Title: Understanding Arizona Agreement and Assignment of Judgment for Collection to Collection Agency Introduction: The Arizona Agreement and Assignment of Judgment for Collection to Collection Agency is a legal document that facilitates the transfer of a judgment from one party to a collection agency. This agreement ensures that the judgment creditor assigns their rights to the collection agency, enabling them to proceed with collection efforts and pursue the debtor until the judgment is satisfied. In Arizona, there are certain types and variations of these agreements depending on specific circumstances. 1. Arizona Agreement and Assignment of Judgment for Collection to Collection Agency: This is the standard form of the agreement between a judgment creditor (the party owed the debt) and a collection agency. It outlines the terms and conditions under which the judgment creditor assigns their right to collect on the judgment to the collection agency. 2. Arizona Agreement and Assignment of Judgment for Collection — Non-Recourse: In certain situations, the judgment creditor may opt for a non-recourse agreement. This type of agreement protects the judgment creditor from being liable for any collection costs or expenses incurred by the collection agency. It limits the agency's rights to only the proceeds derived from collecting the judgment. 3. Arizona Agreement and Assignment of Judgment for Collection — Recourse: Conversely, a recourse agreement allows the collection agency to seek compensation from the judgment creditor for any costs or expenses incurred during the collection process if the judgment debt cannot be collected from the debtor. This agreement provides the collection agency with greater flexibility in recovering their costs. 4. Arizona Agreement and Assignment of Judgment for Collection — Percentage Based: In some cases, the agreement may specify that the collection agency will be compensated with a certain percentage of the judgment amount collected. This percentage can vary based on negotiations between the judgment creditor and the collection agency. 5. Arizona Agreement and Assignment of Judgment for Collection — Flat Fee Based: Alternatively, the agreement may state a flat fee that the collection agency will charge for their services. This fee is usually determined based on the complexity of the judgment and the amount owed. Conclusion: The Arizona Agreement and Assignment of Judgment for Collection to Collection Agency is a crucial legal document that allows judgment creditors to transfer their rights to a collection agency to recover unpaid debts. Depending on the circumstances, various types of agreements may be used, including non-recourse and recourse agreements, as well as percentage or flat fee-based arrangements. Understanding the details of these agreements is vital for both parties involved in ensuring effective and lawful debt collection processes.
Arizona Agreement and Assignment of Judgment for Collection to Collection Agency
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When a creditor or lender no longer wants to be responsible for attempting to collect your debt, they will sell your debt to a third party. When this occurs, a Notice of Assignment (NOA) is sent out to you. This should inform you of who is responsible for collecting the rest of your loan or debt.
Even if a debt has passed into collections, you may still be able to pay your original creditor instead of the agency. Contact the creditor's customer service department. You may be able to explain your situation and negotiate a payment plan.
If you're able to do so, pay the original creditor before your debt goes to collections. Having a debt sent to collections will damage your credit score and may limit your options for repayment. In most cases, the original creditor will offer better repayment options than a debt collector will.
A collection lawsuit submits the issue to a judge who decides whether you owe money to the creditor and, if so, the exact amount due. A judgment is the court's final decision as to the outcome of litigation. This signals the end of the case and provides the last word on liability.
Statute of Limitations on Debt in Arizona Debt TypeDeadlineAuto Loan6 yearsMortgage6 yearsPersonal Loan6 yearsJudgment10 years4 more rows ?
The creditor will sell your debt to a collection agency for less than face value, and the collection agency will then try to collect the full debt from you. If you owe a debt, act quickly ? preferably before it's sent to a collection agency.
Both the original creditor and collection agency will be listed on your credit reports. That's strike number two against you. It's frustrating, but it's not illegal.
Paying is often a good idea, not only because you presumably owe the debt they're seeking or even because it will get the bill collectors off your back. There's a chance, if no guarantee, that paying off an account in collections could benefit your credit score.