Collection Agency Toronto
There are basically two types of debt, secured and unsecured. Unsecured debt is exactly what it says it is – unsecured. If the borrower, the debtor, will not pay the debt, the creditor has to go to court to be able to collect the money from wages and assets. Secured debt, however, is connected in such a way to a particular asset, such as a car, boat, refrigerator or house, that the creditor may take the property, sell it and then attempt to recover any balance remaining.
With a secured debt, the taking of the property by repossession or foreclosure is usually given to experts in those fields. However, in most cases of repossession and the sale of the asset, there is a balance owing. It is this balance that is usually sent to a collection agency Toronto which is an expert in the collection of unsecured debt.
These collection agencies will attempt to collect both unsecured debt such as credit cards, medical bills, and others, and the balance owing on secured debt. These collection agenciesare known as third party collection agents. They did not participate in the original transaction, but were hired by the lender to collect the debt owing.
It treats every debtor with respect. They do this for two reasons. First, everyone deserves to be treated in such a way. Most of the debtors that collection agency Toronto talk to have experienced, through no fault of their own, a decrease in income from a reduction in pay, being laid off, medical problems or divorce. Almost all of the debtors want to pay their obligations. They just cannot at the present time. The second reason they are treated with respect is out of concern for the creditor who hired them. If treated with respect, many debtors will continue to use the services of the creditor when they have recovered financially.
For more detail visit : www.expresscollection.ca