Toronto Debt Collections
From 1961 through 2010, the Canadian economy has expanded at an average of 0.8% per year. Along with the growth of the economy, personal debt grew from just over $20,000 per person in 2001 to over $40,000 per person in 2009. This debt includes credit card debt, bank loans and mortgages. With the growth of this consumer debt came large amounts of delinquent accounts at lenders and businesses.
Most people want to pay their debts, but cannot do so because of a change in circumstance such as being laid off, medical problems, and divorce. In 2010, over 135,000 filed either for bankruptcy or for a consumer proposal.
Toronto debt collections play a very important role in the economy. They are contacted by lenders and other businesses which have delinquent accounts receivable. They are the professionals in the delinquent accounts receivable area. Toronto debt collections agencies have been trained in the sophisticated technology and procedures necessary to reach the maximum recover of the delinquent accounts receivable.
Toronto debt collections will start with a letter and then phone calls. Each phone call and letter is designed to maximize the recovery of the delinquent accounts receivable. The professionals at debt collections work with the debtors. Some of the debtors will be able to pay the balance owing over a short period of time. Others will only be able to pay a small portion of the amount owing due to their changed circumstances. Only in the worst of cases, does the collection agency file in court with the use of an attorney. Working together with the debtor in a respectful and professional manner results in the maximum of recovery for the business that hired the Toronto debt collections agency.