Debt collection is a complex process that requires transparent and seamless communication, proper documentation, and preservation of rights. It is challenging to balance these factors for creditors who collect payments from debtors. As such, many creditors hire debt collection attorneys to ensure they comply with existing ethical and legal standards.
An experienced legal professional knows that any misstep during debt collection can lead to serious legal repercussions. To collect debt for a client, New York Debt Collection attorneys understand and implement ethical practices during debt collection. The Fair Debt Collection Practices Act will ensure you can collect client debt payments
Did you know that the debt collection industry in the US is valued at $20.3 billion (as of 2022)? And yet, this is among the financial services sectors that are not as digitized as others. With a growth rate of 4.4%, finding a solution to expedite the debt collection process
Business transactions are complex in nature, especially when involving major business organizations and deals. Even when negotiating with long-time business partners, there is no way to predict when issues and disputes may arise. All parties will want the best deal that favors them; unfortunately, this isn’t always possible with business
New York state law governs most merchant cash advance agreements – even though neither the borrowers nor lenders are typically located in New York. When there is a default on these agreements, the lender must pursue the borrower through debt collection in New York. Until recently, all agreements secured by
Are you in possession of goods that belong to someone else? If so, you may want to consider making a deal with your non-paying customer that allows you to keep the goods so that you can resell them. Goods and equipment have value, maybe more so now that the supply
After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. The proposed law, which the Senate approved in May, shortens the time to collect consumer credit transactions
The disclaimer “past results do not guarantee future performance” is true of many things including the recovery rate for commercial debt collection. A prospective client asked if I maintained statistics of our past NY Debt Collection claims. Whether he wanted to size us up, confirm the likelihood of collecting his
Having navigated the commercial debt collection process for over 80 years, we are always learning how to improve and get a better rate of return on our calls. Experience has taught us that it’s important to have processes and procedures in place in order for success. In this discussion, we’ll
Unclaimed funds, consider them to satisfy your NY debt collection claim. Voluntary payment is not happening and you want your money. Generally to get paid money owed, you must obtain a judgment. The next step is to locate assets to satisfy the judgment. One way of satisfying a judgment is