Using Credit Reporting as Debt Collection Strategy Has Changed
Credit scores are important and frequently determine interest rates and can even impact insurance rates. For many years, judgment creditors could enforce their judgments in a variety of ways. Prior to 2017, judgment creditors often enjoyed passive enforcement. A judgment debtor might have been motivated to resolve the judgment to improve their credit score, obtain more favorable financing, or have the judgment … Read More
Don't Forget to Cash It In
Found within the countless laws governing commercial transactions are many traps for the unwary. One such “trap” is found in the law governing certificates of deposit (CDs) and promissory notes. While most people would assume that their CD is “as good as gold” and that it can be held indefinitely until such time as the holder chooses to convert it into cash, that is not at all the case. … Read More
Receiverships: Not Just for Lenders
A receivership is an invaluable tool for managing, accounting for, marshaling, and preserving assets of whatever nature or kind. Although most often utilized by lenders, a receiver can be beneficial in any number of situations, including business disputes, partner disputes, and divorce proceedings. The limits of a receivership are as broad or as narrow as the parties’ desire.
Receiverships are an equitable … Read More
Tips For Collecting What You Are Owed
1. Make sure you have what you need from the start
Take advantage of all information needed to collect at the time the loan is made / the services are provided etc. The borrower or customer wants/needs your money/services at the beginning phase and will be cooperative at this point. Information to obtain at this time includes social security numbers, place of employment, home & business … Read More
The Civilized Way To Collect Debt
Collecting past-due balances is one of the most agonizing tasks in business. In many large companies, the accounts-receivable department or credit manager handles collections. If your company is small, you might handle collections yourself. But whether your company is big or small or in between, you'll want to collect debts diplomatically and tactfully to preserve your good reputation.
The Fair Debt … Read More