You do so in good faith when you extend credit to someone to purchase a product or service from your business. The expectation is that they will repay the debt. However, if the debtor passes away before the debt is repaid, you may wonder what rights you have to...
Cash flow issues can really hold a business back. You may have a great idea to reach a new market or create a new product, but you simply don’t have the cash coming in. It can be very difficult for business owners to balance their debts and assets properly, even when...
Having people owe you money is never a good situation to be in. Unfortunately, businesses and lenders face this situation all the time. As you work to collect the money you are owed, you must ensure you aren’t breaking any rules. The Federal Trade Commission has...
Client and customer debt plagues most commercial enterprises, from banks and credit unions to those engaging in domestic and international trade. Unpaid debt affects your business operations, your success and your company's longevity. You may think that partnering...
The likelihood of collecting outstanding amounts in full from your company’s debtors decreases as time passes. Therefore, it is crucial to deal with overdue invoices as soon as possible to protect your business from financial losses. Here are some tips that can help...
When a person (the debtor) purchases real estate or property it comes with the expectation that they will pay a monthly mortgage to the bank until they own that property outright. Should something go wrong and they stop making payments, the creditor can file a lien...
Debt collecting can be made difficult when people don’t want to cooperate. That can lead some debt collectors to think outside the box when doing their job. Some great ideas collectors come up with may not be the best course of action. That doesn’t mean there are no...
It’s estimated that around 61% of businesses around the world regularly struggle with their cash flow, and roughly a third can’t pay their bills. Some even find it impossible to meet payroll, which presents even more issues and problems. As a creditor, this can be...
There are federal regulations and unique state laws that determine what collection activity a business can pursue. When a debtor has not made a concerted and sustained effort to repay what they owe, their creditors may take them to civil court. A judge can review the...
Having customers who won’t pay their bills after you extend them credit, is a frustrating situation. Even after letters, emails and phone calls, some debtors refuse to respond. At some point, you must decide if you will take more drastic measures to collect the money...