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
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