived. People who are too strict with themselves in this situation often fail to meet their goals, just as a dieter who swears off fatty foods completely may find themselves overpowered by cravings.

If you set aside money conservatively but consistently, you may find the money that you need to meet your obligations. It is important to do so until the debt is paid, with all payments made in a timely fashion, so that you stay on the road to success.

Basics of the Fair Debt Collections Practices Act

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Fair Debt Collections Practices Act
Image: ftc.gov

Founded in 2003, Asset Recovery Associates, Inc., is a debt consolidation firm based in Lombard, Illinois. To best serve people who are in debt, Asset Recovery Associates has guidelines to help resolve debts while considering each person’s financial situation, including client-customized calling campaigns and billing strategies, which are governed by the Fair Debt Collections Practices Act (FDCPA).

Most recently amended in 1996, the Fair Debt Collections Practices Act was originally enacted in 1978 to curtail abusive debt collection actions against individuals and their families. There is a wide range of illegal practices under the FDCPA, most of which fall into three areas: communications, practices, and representations. Communication restrictions include what time of day a collection agency can contact a consumer and whether or not it can contact the consumer at work, among others. Practice restrictions prevent the collection agency from going to unreasonable lengths to collect, including threatening a consumer with criminal prosecution or adding fees or interest not approved by state law or the original agreement. Finally, a collection agency cannot engage in false representation by claiming to be a different organization or misrepresenting the amount the consumer owes.

If a consumer feels that a collector has not followed the Fair Debt Collections Practices Act, there are a number of actions he or she can take to address a potential violation. From suing the collector in state or small claims court to reporting the violation to a government agency or their state attorney general, the collector may be required to pay a settlement as a result, or such action may effect debt settlement negotiations. Although the FDCPA only applies to third party collectors hired by the debt’s original creditor, some states may include the original creditor in their more expansive protection laws.

The Process of Collecting on an Unpaid Bill

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Asset Recovery Associates
Image: arainc.us

 Asset Recovery Associates (ARA) works with both creditors and consumers to secure repayments on owed debts. The professionals at Asset Recovery Associates understand the process of credit collections and are committed to sharing their knowledge.

When a borrower has failed to make payments for a certain period of time, the lender may hire a debt collector or attorney to pursue payment. If the creditor hires a debt collector, that organization will attempt to locate the borrower and establish a payment arrangement. This arrangement may involve a lump sum payment or a monthly payment plan, each of which can result in payment of either the full or partial amount owed.

An attorney often begins the process of collection in the same way, though he or she may also receive authorization to file a lawsuit against the debtor. This situation is most likely when the attorney has a license to practice in the same state where the debtor resides.

A third option for creditors is to sell the debt to a buyer, who can then pursue collections to recoup the funds. Regardless of who pursues repayment, however, it is important for the borrower to arrange repayment as soon as possible, so as to minimize damage to his or her credit score.

The Function of a Debt Buyer

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Asset Recovery Associates
Image: arainc.us

Based in Illinois, Asset Recovery Associates is a collection and debt-buying agency. Affiliated with Debt Buyers Association International, Asset Recovery Associates helps lenders recover part or all of their outstanding loans.

Recent surveys indicate that the credit card debt and delinquency rates are increasing. Despite the fact that the economy may be improving, the national trend toward increasing consumer debt means that businesses could face difficulty getting paid back money owed to them.

Debt buyers purchase a company’s debt for a percentage of the face value. The debt buyer then pursues the borrower to recover the money owed on the debt. This arrangement is beneficial to the company because it is able to recoup a portion of its debt. It is similarly beneficial to the debt buyer because if the debtor can be successfully located, there is a chance that the entire value of the debt can be recovered. A full recovery from the debtor ensures the debt buyer makes a profit on the transaction.

Debt Collectors Provide Vital Service

Asset Recovery Associates pic

Asset Recovery Associates
Image: arainc.us

Asset Recovery Associates is a debt collection agency, which is a business that focuses on collecting debt that has not been paid for an extended period of time. Asset Recovery Associates will contact debtors and attempt to make payment arrangements so that the debtor can fulfill his or her responsibility of paying their debt.

Debt collection agencies are businesses that enable lenders to recoup part or all of their outstanding loans. This capability provides lenders with the needed financial liquidity to continue issuing loans to credit-worthy individuals.

When lenders are able to collect payment on loans they have extended, they maintain their capital and have the flexibility to continue providing loans to other entities. Debt collection agencies are an important factor in helping lenders to collect these payments. If debt collection agencies ceased to exist, lenders would lose this flexibility and would have to stop lending to others because they would have negative rates of return.

While debt collection agencies are often viewed unfavorably, they provide an important service to the business economy. When outstanding loans are paid, the economy grows and the financial industry remains balanced and functioning.