Fair Capital Debt Collection Agency FAQ 

How can I make a payment?

You can always call us directly at 845-832-8880. Mail your payment to:
Fair Capital LLC
P.O. Box 399
New City, NY 10956 You can also pay on our website right here! Just go to our “Payment” page and enter the portal ID we provided you.

I got a collection letter referring to an HSBC Bank Credit card, but I never had an account with them?

M&A (Acquisitions & Mergers) is the short answer, that means many different entities transferred or consolidated with HSBC during the past years. Which enabled different cardholders to be under the HSBC bank umbrella. Here's a list of including but not limited entities which have been transferred or consolidated with HSBC bank, in the past years.

• Orchard Bank.
• Capital one.
• HSBC Nevada.
• Discover.
• Metris.
• Direct Merchants Bank.
• Bank of America.
• Household Bank.
• Discover Fnancial.
• Cross county Bank.
• Renasant Bank.
• Best Buy retail services.
• WalMart.

Can i bypass the collection agency and pay the original creditor?

Some people would rather pay the company they created the debt with rather than a third-party debt collector. However, you may not have that option depending on the creditor's arrangement with the collection agency. Often, the original creditor has a contract with the collection agency that prevents the creditor from accepting payment for your debt. In some cases, the original creditor has sold the debt to a debt buyer who now owns the debt outright.

Can Medical Debt Impact Credit Scores?

Your medical history is not part of a credit report, but past due medical debts can affect your credit reports and credit scores. An injury, illness, or surgery can result in unexpected and unplanned medical bills. While health insurance may help, many people still struggle to pay medical bills while trying to make ends meet.

As of Sept. 15, 2017 there’s a 180-day waiting period when a healthcare provider turns your account over to a collection agency because you haven’t paid the amount due, before the unpaid medical debt can show up on your credit report. The waiting period allows consumers time to make payments or payment arrangements before the collection agency can report the debt as past due. When you receive your bill, be sure to examine it carefully and compare it with the explanation of benefits provided by your health insurance provider. If you believe you've found an error, contact your medical provider or health insurance company. If you’re facing mounting medical expenses, here are some things you may want to consider that may help prevent medical bills from appearing on credit reports:

Contact your health insurance company. Know your coverage and follow up to ensure the company is paying costs it has agreed to cover.
Negotiate with your health provider. If you can’t afford to pay a bill, try to work with your medical provider to reduce the amount owed or set up a payment plan.
If you believe medical debt has been listed on your credit report erroneously, contact the medical provider or collection agency first. You can also file a dispute with the three major credit bureaus.
If possible, prepare for medical procedures in advance by finding out what your insurance will cover and what costs you’ll be responsible for.
It’s always a good idea to regularly review your credit reports to ensure the information is accurate and complete. You’re entitled to a free copy of your credit report from each of the three credit bureaus every 12 months.

What is the Fair Debt Collection Practices Act?

The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect money from you. Anyone who regularly collects debts, including collection agencies, lawyers, and companies that buy delinquent debts, must abide by the rules set forth under the FDCPA. Examples of how the Fair Debt Collection Practices Act works

No harassment

Debt collectors are not allowed to harass you or anyone else you know over the phone, in person, or by mail. They cannot be abusive or threatening in any way.

Reasonable hours and place(s) of contact
Debt collectors are prohibited to contact you before 8 a.m. or after 9 p.m. If they know that you are not allowed to make or take personal phone calls while at work, they may not contact you at work, either.

Attorney representation

Once debt collectors know that an attorney is representing you, they must cease contact with you; any contact with you must be made through your attorney.

Can a debt collection agency freeze my bank account?

In most cases, a judgment will need to be filed against you in order to freeze your bank account.
Once there is a judgment against you, if you haven't taken steps to pay the judgment or agreed to a satisfying payment plan, the agency can request that the court issue an order that directs the bank to freeze your account.
These orders are often called garnishments or attachments.
In some cases, a creditor can freeze a bank account without first getting a judgment. Federal or state authorities can issue their own attachment documents and send them to a bank to freeze accounts for unpaid obligations such as taxes or child support.

How long will my credit report be affected by not paying my bills on time?

The federal “Fair Credit Reporting Act” states that most negative information can stay on your credit report for seven years from the date of last activity. The date of last activity is usually the date that the creditor charged off your account as uncollectible, and it is usually noted on your credit report.

Why is Fair Capital calling me or sending me a letter?

If Fair Capital contacted you, there is a chance that you have a past due account with a company you are currently doing business with or have done business with in the past.

Can I charge your collection fees to my debtor?

By law, debt collectors may not collect any debt collection fee from debtors—unless a legally binding contract or agreement exists between creditor and debtor that states that such may be charged. That’s why we encourage you to first “read the fine print” on any legal contract or documentation to see if it clearly states anything to that effect, before you transfer of our collection fees onto your debtor.

How does Fair Capital charge for its services?

Depending on various factors, Fair Capital will deduct a percentage of the total amount it collects for you as its collection fee. This is our “No money, no fee” policy in action—ensuring that our services cost you nothing unless we get you your money first! Ask us more about our flat fee debt collection services.

What types of account do you handle?

We boast vast experience in professionally collecting on all types of slow-paying and delinquent accounts—including consumer commercial and medical accounts.

What if we only have a few accounts to place?

Fair Capital delivers solutions for businesses of all kinds and sizes: small, medium, or large—we offer flexibility and customized solutions like no other competitor does!

Whatever your receivables problems, we are your solution.

Why should I hire a debt collection agency?

Because professional debt collection agencies like Fair Capital have resources, technology and personnel that you don’t! (And why would you? You’re a business, not a debt collector!) So when you bring in a debt collector, you tap into their resources and experience. And besides, the sooner you go to a professional debt collector, the higher the chance you have of collecting—after all, the longer a debt goes unpaid, the less likely it is to be repaid.
See: The Pros and Cons of Hiring a Debt Collection Agency

Can a debtor pay me after I have placed their account into collections?

Once an account has been assigned to our agency, we strongly advise you should direct your customer to us for any payments. However, if a customer insists on paying you directly, please accept their direct payment and make sure to notify us immediately.

How will Fair Capital pay me?

Generally speaking, we calculate the 15th of each month as the closing date. Checks are issued on payments that were received during the previous payment cycle.

Is legal action optional?

Yes! Since there are costs associated with taking someone to court, this phase is always optional and we will never take legal action without your authorization.

When is the right time to hire a debt collection agency?

It is well-known the longer your accounts remain delinquent, the less likely you are to recover the debt. In situations like these, the chances of retrieving a debt will significantly decrease as time passes. Most companies send past-due accounts to a collection agency when they are between 60 and 120 days past due. See: When To Hire A Debt Collection Agency

How much does it cost to hire a debt collector agency?

Most debt collection agencies use the contingency-based model nowadays. In plain English, that means they only charge if they successfully collect. Fees average 25 to 45 percent of the total amount of debt collected per account. Also important to note is that these fees are agreed upon by contract. Other factors that affect contingency fees are:

• Age of account

How to get clients to pay overdue bills?

The first step in dealing with a client who won’t pay up is to figure out WHY. There are three main reasons why a client won’t pay: The client doesn’t have the money. The client isn’t happy with the service. The client wants to spend the money they owe you on something else. Once you know why they refuse to pay, you can work towards a resolution with your client. Be prepared to follow-up. It’s important to be committed to getting paid, because late-paying customers will have all kinds of excuses. Reach out with a reminder. Sometimes, clients honestly forget to pay, they might be out-of-town or dealing with an emergency. Letters are a polite way to remind customers of payments they may have overlooked. Create a standard form letter you can use in each situation; since it’s a standard letter, customers aren't likely to take it personally. If people honestly forgot, they will take out their credit cards or checkbooks and send the payment. Follow up Before getting angry, send a polite follow-up email to check-in. Many times, a “Just checking in” email can get the invoice paid. Second follow-up A second follow-up email is totally appropriate if you still haven’t heard back after three business days. Be firm yet maintain a positive tone: Make a Phone Call. As time goes by and you still haven't heard from your client or received a payment, it’s time to get on the phone. Phone calls are harder to ignore than letters and in many cases, speaking to you can spur a client to spill the beans about what’s really preventing them from paying. Pay attention to ensure you are being friendly but professional and stay firm. You might consider having someone from your accounts receivable department call the late-payer and try to determine the cause. If you don't have an "accounts receivable department" have a spouse, secretary or bookkeeper play the role. If the customer is the one you want to keep and is worth keeping, using such an intermediary will make it easier to maintain a good working relationship with the customer after the bills get paid. Demand Payment Firmer. When a non-paying client ignores your emails and calls about the invoice, demand payment a little more firm. Send a Certified Letter Sending a certified letter will sometimes get your client's attention, additionally, it can help you prove your case if you have to take legal action down the road. Make copies of the letter or invoice before you send it and keep a record on file. The client will have to sign for the letter to receive it so you will have proof that you attempted to collect the debt. Offer Installment Payments, if Necessary. Ideally, you want to get all your money back. If your client is having a financial problem, an installment plan is often the best option for accomplishing this. Someone who can’t pay a $10,000 lump sum may be able to pay you $500 a month for 20 months. A different way of doing this is to ask your client to pay a portion of the amount you’re owed now and then work out a schedule to get the rest of your money. (Depending on your original agreement with the client, you may also be able to charge interest or late fees, but if this is going to make it hard for the client to pay you at all, it might be best just to charge them the original amount). Partial payment is another option you may consider. In the example above, if you can’t afford the hit to your cash flow that an installment plan would cause, you could offer to accept $7,000 as full payment for the $10,000 owed. This way, you get some money faster at the cost of a long-term loss. Bringing in outside help If repeated attempts to contact the customer and collect your payment have failed, it's time to call in backup, and seeking outside help to recoup your losses. Outsourcing to a third-party collection agency like Fair capital, who is known to be professional and ethical, will take the task of following up with your clients off of your hands by using tried-and-true tactics to get the individual to pay. A debt collection agency is effective in recovering debts because they understand which strategies deliver results.

What is a Debt Collection Agency?

Debt collection or debt recovery is the process of making people or companies pay the money that they owed to others, when they have not paid back the debt at the time that was arranged.