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How to Collect a Bad Debt in New York City

Photo of a wallet in a clamp.Are you looking to collect from a customer operating in NYC? Here’s what you need to know about collecting bad debt in New York City.

The first step is the demand phase, which is all about writing, emailing, calling the customer and asking for money. Do this from anywhere. If you can part your debtor from their money in the demand phase, consider yourself lucky, even if it means settling for a few dollars less because you avoided the expense of litigation, mediation, or arbitration – not to mention uncertainty. You recovered your monies and can move on.

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Debt Collection And Your Reputation

Image of hands of two people working together.Debt collection is eventually an unfortunate byproduct of most commercial transactions. Extend credit to a customer for their purchase of goods or services, and they’re now in your debt. While most customers pay within the set terms, sometimes customers will be late, or they may even default entirely.

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Mandatory Mediation for New York Supreme Court Debt Collection Cases

New York Supreme Court has a pilot program for the automatic referral of many debt collection cases to mandatory mediation. The program requires that all cases designated a contract matter (debt collection case) will go to mediation. This mandate is for … Continue reading

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