Wakefield and Associates first officially opened in 1982. It was established in Aurora, Colorado, in the state of Colorado. Matt Law was the company’s visionary. Let us know about “Wakefield And Associates Debt Collector”
Wakefield And Associates Debt Collector
Wakefield and Associates is a firm that specializes in debt recovery. In most debt cases, they are hired as a third-party agency. They only have one duty: to use all legally permissible means to force a debtor to pay their debts to their lender.
Their other services apart from debt collection include:
• Billings
• Accounts payable
• First and second-place finishes
• Uncollectible debt
• FTE, etc.
Their Mode Of Operation
The first step
When a client contacts the agency, he or she is given the option of hiring an attorney to pursue debt collection on their behalf.
The second step
Following legal requirements, a letter is drafted and sent to the debtor, indicating explicitly that an attorney has been hired to litigate the debt collection matter through every known legal means to recover the sum owed.
The third step
The debtor is informed that he or she will only be able to communicate with a third-party debt collection firm rather than the loan company directly.
The fourth step
The agency is now requesting a response to the previous letter sent to the debtor. If no response is received or if the response is inadequate,
Step five
The debtor receives notice that a lawsuit has been filed against them and that they must appear in court on a specific date.
Step six
When a debtor appears in front of a judge, he or she must either admit or deny the charges. An admission will result in a court order for the debt to be paid. If it is contested, a trial will be scheduled.
Step seven
Should the person fail to answer the summons of the court, this is an affirmation that the debt is truly owed and a judgment is passed against the person.
Step eight
The agency, from this point, enters into a repayment plan with the person or goes along to prosecute the verdict of the court through appropriate means.
The implication of you getting contacted by Wakefield Associates for debt repayment is that they have already added a collection account to your credit report. This is going to be a huge disadvantage to your reputation with credit agencies and might make it difficult for you to obtain a loan soon.
Wakefield’s Client Base
Wakefield has a large customer base with whom they have done business successfully, and this customer base is often made up of
- Healthcare providers such as rural health clinics, urban hospitals, and dental clinics, to name a few.
- Real estate firms,
- Property maintenance firms
- Banks and credit bureaus are examples of financial entities.
- Business establishments,
- Educational establishments
Top Competitors Of Wakefield Associates
Wakefield’s top competitors in the debt collection industry are FAMS Recovery, Premiere Credit of North America, and Coast professionals.
How Does Wakefield Acquire Its Clients?
They can purchase debts from the lending company, which means that they pay a tenth or one-tenth of your debt to the lending party while you now fully owe them instead of your original lender. This payment is usually to give them the legal right to prosecute their debt collection business.
In other cases, they don’t purchase the debts but act fully as middlemen to facilitate the collection of debts while being fully paid for their services.
How To Handle Debt Collectors?
1. First, familiarize yourself with your debtor rights. every debt collection agency has a prescribed framework within which they can deal with you. Some of the rights include:
2. They can’t call you at odd hours. This means that they can’t call you before 8 a.m. or after 9 p.m.
3. They can’t expose your indebtedness to your friends, loved ones, and bosses.
4. You must come up with a document that validates your debts. While you have requested your debt verification, all activities to collect the debt by the collection agency are put on hold temporarily.
5. If you have an attorney, they may direct all communications to you through him or her.
6. You must, as a matter of importance, request your debt validation document, which will provide an adequate and accurate report of your debts. This is also important so you won’t have to service a debt you know nothing about.
The ultimate way to deal with them is to pay up or reach an agreement with them on a payment plan because the earlier you settle your debt, the earlier you will be free from having to deal with these agencies.
Conclusion
Now we have learnt “Wakefield And Associates Debt Collector”, Wakefield and associate debt collectors, as a third-party agency, have done fairly well in adapting to the demands of the business by coming up with legally prescribed procedures to ensure the collection of debts from people who are owing their clients.
Frequently Asked Questions About Wakefield And Associates Debt Collection
- Can Wakefield Associates contact me when I’m not owing them?
If they contact you, it means you are owing them through the company you collected a loan from.
- Can they blackmail me in a bid to get their loan?
They don’t have the right to, according to the law.
- Can my debts be taken off my credit report?
Yes, it can! If you pay up their debt or negotiate a payment plan with them,
