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Posts tagged "business collections"

What is the Fair Debt Collection Practices Act?

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.

The possible benefits of a collection attorney

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.

How companies can get what they are owed

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.

Collecting judgment debts in North Carolina

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.

Valid debt deserves collection, but it needs to be done legally

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.

What's factoring and should I use it for business financing?

"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.

Learning from the past can help avoid future collection issues

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.

Money lent may amount to money spent without a promissory note

There was a time when a handshake was as good as a contract. In some cases, the deal might have involved the borrowing of a small amount of seed money to get a small business off the ground. In others, it might have been a local storeowner extending a line of credit to friends and neighbors.

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Posts tagged "business collections" | Blog