Collection Company?

teamcapitola

The collection company we have used for years has simply up and disappeared...literally!

Would anyone like to share recommendations for a Self Storage Collection Company?  Any referrals would be greatly appreciated!

MattSM

We use a general collections agency, we only pay when they collect...seems like a waste of time honestly but at least someone else is bugging the past dues after we move them out.  Did you have any prior success?  

i43storage

May be a waste of time, but it will show up on their credit report if they want to purchase anything of substance.

MattSM

I agree but the majority of the tenants we do send or would send- I have to imagine are already in financial trouble and it doesn't seem to make a big impact in terms of collecting....

teamcapitola

Seriously!  In 7 years we have never had anyone actually pay because of collections, but I want it to cloud their credit regardless; one day they might try to buy a house or car, and then pay us just to get the loan...its unlikely, but it could happen.

Orkocean

Have had maybe a handful of people pay over the years out of overseeing 20+ sites. The ones who did were due to as they said above, trying to buy a house and needed it off their reports. Had one who wanted to rent a unit at the same property and we told him until it's paid up he can't rent again. He actually kept up with payment plan until it was fully paid off then rented. Tons of storage options in the town so that one truly shocked me that he wouldn't just go elsewhere. 

i43storage

@Orkocean - must have been your charming personality. 

Orkocean

If that was the case they'd all be paid! LOL

Anishacorn

Don't use a debt collection agency until you have exhausted everything, including court action.Also, don't be scared of 'upsetting' your debtors, you're not a charity are you…They've entered into a contract by purchasing goods and/or services from you so naturally, payment should be forthcoming. Sometimes these agencies act as middlemen, collecting customers' delinquent debts' debts that are at least 60 days past due and remitting them to the original creditor. The creditor pays the collector a percentage, typically 25% to 50% of the amount collected. I had a debt here https://www.edullinenlaina.com/35000e-laina/ and needed one of these collection companies. Glad I'm done with it!

i43storage

Anishacorn said:

Don't use a debt collection agency until you have exhausted everything, including court action.Also, don't be scared of 'upsetting' your debtors, you're not a charity are you…

Why spend money on going to court when you can file with a collection agency for free?

FSS

Can anyone recommend a collections agency?

Erin

We use Transworld, they do all the leg work. If they do collect, they will send us a check for 50% of what was collected. Better than nothing and we didn't have to do any work.