Your customer didn’t pay. Because your contract required you to go to arbitration, you did. The arbitration was held and you won your case. Award was rendered in your favor for the full principal balance due together with costs and interest. A copy of the arbitration award was mailed to the customer but you still haven’t been paid. Can you now go ahead, enforce
This update from your collection lawyer is about how the Social Security Administration had been collecting past due debts from people and their families without any regard to how old the debt was. There was no statute of limitations as to how long someone could owe taxes.
The question most often asked by creditors is “How do I make sure I have the best chance to collect accounts receivable?” My answer is always the same, “In order to maximize recovery, you need to employ ‘preventative collections.’” ** “Preventative collections,” a term coined by FFGN, is a three part
The number of homes going into foreclosure is decreasing. The number of people able to pay their home loans timely has increased.
As diligent business owners you review your accounts receivable aging report monthly, weekly or daily. You know how much is owed at any given moment by a quick read of the report. Altering the current report or designing a report to meet certain criteria can reveal critical information about your
Negotiating specific terms of an agreement is necessary before doing business. Make sure it’s in writing. All parties need to be able to refer to the what, when and where. When is payment expected? Prior to shipping the goods? Or after shipment?
The invoice was marked “paid” when your customer paid the balance by credit card. Why then, six months later, are you asking your NY collection attorney: why the amount of the payment is being reversed by the credit card company? What dispute? The customer was satisfied with the goods and services and paid
Your customer asks for goods or services, with payment to be made later. They may already owe you money. Sensing your hesitation, the customer attempts to reassure you by promising payment; “don’t worry” they say “I guaranty you’ll get paid.” Is the customer’s promise to get you paid a true guaranty
In hindsight the signs were there warning that your customer may not pay. Knowing what to look for, heeding the signs, taking a pause and redirecting your efforts can save you from doing business with a customer who is most likely not going to pay. Most common signs of a probable
Your customer’s phony excuses for non-payment have continued. They are now bogus “defenses” in the legal action you had to initiate to get paid. Your non-paying customer is now a defendant.