It’s Business, And It’s Personal

How do you go after a business debt?

On Behalf of | Jun 9, 2020 | Business Collections |

Contracts and debts are part of doing business in America, and the nation itself was built on a delicate balance of assets and loans. It’s always important to pay debts, though, as the consequences have gotten far easier to apply to the right parties as the electronic age improves records and response.

  • When is it time to go after a delinquent debt?

The term delinquency does not refer to any specific period of time after a debt has been agreed upon. This depends on the contract that covers the debt or payment in question. The range for action on an overdue debt may range between a month and a year.

  • Can’t I just go after a debt myself?

You can always request payment, but you are unable to compel payment without a permit to operate as a collection agency. If a debtor lives in North Carolina and the creditor or an agent of one is from out of state, an additional permit is required.

  • What difference does an permitted collection agency make?

Debt collectors are required to attach their identities to all communications and keep records of all attempts to collect. This helps in the occasion that a collection must be escalated.

  • How can I get advice on debt collection?

An attorney can always help advise on how to handle an unpaid debt when your business depends on the revenue. Legal representation is very helpful if a matter must go to civil court to claim payment or the equivalent after waiting the appropriate amount of time for a debtor to pay.