Very Important Press Release Please Read!

Rumson, Bolling & Associates recently released a press release and it's very imporant that you read it. Rumson, Bolling & Associates has no ties or relationship with any other company.

For my details please take a read: http://www.free-press-release.com/news/200905/1242767279.html

Rumson, Bolling & Associates Press Release - Rising to the Top

http://www.free-press-release.com/news/200905/1242318271.html

This is a link of a press release that Rumson, Bolling & Associates recently released. Please take a look, thank you. 

Interesting Article on InsideARM.com

This article is taken from InsideARM.com: http://www.insidearm.com/go/arm-news/nj-bill-would-require-collectors-to-send-copies-of-fdcpa-to-debtors

"A bill introduced recently in the New Jersey General Assembly would require debt collection agencies operating in the state to provide debtors with additional information about their accounts, a copy of the Fair Debt Collection Practices Act (FDCPA), and would increase fines per violation to at least $10,000.

The proposal, A3839, was introduced by Democrat Assemblyman Paul Moriarty of Gloucester. Moriarty said of the bill, "Debt collectors may have a responsibility to get consumers to make good on what they owe, but they also have an obligation to treat consumers with respect and within the rule of law."

Among the provisions that go beyond the federal FDCPA are rules that follow the FTC’s recent recommendations for debt collectors (“FTC Proposes Significant Changes to FDCPA in Workshop Report,” Feb. 27).

The New Jersey bill would require collectors, in their communications with debtors, to provide:

• the amount of the debt owed to the creditor, separately stating any additional fees and charges;
• the name of the creditor to whom the debt is owed;
• verification of the debt or a copy of a judgment against the debtor; and
• a copy of the United States Fair Debt Collections Practices Act.
  

The bill is enforceable under New Jersey’s Consumer Fraud Act. An unlawful practice under the Consumer Fraud Act is punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense.  In addition, a violation can result in cease and desist orders issued by the Attorney General, the assessment of punitive damages and the awarding of treble damages and costs to the injured.
A3839 has been referred to the Consumer Affairs Committee in New Jersey’s General Assembly."

This is an interesting article for anyone in the collections field. A copy of the FDCPA is roughly 17 pages, then the additional papers of amount owed, demand, etc. You are looking at roughly 22 pages being sent to each and every debtor you have to collect on. Then to top all this off, you will need to have proof of delivery of some kind, because if you were to sue the debtor all they would have to do is say, "I never got it." This is a very interesting turn New Jersey could take and from a collection agency stand point this is only a turn for the worse. This will cause collection rates to rise; to cover the cost of the postage, and printing, etc. I would also assume now when collection agencies skip-trace they will be trying to figure out emails. Email would be the absolute simplest way to make sure a debtor received the FDCPA and said papers. Rumson, Bolling & Associates will keep you informed on with the status of this bill.

Just wanted to say thanks!

The staff here at Rumson, Bolling & Associates wanted to give thanks to various clients of ours who have voiced their opinion on how great our services are. 

http://www.scribd.com/doc/13898048/Rumson-Bolling-Associates-Review

http://www.docstoc.com/docs/5403902/Personal-Review-of-Rumson-Bolling

Here are a couple links we found when we googled our company name.

Thank you for those who have spent your time and efforts to help us out. Thanks!

Common Terms during the collection/litigation process

We have this posted on our website and various other places but here is a glossary of terms that a debtor or collector may come across.

http://rumsonbolling.com/

Accord and Satisfaction- Both parties agree to accept a settlement agreement and the claim is satisfied and discharged.

Acknowledgment- Admit, affirm, or confess; a partial payment of a debt is a acknowledgment of it.

Action- Case or lawsuit.

Actionable- Sufficient legal grounds for a lawsuit.

Affidavit- Written statement of facts sworn to or affirmed by someone who is authorized to administer oaths.

Agent- Someone who is authorized to act on behalf of another.

Arbitration- When a dispute is submitted to a third party who will decide the award in which both parties agree in advance to comply with.

Assignment- Transfer of property rights to another.

Bankruptcy- Federal procedure in which a debtor is relieved of total liability for his/her debts by making arrangements for their partial payment.

Bulk Transfer / Sale- A bulk transfer or sale of all or most of the business’s supplies or inventory not done in the ordinary course of business.

Claim- Demand or assert a right, such as the right to payment.

Closing Letter- Letter sent out by attorneys when a file is closed.

Collection Agency- Third party agency that helps creditors get paid.

Commission- Compensation for services in the effort of collecting a claim.

Cost Advance- Sum of money advanced by the creditor from which court costs are to be paid with.

Counterclaim- Claim by defendant opposing the claim of the plaintiff.

Default Judgment- A judgment awarded when the defendant refuses or fails to respond or appear.

Defendant- Party sued in a lawsuit.

Demand letter- Letter sent to the defendant to notify the debtor that the client has hired someone to collect the debt.

Discharge- To pay one’s debts or fulfill obligations.

Dismissal- Termination of a case prior to a normal end.

Execution- To carry out an act or course to completion. A process where an official can attempt to enforce a judgment.

Filed Answer- In writing the debtor states he will either pay the debt or disputes it.

Forwarder- A third party, such as a collection agency, that acts on behalf of a creditor which refers claims to an attorney for collection.

Forwarding Contract- A contract between the creditor or forwarder and receiver.

Garnishment- Legal procedure where a creditor can collect a debt by reaching the debtor’s property when it is being held by a third party, this can include taking a portion of wages.

Guarantee- To agree to be responsible for someone else’s debt when they are unable to pay.

Indemnity- Restitution or reimbursement for loss, damage, or injuries.

Insolvency- The condition where a person is unable to pay his or her debts when they become due.

Joint Liability- When two or more parties are liable for a debt.

Judgment- Decision by a court where an official amount owed by the debtor is awarded.

Lien- Where the owner of property gives the right to secure a debt.

Negligence- Conduct that fails to match standards of behavior set by law where injury or damage can occur. 

Plaintiff- The party that brings forward the claim in an action or proceeding.

Satisfaction- Discharge of an obligation when a debt is paid for.

Settlement- When a debtor offers a sum of money or property to settle a debt.

Skip- When a debtor leaves or changes all contact information and cannot be located.

Skiptracing- The act of locating a debtor.

Statute of Limitation- A law which limits how long before the right to sue is lost.

Writ- An order given by a court that requires something to be done or giving authority for someone to perform a specific act.

What to look for while picking a collections agency or firm.

How are you getting charged for your collection services?

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Some agencies may make you pay a monthly fee for having them collect for you. Some may have a yearly fee, to be collecting on your accounts. Other agencies just work for a percentage of what they collect. Often times it is extremely expensive for a monthly or yearly fee, as sometimes the collection/litigation process can be an ordeal.

Rumson, Bolling & Associates collect on a contingency basis for accounts. If we are unable to collect, you pay nothing for our services.

What kind of staff is working on your accounts?.

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Make sure when you pick a collection company you are in contact with your agency. Get a good feel for who is working your accounts. Make sure the collection agency you decide to go with understands they are representing you during the collection process. 

 Rumson, Bolling & Associates requires all employees to undergo training and testing. We believe the key to success is being prepared for anything that might lie ahead.

What are they doing to collect on your debtors?

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In this day and age it is easy for people to move far away, change their address, their phone number, and all basic information to make it impossible for the average Joe to find someone. Make sure you ask your collection agency what methods they use, and how they are going about collecting your money. Ask if they are knowledgeable in skip tracing, and how they are going about following your debtors.

Rumson, Bolling & Associates makes use of the latest technologies in order to run in depth investigations on your debtor. Our collectors are skilled with skip tracing and tracking of assets. We use all information obtained to help the collection process and choose the appropriate actions that need to be taken.

There are many situations where extensive research is needed:

Debtor may move or change their contact information without giving you the new information.

Debtor may lie about their financial situations.

Debtor may hide behind other businesses or names, any way that will deter you from collecting on their debt.

Rumson, Bolling & Associates do not charge extra for investigating a debtor. If we are unsuccessful collecting, you still do not pay no matter how much time we have spent investigating a case. Do not let lack of debtor’s information deter you from collecting what is rightfully yours!

 

Are they reporting debts to credit report companies?

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Make sure your agency is sending information to major credit report companies. This is one of the most crucial aspects of collections, it puts pressure on their credit score and the more pressure you put on the debtor it puts them in a more pressured place to pay of said debt.

Rumson, Bolling & Associates has the option to report all accounts gone in collection to the major credit reporting agencies. Debtors are notified, giving them all the more reason to pay off their existing debt. Oftentimes debtors refuse to take their debt seriously. Potential negative marks on their credit report force them to take the issue seriously.

 

Our you getting a high percentage of your debt back, and are you seeing results?

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Questions you should be asking when using is a collection agency is how long is it taking for them to collect? Are they working your account or are your accounts in some cue waiting to be worked? What percentage of debts are they returning to you?

While some collection agencies may take days or weeks to get started however Rumson, Bolling & Associates has a streamlined system that allows us to working on your past due accounts the same day they are submitted. We know how important time is when it comes to outstanding accounts and thus waste no time getting started. R.B.A. Specializes in high return rates, promising you more money in your pocket. 

Rumson, Bolling & Associates

Rumson, Bolling & Associates offers debt collection services, promising you in these hard times to recover debts you once thought unobtainable, obtainable. R.B.A. promises our clients high recovery rate on our accounts. Rumson, Bolling & Associates have highly trained and professional collecters working around the clock to recover our clients debts. Our motto at Rumson, Bolling & Associates is, "Agressive, Dignified, and Effective." At Rumson, Bolling & Associates we are agressive in recovering the money our clients are owed.  We are dignified in all collections settlements made. It seems in this hard times debt collectors are turning to many unorthodox techniques. At Rumson, Bolling & Associates we use only the best, latest, and effective forensic techniques to recover your debt while treating debtors with the absolute up most respect. At Rumson, Bolling & Associates we are effective on all settlements we make. We employ only the industries best collection agents who can effectivly collect on all your debt even on the hardest, most unobtainable debt. Here at Rumson, Bolling & Associates we also send debt information to major credit reporting agencies. This makes the debtors more incline to paying off your debt. 

For more information and inqueries please go to our website:  http://rumsonbolling.com/index.php