Although most collection companies do have a minimum, Trans-Continental will assist virtually all businesses of any size. Therefore, we do not require you to place a minimum number of accounts to become our client.
Although most companies do not accept balances below $250.00, Trans-Continental will accept any account with an outstanding balance of over fifty dollars.
No, we will only accept accounts that are owed to a business. Debtors that owe delinquent accounts to a business can be individuals and/or businesses.
A consumer debt is money owed by an individual person to a business. A commercial debt is money owed by one business to another business.
Yes, Trans-Continental specializes in debt collection services to the entire range of healthcare providers – from single practioners to major institutions(hospitals) requiring major delinquent account management and cash-flow assistance.
The fee will vary depending on whether an account is commercial, healthcare, or consumer debt, and whether the account is a primary or secondary placement. In addition, the age of the account may effect the fee.
A primary placement is an account that has never been placed with another collection company or collection attorney. A secondary placement is an account that another collection company or collection attorney has previously tried to collect.
It is important to notify us immediately so we are able to stop the collection process and satisfy the account.
You can request updates as often as you like.
No one can give you a specific time frame in which your accounts will be collected. Some accounts will be collected very shortly after placement, others may take months to collect. The average collection time is usually about 3-4 months from the day of placement.
Trans-COntinental has a staff of collection attorneys that will litigate any account that they judge to be collectable through the court system.
Trans-Continental will never litigate an account without your prior consent. Once you authorize us to begin litigation, we will commence the action against the delinquent account. All litigation accounts are billed on a contingency basis. There are additional costs usually associated with litigation such as court disbursement fees which include fees charged by process-server to serve the summons and complaint. A fee is also charged by the court to purchase an index/docket number. These additional costs would be discussed with you on a case-by-case basis.
Recovery rates differ depending on a number of variables:
- The most important factor is the age of the debt when you place it with a collection company. The older an account is, the harder it is to collect. The American Creditors Association states receivables generally depreciate at the average rate of 10% per month.
- The geographic location of the delinquent account is another factor: Some neighborhoods have higher recovery rates than others due to various economic factors.
- It is often easier to collect from a business than it is from an individual,although Trans- Continental has a record of outstanding success in collection of both commercial and consumer debts.
- How diligent you are in your own collection efforts will have an effect on the rate of recovery by an agency. Our rate of recovery will be effected negatively if you have already aggressively pursued the account on your own. The exact opposite holds true as well. If you are short-staffed or have not placed a great deal of effort into the collection of your delinquent accounts, placing the with Trans-Continental early, the recovery rate will usually be higher.
- The size of the individual debt owed also plays a role in the average recovery rate. Many debtors have a perception that small balances are usually not worthy of litigation and they will tend to ignore those amounts. The opposite is also true. If a bill is large, it is more likely that the debtor’s fear of being sued will motivate them to make payment.
No, the Trans-Continental staff will review an account prior to asking you for your authorization to sue. Dollar balance and location of assets play a role in the decision. For example, if a person already had five judgements against him/her, we would probably not recommend this person to be sued. If a person has assets such as a home or auto and is gainfully employed, we would probably request your authorization to litigate.
Once our collection staff has exhausted all efforts and a supervisor has reviewed the account and agreed with the collection personnel, we would then notify you as to why we have determined that the account is not collectable. This usually does not happen for at least four months, but in most cases you would be notified at about eight months following placement.
This is very difficult to answer since many factors requiring ongoing expert evaluation are involved, but our basic method includes a proven series of hard copy collection letters as well as phone calls.
Yes. Trans-Continental makes use of all the latest technology in order to locate bad addresses.
Licensing and bond requirements differ by state. Trans-Continental is licensed in many states. Please contact our Sales department about your specific needs.