The impact of Tax Season on Debt Collection

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• Debt Collection during Tax season is similar to
  the holiday season in terms of debt collection.
  According to the National Retail Federation, 35.5
  percent of shoppers getting a tax refund this
  year plan to use it to pay off debt. As a result,
  many in the industry consider mid-February until
  May to be the most productive season of the year
  for debt collection.
• We were keen to see how tax season might affect
  our business against standard collecting methods.
  Collections growth in the first half of February
  followed a similar pattern to prior months. We
  noticed a substantial increase in customer
  involvement and debt payments as the first wave
  of tax refunds arrived in consumer bank accounts
  in the second to last week of the month. We
  anticipate that tax returns more than doubled our
  month-over-month collections rise in February
  after accounting for a seasonal adjustment.

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Composition of Payments and Commitments Has
Changed

• When comparing one time payments and payment
  plans, payment plans as a percent of revenues
  have increased over the years. And we continue
  offering more flexible payment choices to
  customers. 
• As tax season approached, we noticed a 2x spike
  in one time transaction as a percentage of total
  revenues.
• By focusing on payment arrangements, we can
  emphasize the impact of tax refunds even more. As
  more people are able to afford shorter-term
  plans, the average installment amount per plan
  has increased. This is a pattern we've noticed
  across our client base, with varying degrees of
  influence depending on the client.

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Can a collection agency sue the Internal revenue
service  for my tax refund?

• The federal government will only withhold or pay
  your tax refund to one of your creditors if you
  have four forms of debt.  State income taxes,
  child support payments and money owed to other
  federal agencies, such as unpaid federal student
  loans, are all examples of these Debt Collection
  Services.
• As a result, Debt Collection Services In India
  are hired by other creditors to collect money
  from you and are unable to stop your tax refund.
• If you can't pay your monthly credit card payment
  and the firm sends your account to a collection
  agency then You must be conscious.  Yet, that
  depends on the region and these 3rd Party Debt
  Collections may have alternative options for
  collecting payment from you.

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• Collection companies are given permission by
  state laws to set off your salary or seize your
  bank accounts.
• A collection agency may be able to seize your
  tax refund once it has been placed into your bank
  account. If you request that your tax refund be
  placed into your bank account and if the
  collection agency is able to levy that account,
  the levy applies to all your available cash,
  including your tax refund.

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• Our Business Information Reports is one of the
  most trusted sources of business data, we can
  help you analyze the
• profitability of the company, economic stability,
  and payment efficiency. For any assistance, you
  can contact us on 
• 91-9810010294

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