Announcing … One dollar submissions for rent debt (COVID rent debt included) for a limited time through AOA’s Debt Collection Service! AOA has partnered with a debt collection agency that boasts one of the highest success rates in the industry. While their success rate consistently beats national averages, please understand that they may not collect from every debtor. However, the mark on the debtor’s credit report remains visible for other owners to see.
Here’s How it Works
Simply submit the necessary information about your delinquent ex-tenant, and AOA will report the debtor on your behalf, establishing your debt claim through our specialized third-party rental debt collection agency. Once your claim is submitted, you enter into a contract with the collections agency, who will give you 60% of first placement accounts and 50% of pre-legal/litigation accounts. Please note that accounts older than three years are not accepted.
Different Approach from Other Agencies
As we interviewed with many different collection agencies, we came to understand that many collection agencies hold active and inactive accounts. These companies decide to only pursue certain accounts that they determine are more collectable. Our debt collection partner commits to working on every account until the debtor pays or until there is a lawful reason to stop, such as the debtor’s death or bankruptcy.
Four Types of Updates
The debt collection agency will communicate in four instances:
- When they collect the debt
- When they are no longer legally able to continue the collection effort
- When your debtor would like to settle for less than the predetermined settlement amount
- To get your approval to pursue garnishments (there are costs associated with this action)
The collection agency will not provide any updates outside of the four updates mentioned above. Please consider this point before you choose this debt collection service! You will not be able to find out what they have done for you lately. The contingency plan provides a mutual incentive to work the accounts as much as legally possible to recover your money and the collection fee. Please trust the process and allow the collection agency to work for you as your collection partner.
Some debts are collected quickly, others take time, and a majority of rent debts (80%) may go uncollected. While not a conventional sales pitch, we aim to hold debtors accountable and collect as much as possible on your behalf. It’s important to keep your account updated so that we can contact you for authorization during settlement negotiations and to be able to contact you when debts are collected.
To Get Started with the Debt Collection Service
For a limited time, each submission is only one dollar! Previously, AOA charged $11.95 per submission. To get started with the Debt Collection Service, log into your member account and navigate to the “Debt Collections” tab that is nested under the “Resources” tab. You will find more information about the service and which specific documents are needed to substantiate your claims.