Debt Collection Companies or Legal Firms? Make a wise call By Adv Ritu Khurana


If you are a creditor who feels at the end of a tunnel because you are not able to recover your debt from various sources, you must be extremely anxious! Debt collection is a time consuming and torturous task, not possible to be done on your own especially if the debtor has no intention of coming out clean.

What’s the way out?

A harassed creditor needs to take help from professional debt collection company or legal firms that will help save time, money and energy apart from bringing back the lost money.

How to zero in on a reliable debt collection company?

Thorough research will help you shortlist some of the best debt collection company or legal services. There are a few points that should be kept in mind while looking for a company/firm that fulfills your requirements:

  1. Competent & accomplished staff- The employees should be adept in laws and statutes of the land. They should be specialized, with ample experience in dealing with such sensitive issues.

  2. Ethical approach- As a law-abiding citizen you will surely want to pick a company that adheres by the laws and do not compromise on legalities.

  3. Speedy & methodical processing- The company should be able to shoulder all the processing responsibilities in a smooth manner; without any botheration to you.

  4. Your true representatives- Make sure the debt collection company is authentic and works with full responsibility so that it does not mar your reputation

What're the benefits of hiring a debt collection company or a legal firm?
 
Some very important factors will be taken care of if you hire an efficient debt collection company/firm:

  • Time saver- Running around, chasing the debtors is time-consuming and frustrating. Debt collection company/legal firm staff is well trained and experienced in dealing with them.

  • Cost-effective- Once you hire them, all hidden expenses are done with.

  • Intricacies of legalities- You need not be bothering with knowing about various laws and statutes; the company staff is well versed in it.

  • Mental peace- With practically no direct involvement in recovering of debt you can be at peace and follow up at your pace, without neglecting your work.

Some of the best debt collection companies!

With the economy growing and market opening up, problems like bad debt have become commonplace. To extend help to the harassed creditors, many debt collection companies have come up. These generally cater to clients pan India, and their success rate varies greatly. Some of them are-

  1. Debt Nirvana

  2. Artyuphia Consultants

  3. Maxim Credit Management Services

  4. Buck4India

  5. Unified Credit Solutions

Apart from these, there are many legal firms which cater to the clients looking for resolution on bad debts. These firms have highly qualified and experienced professionals who extend legal advice and/or would take full responsibility for recovery through legal ways. Some of the top-notch firms having pan India presence and catering to national as well as international clients:

  1. Khaitan and Co.

  2. S&R Associates

  3. Talwar Thakore & Associates

  4. Shardul Amarchand Mangaldas & Co.

  5. Trilegal

Legal firms can expedite insolvency procedure and assist in recovering the bad debt in a fixed time period without much botheration to the client.

Best bet for you!
 
If you are facing issues related to financial or operational debt recovery or collection, then seeking legal help would be most fruitful. As a creditor who is facing problems, your judgment can be marred by sentiments but with professional help, you will not only recover your debt but also be free of all hassles and tangles of legalities involved in such cases.

"Selecting a reputed legal firm to deal with such a sensitive issue is essential, to avoid further botherations and legal pitfalls."

-Shweta Gupta, Founder & CEO, MUDS

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