If you have put your passion into a business or a career, you probably want to focus on the positive even more than other people. After all, why think about the worse aspects of doing business when you love what you do? But open accounts in the red aren't doing anyone any favors.
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.
This federal law applies to debt collection agents, attorneys or companies pursuing payment of debts on behalf of the third parties that issued the original loans. The FDCPA grants rights to consumers in North Carolina that protect them from harassment, false statements and unfair practices. Most forms of personal and household debts fall under the purview of this law. Examples include medical bills, credit card accounts and auto loans.
Business owners in North Carolina may encounter a situation in which customers refuse to pay for goods purchased or services rendered. While it may be necessary to go to court to resolve the matter, this isn't always true. The first step in the process should be to send a debt collection letter. This letter should state how much is owed, when payment was due and what could happen if payment isn't received in a timely manner.
In most cases, business owners in North Carolina don't have to worry about customers not paying their bills. According to the Credit Research Foundation, delinquencies are rarely longer than seven days. However, if a customer is delinquent on a payment, it may take tact to resolve the issue. Treading too lightly may result in a customer who doesn't pay. Of course, being too mean to a customer may result in a lost relationship.
In North Carolina, businesses sometimes have trouble collecting on debts that are owed to them. If your business has had difficulty collecting payments that are past due, there are legal avenues to take.
When North Carolina businesses are awarded money judgments, they then have to figure out how to collect on them. It is common for businesses to encounter difficulties with collecting judgment debts owed to them by debtors, and you must make certain that you follow the laws regarding debt collection tactics.
There are a lot of critical elements that contribute to the success of any business. Money is one of them. Some might well argue that it's most important element. If you're not making money, you aren't going to be staying in business very long.
"I'll gladly pay you Tuesday for a hamburger today." Fans of older cartoons will recognize that as the line used by Popeye's friend, Wimpy, to get a free meal. Apparently Wimpy, for all his apparent education, had a bit of a chronic cash flow problem.
The term robo-signing got coined just five or six years ago. It is not a phrase that has positive connotations about the value of leveraging advanced technology. No, robo-signing is that practice by lenders that has come to be associated with abuses that contributed to the recent mortgage crisis and the Great Recession.