All businesses evolve, and all business practices evolve over time.

The Debt Collection industry has been under waves of enormous change.  The change has been coming from multiple directions.

Marcadis Singer, Pa Debt Collection Attorneys in Florida

The recent recession in the US has left more people than ever, unable to pay their bills, at the same time, businesses need the cash flow more than ever from the money they have extended.

The affordable care act is pouring more people than ever before into health institutions, where patients that might have foregone care altogether will new have deductibles.   In yesterday’s blog we outlined some of the ways this has impacted the collection of debt for not for profits.

The legislative tone has swung like a pendulum to protect debtors, we are not in a creditor friendly legal environment.

At the same time, from within and without the debt collection industry there is a growing intolerance for the heavy handed tactics that used to play in the industry, and that has given those of us that are legitimate professionals a black eye.

Change – we hear from many in our industry how “horrible” this is, how the debtor can “get away” with anything, how “business” will have no choice but to tighten their credit policy because of how difficult it is to get paid.

We, at Marcadis Singer, look  at this set of change differently.  We are attorneys and required to live within the law and protect our clients’ interests.  Our firms focus is debt collection.  As the environment for debt collection becomes more and more constrained and controlled, the need to have a proactive and focussed debt collection attorney becomes more and more necessary.  It is far too easy for someone needing to collect a debt to make a misstep.  One miss-step in today’s environment could end up with the creditor in legal trouble.  Never-mind that they stand a chance of not collecting, but a creditor can end up facing fines and penalties for using improper debt collection process.

We are no longer in an environment where a creditor can “go it alone”.    Now more than ever, getting the money you are owed is critical.  Now, more than ever, getting the money you are owed is more difficult legally.  Now, more than ever, it’s time to establish a relationship with a law firm whose major focus is on the collection of debt.  A firm that can protect your legal interests in the money that is owed to you, and a firm that has the resources to keep up with the ever changing legal landscape around creditors rights.

Marcadis Singer, PA is neither for, nor against, the massive changes in our legal ecosystem around the collection of debt.  We are pragmatists.  The nature of the way creditors can collect debt has changed, it is more difficult than ever before, and he penalties for straying outside the lines are more harsh than ever before.  That means, that we need to work harder, this means that many in our industry that don’t have the resources to keep up, will drop out of the industry and pursue other opportunities.  Mostly it means that the individual or business that is owed a significant sum of money cannot “go it alone”.

Marcadis Singer, PA, debt collection attorneys for the entire state of Florida, ready to meet the challenges and opportunities of our ever changing industry.

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