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.
There are actions you can take that are not only good business practice but can also help you to succeed in New York debt collection. One of those best business practices? Send a proper statement of account to customers. All accounting and bookkeeping software can produce a customer’s statement of
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 cases not part of or assigned to one of the
Prospective clients regularly ask if we work on contingency fee arrangements in NY debt collection cases. In a contingency fee arrangement, the lawyer agrees to accept a fixed percentage, often one-third of the recovery amount, the amount finally paid to the client. Especially in debt collection cases, a lawyer considers several factors before agreeing.
In April, Jocelyn R. Nager, Esq., President of Frank, Frank, Goldstein & Nager, P.C., appeared on the podcast “In Conversation With Michael Stoler” along with Paul Neuman, Chief “Inspiration” Officer of Neuman’s Kitchen. The three talked about the art of networking and how to build better business relationships through networking.
If we have difficulty obtaining a judgment and/or proving a collection case, it’s often because of an incomplete or incorrect record. Plan for a clean debt collection case from the start to improve your odds of winning. Winning on documentation is not possible if all is not in order. For
For most service providers or suppliers, it seems impossible to get payment in advance. Without realizing it, our internal operations increase the likelihood of a customer failing to pay. There are actions or inactions that can contribute to or be the direct cause of our bad debt. While the following
Thinking about bringing an action against a nonpaying client or party? Then you need to know the statute of limitations for New York debt collection litigation. You need to know this in order to bring your case to court in a timely manner. Failure to bring the action within the
What happens when a client wants to pay an outstanding balance from their future sales or services? Working with that customer had previously been profitable, but they’ve experienced cash flow issues. For those who wish to continue doing business with a customer who seems to be having difficulties, you need
It’s hard to know when to stop doing business with a non-paying client and start enforcing your rights to payment. Failure to make the decision can put you out of business. Smart credit policies protect you from doing business with those least likely to pay. And smart collection policy designs