New York State’s usury law currently applies to consumers who have been given loans less than a certain amount. The same laws do not currently apply to commercial loans even those considered “small” business loans. Currently, the business loan interest rate is unlimited. We blogged about that. As online commerce
Is there value in an old-fashioned sit-down with your nonpaying client? You caught the client’s attention and now they would like to meet. Should you? Is it worth your time? Could it lead to a resolution? Seems that the client now wants to discuss the claim and have asked for
You and your lawyer could open yourselves up to lawsuits if you provide certain information when submitting your debt collection case to the courts. There is information to hide in your submission to the court. You must be mindful of and adhere to the privacy laws. Providing CPI (confidential private
Getting paid can sometimes take longer than expected. But, how long? That depends on whether your client has a deep pocket. And also how long they want to stretch out and avoid payment. Consider this: A contingency fee is the most common way to handle claims. When there appears to
An Order of Attachment could help you get some, if not all, of the monies due you from a delinquent account. This is one of the strongest legal tools when it comes to debt collections in New York. You may experience a customer closing their doors and leaving with no
At some point, it becomes apparent that the debtor’s attempts at resolution are nothing more than delay tactics. Such is the case currently where a client placed a claim with us for collection. Our client is an independent contractor. He and the debtor company had been working together for well
As you look at your receivables, you ask yourself, how collectible is this debt? Every business owner understands cash and cash flow, so collecting a debt or dealing with slow payers becomes a part of doing business. Since the dawn of the simplest commerce in human communities, debt collection has
As with any industry, there are business advisors or debt settlement companies that evaluate a company’s finances and make suggestions to help ease the debt. The goal is to keep the company operating. They can negotiate with creditors or not. Fees paid can be either contingent upon a deal with
Disparaging remarks added to the sting of not getting paid is upsetting. What makes it worse is when a client fabricates a reason for non-payment, which is downright untruthful. You may know the drill. There is a quick flurry of emails back and forth; insults hurled from one to the
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