You Only Have Three Choices When A Customer Won’t Pay.

No matter what you do to try and weed out potential deadbeat customers, sooner or later one or more accounts will become past due. When you find yourself with a past due account on your hands, the worst thing you can do is ignore the problem. The more time that passes between the payment due date and the time that the customer is contacted, the less likely you are to receive the full payment. After 6 months, you statistically collect just 50% of the amount due and after a year that amount drops to only 25% of the original debt. If you are serious about turning a profit, there are three ways to handle the collection on past due accounts; in house efforts, hiring a collection agency, or taking legal action.

Cali Collection Company Tries To Get Fit And Healthy

A debt collection agency based in California implemented a plan to educate and motivate employees to live healthier lifestyles in early January. There are twenty eight employees at the agency; more than half are currently participating in the initiative.

Bankruptcy- The Pros And Cons

Bankruptcy may be seen as a quick fix solution to financial problems. However, the effects of bankruptcy are long term and can impair your ability to obtain a job, house, and any type of credit. It is important to weigh the pros and the cons of bankruptcy before making a major decision.

City Of Detroit Calls On Debt Collectors

The city of Detroit has spent almost $50 million since 2004 tearing down deserted buildings. Getting rid of the eyesores has been beneficial, but feeble collection efforts have left taxpayers footing the bill.

Scams On The Increase – Jury Duty Scam Emerges

According to the FBI, jury scams have been around for years. What happens is that a person will call you, informing you that you have missed jury duty, and then asks for personal information to prevent you from getting arrested. But if you give the conman what he wants, you could lose your identity.

Feds Arrest Two In Buffalo For Debt Collection Scam

The U.S. Attorney’s office forwarded a criminal complaint Friday in U.S. District Court charging Timothy E. Arent and Neil G. Wieczkowski, both of Buffalo, N.Y., with mail fraud and conspiracy to commit mail fraud. Arent is also charged with bankruptcy fraud. The charge of mail fraud has a maximum penalty of 20 years in prison and a $250,000 fine. The bankruptcy and conspiracy fraud charges each carry a maximum penalty of five years in prison and fine of $250,000.

Bankruptcy: Automatic Stay And How It Protects You From Creditors

The moment that a petition for bankruptcy is filed, U.S. Bankruptcy Code imposes something called an automatic stay. The automatic stay will generally prevent the enforcement, commencement, or appeal of actions and judgments against a debtor from the creditors they owe money to who are trying to collect these debts incurred prior to the bankruptcy petition. The automatic stay also protects property of the bankruptcy estate itself from collection actions and proceedings.