Debt Buyers Association International Hosts 20th Annual Conference

Debt Buyers Association International pic

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.

What Happens to Bills in Collection

 

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Image: arainc.us

At Asset Recovery Associates, a team of professional collections agents work to resolve debts and achieve mutually acceptable results. Asset Recovery Associates strives to ensure that all parties, including debtors, understand the collections process.

When an unpaid bill goes into collection, it usually means that the original creditor has attempted on several occasions to secure the owed funds. After failing to do so, the creditor either assigns or sells the debt to a third-party organization. Such organizations dedicate their staff and resources to locating debtors and securing payments.

Collection agencies report debts to credit bureaus, but it may take 30 days for this to happen. Agencies and experts suggest that repayment before the end of this grace period is best for the debtor’s overall credit score.

If the debtor cannot pay the total amount upfront, the collection agency will typically work with him or her to determine a payment plan. Experts suggest that debtors cooperate with these efforts to avoid a lawsuit, particularly if a debtor has assets or an income that a court judgment could put at risk. Any and all agreements should be in writing and specific to the situation so as to protect the interests of all involved.

Maintaining Compliance with DBA International Certification Program

DBA Image: dbainternational.org

DBA
Image: dbainternational.org

 

Headquartered in Lombard, Illinois, Asset Recovery Associates, Inc., assists in collecting consumer debt and managing accounts receivable for medium- to large-sized businesses clients, such as banks, credit card companies, and retailers. Asset Recovery Associates, Inc., maintains membership in nationally and internationally recognized debt collection organizations, including the Debt Buyers Association International (DBA International).

DBA International assists debt-collection agencies and other related financial services companies in gaining and staying abreast of industry knowledge, so that they may provide the greatest customer service possible and uphold high regulatory standards.

The organization offers a certification program to help ensure the requirements of operating within the receivables industry are known and followed. The certification provides companies with the base guidelines for maintaining compliance with state, federal, and municipal laws, as well as regulatory agency rules. The certification also educates companies on the abundance of audit information that must be collected and maintained. A certification to help with compliance best practices helps keep companies in good standing with the law and with their customers.

Basics of the Fair Debt Collections Practices Act

Fair Debt Collections Practices Act pic

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
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 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.