Q: What fees or start-up costs are associated with opening an account with Maddocks?
A: There are no fees. Maddocks only gets paid once we collect on your delinquent accounts. Unlike many competitors, Maddocks does not charge any start-up or enrollment fees.
Q: I've known some of my patients or customers for many years; can you customize your approach?
A: Yes. We pride ourselves in taking special care to preserve client-patient / customer relationships. We will interact with your office to determine which customers / patients require an especially "soft" and diplomatic approach. Please note that our debt collector team is highly professional and courteous at all times, in all situations, and with all debtors.
Q: How do I track the status of my accounts?
A: You can always call your dedicated Account Representative for additional information. Status Reports and Analytical Data are also available for your review.
Q: What is the average time it takes for an account to be collected?
A: We work diligently to collect on your behalf in a timely fashion, using a variety of contact strategies. We comply with all applicable laws and keep you advised of our progress throughout the process.
Q: How many of my accounts would I expect Maddocks to collect on?
A: The primary factors that impact the collectability of debt are:
- Age: Newer debt typically can be collected faster. Older debt, especially if it has already been pursued, is typically harder to collect.
- Collection History: Debt that has been aggressively pursued without success is an indication that the debtor may simply be unwilling or unable to pay.
- Complexity: Debtors requiring supporting information can prolong collections.
- Financial Hardship: In poor economic times certain debtors may be unable to pay or require extended time.
Maddocks’ average success rate is higher than the standard agency due to the fact that we have over 80 years of experience collecting and have managers and collectors with many years of experience as well. We utilize different methods that include mailings, phone calls, credit bureau reporting, litigation and the latest collection technology and techniques. Success rates can vary depending on the methods used as well as the age of the debt, balances, demographics, and other mitigating factors. We will tailor our collection efforts to fit your requirements to achieve the highest possible success rate for you.
Q: Why use a collection agency?
A: Many debtors will pay a collection agency even though they never cooperated with the original creditor. Debtors sometimes do not believe a creditor is serious about collecting the debt until a collection company contacts them. Debtors also fear doing damage to their credit rating, as well as being sued for payment. The involvement of a debt collector often reminds them that there are potential consequences of their failure to pay their debts.
Q: What if a debtor disputes the debt or just refuses to pay?
A: If a debtor disputes the debt, we will provide them with the same documentation you provide us to prove the validity of the debt. This includes, but is not limited to, invoices, bills, contracts, etc. If a debtor refuses to pay, we may suggest legal action.