Collection Agency

A collection agency is a place where your debts go if you don't pay them. To be honest, this is not a place you want a debt to go. People are usually very stern with those who owe sums of money and do whatever is legal to get you to pay them. This usually affects your credit rating (depending on who you owe money to) and can affect if you can get credit, loans or mortgages in the future. Other nasty things that can happen is if you have the means to pay the loan and choose not to, your wages can be garnished (and reported to your credit rating), liens can be put on other property. Unfortunately, you don't even get a day in court. The judgement is made without your presence. As has been said by many bill collectors in the past, if you don't want to befall these horrible consequences - pay your bill.