Debt Collection Settlements: Can Parties Include Terms for Future Deals?

Handshake to represent debt collection settlements.An issue that comes up time and time again in debt collection settlements is whether parties can continue doing business together even though the creditor has placed the account for collection. If so, can a settlement agreement anticipate and include future deals?

It happens more often than you would think. There are parties who enjoy a mutually profitable relationship before the non-payment of a receivable. Forced to collect, the creditor, whether directly or by virtue of their credit insurance policy, had no choice but to report and pursue payment of the debt.

Now that a debt collection attorney is involved, can the parties move forward and conduct new business?

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Think Twice Before Putting a Stop Payment on a Check

A person holding a checkbook to illustrate a stop payment on a check.Business owners might think if the work done by an independent contractor or vendor was insufficient, they can issue a stop payment order on the check with their bank as a solution.

While business owners may think issuing a stop payment only hurts the contractor, third-parties may also suffer unintended consequences. When impacted, third parties may seek restitution against the contractor as well as the business owner.

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How Do New York Lawyers Set Their Fees?

Photo of a hand holding money to illustrate New York Lawyers FeesIf your attempts to collect monies from your non-paying client haven’t been fruitful, you may look to hire a debt collection lawyer. A big factor in that decision making is often cost. How much will it cost to recover monies owed? To determine the cost, you need to understand how New York lawyers set their fees.

Shopping around and comparing different debt collection firms can be overwhelming if you don’t know what you’re looking for. A bargain is likely too good to be true, but paying exorbitant rates doesn’t guarantee a lawyer will win in court. Understanding how New York lawyers set their fees can help you determine if the cost is in line with industry standards.

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What Happens When a Debtor Appeals the Order of the Court?

CourthouseYou won your debt collection case. Now your non-paying customer says they are going to appeal the order of the court awarding your judgment. Is this just a tactic to further delay payment or will their appeal prevent you from collecting your judgment?

Whether an appeal will delay enforcement of your judgment to force payment depends on what actions the appealing party takes.

Much to the surprise of the appealing party, filing of an appeal does not prohibit you from enforcing your judgment.

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