Unclaimed Funds and NY Debt Collection

lit up dollar signUnclaimed funds, have you consider them to satisfy your NY debt collection claim?

So voluntary payment is not happening and you want your money. In the first place, to get your money, you must obtain a judgment. The next step is to locate assets to satisfy the judgment. One way of satisfying a judgment is through unclaimed funds.

“Lost or unclaimed money gets turned over by organizations required to report dormant accounts to the New York State Office of the State Comptroller. This money includes things like forgotten savings accounts, lost paychecks, and stocks or bonds.”

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Does Bad Debt Necessitate a Larger Sales Team?

Drawing of a team layout on a table.Bad debt costs money.  But do you know how much? Not getting paid has cost you the anticipated profit, maybe some or all the cost involved in servicing the client, and maybe more. Projections did not account for the increased amount of the bad debt. Assuming you can recover some of the bad debt with the help of a qualified collection attorney, you will need to increase your sales team to make up the rest. Continue reading “Does Bad Debt Necessitate a Larger Sales Team?”

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Are You Contributing To Your Company’s Bad Debt?

Man in a suit pointing his finger.For most service providers or suppliers, it seems impossible to get payment in advance. Without realizing it, our internal operations increase the likelihood of a customer failing to pay.

There are actions or inactions that can contribute to or be the direct cause of our bad debt. While the following illustration discusses a client in the trades, it is applicable to all businesses. Continue reading “Are You Contributing To Your Company’s Bad Debt?”

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Fear of Enforcing Your Rights to Payment Can Put You Out of Business

Sign that reads "going out of business."It’s hard to know when to stop doing business with a non-paying client and start enforcing your rights to payment. Failure to make the decision can put you out of business.

Smart credit policies protect you from doing business with those least likely to pay. And smart collection policy designs maximize recovery on receivables. But these policies are only effective if you use them. Continue reading “Fear of Enforcing Your Rights to Payment Can Put You Out of Business”

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