Maintaining client relationships as you pursue an escalated B2B debt collection is a delicate balance. Many industries are “small worlds,” and your clients could be talking to each other more than you think. As a business owner, you need to preserve your bottom line, so commercial debt collection is critical. But, how you collect outstanding … Read more
We are pleased to announce that Favour Ozordi, a junior at Minot State University, is the winner of our 7th annual $1,000 scholarship. There were over 100 applicants this year, and it was extremely difficult picking a winner. What gave Favuour’s essay the nod is that she used her own initiative to create a cash … Read more
Overly repetitive phone calls, threats, and other tactics can be considered creditor harassment. In this article we cover the consequences of harassment during debt collection.
Being injured in an accident is scary, especially when the bills start to pile up. However, going after the negligent party responsible for your injuries can result in a settlement to cover those bills. As a personal injury lawyer can share, a settlement grants financial relief to the injured party. Unfortunately, if you have outstanding … Read more
Clients often want to know about demand letters. They may consider having an attorney send a demand letter before turning it over to collections. Paying an attorney for an hour or two to write a letter is less expensive than a collection agency contingency fee. But, a letter itself may not actually get you paid. … Read more
All too often, commercial debt collection becomes a negotiation. At that point, the stronger the position our client has, the better the deal we typically can negotiate. This could be more money, faster payments, avoiding court, or if necessary, the final outcome in court and the subsequent judgment collection process. Surprisingly, the vast majority of … Read more
We’ve talked about the FDCPA before. This is the federal law that protects consumers from being harassed by debt collectors. As we’ve mentioned before, the law applies only to consumer debt, not businesses. The law also only applies to outside debt collectors, not companies who are owed the money for product or services they provided. … Read more
How did Covid-19 and the resulting economic downturn affect the collections industry? We may not know all the ramifications for a few years, but it’s clear that things have changed and will continue to do so. While delinquency levels did not spike, it is unclear how consumers will manage their obligations as the recession continues. … Read more
Most people think that the acronyms and terms they know are common knowledge. But the truth is that every field has its jargon and acronyms. Collections is no different. Whether you’re talking to your accounts receivable department, or hiring a collection agency, you are likely to hear a lot of terms you don’t know. You … Read more
What will be different about accounts receivable in 2021? Most of us will be pretty eager to leave 2020 behind. But, a lot of what we’re experiencing now, will most likely carry over into the new year. At least in terms of the economy. Here are 5 trends I’m expecting to see emerge or continue … Read more
