The media has brought attention to debt collection firms that have failed to deliver proper notice of debt collection actions to debtors. The result of these investigations highlights the judgments entered without cause and disciplinary actions against the firms for failing to deliver solid service of the court documents. Not much is mentioned about the cost to the creditors who entrusted their claims and potential recovery to the firm. We want you to know what it costs you if the service of your debt collection papers is not solid.
Throughout the life of a debt collection claim, you may be required to give notice. This can include notice of default, notice of non-payment, notice of pendency, notice under mechanics lien, notice that a debt collection claim has been filed or, that a judgment has been entered.
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The joint and several clause appears in almost every legal loan document. Many people sign loan documents and guarantees after a quick glance because they want to make a deal. The issue with signing without reading the underlying documents is that if and when someone seeks to enforce the agreement as set forth in the document, you are charged with having read it and agreeing to the terms contained therein. Therefore, it’s important to know how joint and several liability can impact you, especially as it relates to debt collection in New York.
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The importance of giving credit for payments made can not be overemphasized when it comes to debt collection. The improper allocation of credits and payments will directly affect your claim and recovery.
Failing to give credit for payments when credits are due will extend the life of your debt collection case. It can also, in some instances, cause you to forego recovery of your NY debt collection claim. Continue reading “The Importance of Giving Credit for Payments in Debt Collection Cases”
Looking for assets to satisfy your New York debt collection claim? According to this week’s New York Post, New York’s comptroller may have money that can satisfy your debt collection claim.
The article highlights monies being held for the wealthy including the Trump Association, President Donald Trump, Jeff Bezos and more.
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