Most people think the collections industry is lucrative right now because everyone is defaulting or falling behind. The truth of the matter is when the economy goes bad, it gets more difficult for collectors to collect on bills too. Why? Simply, the people he is collecting from has run out of assets to draw from or is running through his savings just to pay the rent.
So I found this ironic that this a debt collector loses his debt license over a bill.
Collections Recon:
A Mankato debt collector lost his license and agreed to perform community service or pay a $75,000 fine after an audit by the Department of Commerce found his company owed clients almost $200,000.
Nathan A. Meehling’s former company, Accounts Receivable Control Inc., owed money to hundreds of clients, even after it had collected those funds from debtors, the department said. His conduct as a debt collector demonstrated “financial irresponsibility and/or incompetence,” the department said.
With the commerce department’s assistance, Meehling sold the company to a new owner who has agreed to pay creditors and install financial safeguards. Last month, Meehling agreed to perform 600 hours of community service within two years or pay the fine.
Eliza Dushku
Adriana Lima
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