Demand for Payment of Commercial Debt

Time is of the essence to get you paid. It is no secret that past due receivables are often an unhealthy sign of a company’s financial well-being or a signal that it soon will be. There are options to collect debt such as a Demand for Payment. There are other debt collection options as well. A seasoned Debt Collection Law Firm such as ours can help you decide which path to take.

Here at FFGN, we have provided commercial debt collection services in New York over the years to a multitude of companies and across a large cross section of industries. This experience has been instrumental to help develop our processes that maximize the likelihood of a successful debt collection.

We’d like to help you better understand the Demand Phase of commercial debt collection claims. We also want to introduce you to how these claims are handled at FFGN.

Some of our clients go straight to litigation, mediation or arbitration. Many choose to work with us as their New York Legal Debt Collection Agency. In these instances, they place a demand for payment claim before moving onto next steps, if at all. Continue reading “Demand for Payment of Commercial Debt”

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Can Laws Designed to Protect Consumers Affect Collecting Commercial Debt?

gyguuChances are you have heard of the Fair Debt Collection Practices Act (FDCPA) –– a federal law created to protect consumers from unsavory debt collection practices. The law prohibits debt collectors from using any type of abusive, unfair, or deceptive practices to collect money. Continue reading “Can Laws Designed to Protect Consumers Affect Collecting Commercial Debt?”

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Business Profits In The Real World

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As business owners we know that cash is a critical fuel for our business. Our clients and customers have to pay in order for us to realize profitability. All uncollected sales dollars are what we call profit leaks.

Continue reading “Business Profits In The Real World”

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Commercial Debt: Can You Stop Work If You’re Not Getting Paid?

Commercial DebtYou are not getting paid. Commercial debt is increasing and your A/R is higher than you’d like it to be. Can you stop work if you are not getting paid? The answer is sometimes yes and sometimes no.

Every industry has its own policies and procedures for stopping work when not getting paid. For example: lawyers are not permitted to stop work without asking permission from the Court, architects and engineers that use the AIA contract generally have to continue working for a pre-agreed number of days before stopping work, those in construction must follow specific protocols and generally can not just walk off the job. Continue reading “Commercial Debt: Can You Stop Work If You’re Not Getting Paid?”

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