New Mexico Collection Agencies
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One way to recover more from your delinquent accounts is to hire New Mexico collection agencies. New Mexico collection agencies can locate debtors and collect the money owed to your business, practice or facility. If used early, New Mexico collection agencies can often recover a meaningful portion of your unpaid accounts.
In addition to increasing your chances of actually getting paid, using a New Mexico collection agency can save you a lot time and money � two of your most valuable resources. With their custom-designed debt collection systems, computers and software, a New Mexico collection agency can be more effective in recovering delinquent accounts than you can, after more than 60-90 days have passed.
Although most New Mexico collection agencies can charge between 30 to 50 percent of what they recover, you still end up with more than you probably could have collected on your own. There are also New Mexico collection agency services that charge a low flat fee instead of a higher percentage. Collection coverage in these: Alamogordo, Albuquerque, Artesia, Carlsbad, Clovis, Deming, Farmington, Gallup, Hobbs, Las Cruces, Las Vegas, Los Alamos, Los Lunas, Portales, Rio Rancho, Roswell Santa Fe, Silver City, Sunland Park and other New Mexico cities.
New Mexico Collection Laws
The following is a summary of the New Mexico Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise. We make no warranty, express or implied concerning any information contained on this New Mexico Collection Laws page, and we assume no liability for its use.
- New Mexico Collection Laws Interest Rate
Judgment: 8.75% (in the absence of a written contract)
- New Mexico Collection Laws Statute Of Limitations (Years)
Open account: 4
Written Contract: 6
Domestic Judgment: 14
Foreign Judgment: 14
- New Mexico Collection Laws Bad Check Laws (NSF) (Civil Penalty)
Amount due, triple damages up to $500 per check - Complex requirements need to be met - New Mexico Collection Laws General Garnishment Exemptions
Greater of 75% or amount each wk. equal to 40 x Federal minimum hourly wage
- New Mexico Collection Laws Collection Agency Bond & Licensing Rules
Bond: $5,000 minimum - based on volume
License: Yes
Fee:
$500 - original collection agency or branch
$300 - renewal collection agency or branch
$100 - examination fee for manager's license
$50 - manager renewal
Exemption for out-of-state collectors: Out-of-state agency is exempt if [1] collecting by interstate means (phone, fax, mail); and [2] debt was incurred outside the state of New Mexico.
We hope that this information on New Mexico Collection Agencies assists you in finding a New Mexico collection agency and researching New Mexico collection laws.
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