Should A Debt Settlement Company Call, Here Is What To Expect

Image of a woman on the phone.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 a creditor or paid up-front.

For some, debt settlement is a choice they make before out-of-court liquidation or bankruptcy.

Must you accept an offer from a debt settlement company as a creditor? The answer is no.

Must you negotiate with your customer or the debt settlement company? The answer is no.

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Debt Collection And Your Reputation

Image of hands of two people working together.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.

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Confessions of Judgment Bypass New York Debt Collection Litigation

Did you know that you can use confessions of judgment to bypass New York debt collection? Sometimes, you can even bypass litigation in other states using the New York confession of judgment.

Almost every state has its own version of a confession of judgment. While there may be another name for it, it accomplishes the same goal.

Your out-of-state or in-state customer signs the confession of judgment, agreeing to the amount of damages that they owe you. The customer or third party guarantor consents to you filing the judgment immediately or waiting until payment has not been made as promised.

Confessions of judgment is an extremely powerful tool and can accomplish so much.

It shows good faith by a customer who has delayed payment but wishes to work things out. This agreement is great for clients who can negotiate an “amicable” pay arrangement with their customers. The customer understands that something must be in writing to protect the creditor and insure that they make payment as promised. Continue reading “Confessions of Judgment Bypass New York Debt Collection Litigation”

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Should You Sell Collateral To Satisfy Your Claim For Monies Owed?

In exchange for a loan, services provided or goods sold, a client put up collateral. The collateral may have been accounts receivable, fixtures, inventory, a personal residence, jewelry, a boat or some other asset.

Unfortunately, the client failed to make payment. You want to use the pledged collateral to reduce the amount owed. After all, that was the original intention. Collateralize the transaction to protect yourself.

In theory, it’s a win-win, but is it really? Continue reading “Should You Sell Collateral To Satisfy Your Claim For Monies Owed?”

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