It is not uncommon for individuals, professionals and corporate entities to fail to pay their bills on time. However, companies that are not paid in a timely manner need to take steps to collect past due balances as quickly as possible. The first step is to send friendly reminders by phone or by email alerting a client that payment is due immediately....
Month: June 2020
Loan contracts for secured debts allow for repossession
Creditors who issue loans in California secured by tangible property largely have the right of repossession if the debtor fails to pay the loan according to the terms of the loan contract. The contract essentially grants the creditor an ownership interest in the tangible property established as security for the loan. As an entity with an ownership...
Debtor loses FCRA case
Debt collectors in California may be allowed to check your credit as part of an effort to obtain money that they are owed. This is according to a ruling made by the Northern District of Illinois in the case of Stewart v. Credit Control, LLC. In that case, the plaintiff claimed that obtaining his credit information for any purpose other than to offer him...
The role of automation in debt collecting
California companies that engage in debt collection activities may benefit from automating their processes. The use of technology to review a debtor's income and net worth may make it easier to determine what type of settlement to offer that individual or business. Automation may also minimize the possibility that a company will violate the Fair Debt...
Strategies for small businesses and commercial debt collection
Californians running small businesses face a unique set of challenges. One of the most common concerns is collecting debt. In some cases, a person or entity who owns a small business might not pay what is owed on time, in part or in full. Commercial debt collection can be complex, and there are key points for small businesses to remember. Adhering to...